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Cavern opens on Wall Street as Dow soars past 35,000 and Nasdaq swoons

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12:15pm: Tesla, Facebook among those sandbagging the Nasdaq

In the US, the Dow was up 276 points, 0.8%, at 35,054 at midday. The Nasdaq Composite, meanwhile, was down 173 points, 1.3%, to 13,580, and the S&P 500 added less than a point to 4,233.

The Dow seems to be in a world of its own, crossing the 35,000 mark for the first time in its history thanks to a bounce in healthcare and retail names,” IG Chief Market Analyst Chirs Beauchmap wrote. “But with earnings season winding down and strong seasonality now behind us for the time being it looks like indices will continue to struggle; historically May is a month of digestion for indices, representing a slowdown in forward momentum from the opening months of the year, and if Friday’s jobs report isn’t enough to move the market on into new territory then it is hard to see what will.”

Tech stocks struggling include Tesla Inc (NASDAQ:TSLA), which lost 3.8% to $647.08, and Facebook (NASDAQ:FB), which dropped 3.5% to $308.10.

9:50am: Proactive North America headlines:

Playgon Games Inc (CVE:DEAL) (OTCQB:PLGNF) (FRA:7CR) says its live dealer casino platform Vegas Lounge now live with SWINNT

Ipsidy Inc (OTCQB:IDTY) says its biometric identity verification services will be integrated into BPSmart’s chatbot platform

Arcadia Biosciences Inc (NASDAQ:RKDA) says Belinda Yao has joined the company as vice president of operations

WIllow Biosciences Inc (TSE:WLLW) (OTCQX:CANSF) (FRA:3D7) ends 1Q with C$46.5M as it looks to its first CBG sales in 2Q

ImagineAR Inc (CSE:IP) (OTCQB:IPNFF) (FRA:GMS1) secures seventh US patent; sees client activity ramp up in latest corporate update

Else Nutrition Holdings Inc (CVE:BABY) (OTCMKTS:BABY) (FRA:0YL)  to offer its plant-based Complete Nutrition drink for toddlers in Haggen Food and Pharmacy stores in Washington State

FansUnite Entertainment Inc (CSE:FANS) (OTCQB:FUNFF) (FRA:4UY) integrates CoinsPaid cryptocurrency payments into its online gambling products

Vanstar Mining Resources Inc (CVE:VSR) reveals that IAMGOLD poised to begin drilling at Nelligan project in June

Braxia Scientific Corp (CSE:BRAX) (FRA:496) (OTCQB:SHRMF) rebrands its psychedelic research and treatment clinics for mental disorders to Braxia Health

Real Luck Group Ltd (CVE:LUCK) says Thomas Rosander, formerly its chief customer officer, has been promoted to chief executive officer

Vuzix Corporation (NASDAQ:VUZI) (FRA:V7XN) reports follow-on order of Blade Smart Glasses for Medacta’s NextAR surgical platform

Silver Range Resources Ltd (CVE:SNG) (OTCMKTS:SLRRF) (FRA:8SR) samples up to 80 g/t gold at Cambridge Project in Nevada

9.38am: Wall Street mixed

Stocks on Wall Street have started the week on a mixed footing as investors searched for direction as earnings season began to draw to a close.

In the early minutes of trading, the Dow Jones Industrial Average was up 0.45% at 34,934 while the S&P 500 was mostly flat at 4,230 and the Nasdaq dropped 0.85% to 13,636.

Sentiment may have taken a dent as a result of the recent cyberattack on the US’s largest fuel pipeline overnight, although booming commodities markets may be pulling some traders in a more positive direction.

7:55am: Wall Street set for mixed start

The main indices on Wall Street are set to be all over the shop at the opening bell on Monday after Friday’s storming gains, with the Dow Jones Industrial Average set to rise and the Nasdaq 100 set for a fall.

The Dow is tipped to open 108 points firmer at 34,886, while the Nasdaq 100 is seen sliding 65 points to 13,655. The S&P 500 is expected to open little changed.

It’s a quiet day on the US macroeconomic front, while as for corporate news, Tyson Foods Inc (NYSE:TSN) was higher after second-quarter results that were not as bad as feared.

Meanwhile, Marriott International Inc (NASDAQ:MAR), the hotelier, was off the pace after its revenue for the first quarter came in a tad shy of expectations.

Three things to watch for on Monday:

  • Companies in the earnings diary at the start of the week include electric power group Duke Energy Corp (NYSE:DUK) and industrial gas and chemical firm Air Products & Chemicals Inc (NYSE:APD).
  • Crypto markets are also attracting attention after meme-inspired digital currency Dogecoin suffered a sharp fall overnight after Elon Musk called the crypto a ‘hustle’ during his appearance on Saturday Night Live
  • On the macro front, there is little in the diary, although US consumer inflation expectations may draw some attention

Story by ProactiveInvestors


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