4:05pm: US equities rebound after big selloff
US stocks rebounded as investors returned in a buying mood a day after the Dow Jones Industrial Average suffered its worst performance in eight months.
Most stocks that were hit the hardest on Monday on concerns about COVID-19′s delta variant staged a comeback.
On the day, the Dow jumped 1.62% to 34,511. The S&P 500 increased 1.52% to 4,323 and the tech-heavy Nasdaq rose by 1.57% to 14,498.
12pm: US shares ahead
US indices were firmly higher at the mid-day point as investors went for cheap shares after Monday’s sell-off.
The Dow Jones industrial Average surged over 581 points at 34,543. The broader-based S&P 500 gained over 62 at 4,321.
The tech-laden Nasdaq exchange was up over 192 points at 14,467.
“US markets have followed their European counterparts higher today, with traders opting to buy the dip in the wake of yesterday’s sharp decline,” said Joshua Mahony, senior market analyst at online trading group IG.
“Fears around the rise of the Delta variant remain evident despite today’s reprieve, with a five-month low for the US 10-year highlighting the lack of full conviction behind this move.”
Earlier in London, FTSE 100 closed up around 36 points at 6,881.
10.55am: Proactive North America headlines:
Arizona Silver Exploration Inc (CVE:AZS) (OTCMKTS:AZASF) hits high grade gold and silver mineralization at the Perry vein on its Philadelphia project
Recruiter.com Group Inc (NASDAQ:RCRT) (NASDAQ:RCRTW) says it has surpassed 30,000 recruiters in its on-demand network
Esports Entertainment Group Inc (NASDAQ:GMBL) (NASDAQ:GMBLW) provides update on rollout of ggCircuit’s crypto mining application for LAN centers
Empower Clinics Inc (CSE:CBDT) (OTCPINK:EPWCF) (FRA:8EC) to partner with Tabula Rasa HealthCare to offer coronavirus and flu home testing services
9.45am: US benchmarks start higher
US benchmarks started on the front foot in a bid to come back from Monday’s big losses.
The Dow Jones Industrial Average advanced over 138 points at 34,100 shortly after the opening bell in New York, while the S&P 500 added nearly ten points at 4,268.
The tech-heavy Nasdaq index was less convincing, adding around a mere point to 14,276.
The continued onslaught of havoc wreaked by the pandemic continues to rattle investors, as the US seeks to recover economically amid rising infection numbers and hospitalizations.
In the oil market, futures for the US benchmark West Texas Intermediate suffered its biggest one-day decline since March this year on Monday, dropping over 7% a barrel.
In other news, Amazon founder and billionaire Jeff Bezos blasted into space earlier with three others in a first crewed flight of his rocket.
7.50am: US stocks seen starting higher
US stocks are expected to claw back some of Monday’s hefty losses in early trading on Tuesday, although commentators remain wary about future progress
Spread betting quotes point to the Dow Jones Industrials Average rising 171 points to 34,133, the S&P 500 advancing 22 points to 4,280, and the Nasdaq 100 climbing 77 points to 14,626.
“Yesterday’s ‘risk-off’ price action delivered a healthy pullback for equity markets,” according to Julien Lafargue, the chief market strategist at Barclays Private Bank.
“The worsening of COVID-19 infections, vaccinations, hospitalisations, and fatalities – accompanied by the reintroduction of some restrictions and signs of further economic slowdown, weighed on sentiment. The narrative of ‘peak everything’, in terms of earnings, macroeconomic momentum and policy approach, seems to be becoming a reality.
“This is happening at a time when the market’s ability to absorb setbacks looks limited as optimism is running high and valuations appear full. In addition, investors are struggling to see who will come to their rescue this time around. We already have vaccines, central banks and governments aren’t keen to increase stimulus, and corporate earnings are already expected to surprise positively.
“The volatile summer is upon us, and the price action could remain choppy,” Larargue said.
Five things to watch:
Amazon Inc. founder Jeff Bezos and three other passengers are scheduled to launch on Blue Origin LLC’s New Shepard spacecraft at 9am ET on Tuesday from a company facility in West Texas. The planned flight would be Blue Origin’s inaugural crewed mission and a milestone toward Bezos’ goal of developing a viable space business.
International Business Machines Corp. posted a second straight quarter of higher revenue, with the top-line increase of 3.4% – IBM’s biggest gain in three years – coming as the company is undergoing extensive changes, including the planned spinoff of some of its legacy IT activities that remain a multibillion-dollar business.
Ben & Jerry’s has said it would stop selling its products in the Israeli-occupied West Bank and parts of contested East Jerusalem when its license agreement expires, as the Ice cream maker takes another activist stance. Sales in the settlements of Palestinian territories were “inconsistent with our values,” the company said Monday in a statement on its website.
Nasdaq Inc. is teaming up with a group of banks including Goldman Sachs and Morgan Stanley to spin out its marketplace for shares of private companies, a deal that could help drive more transactions to Nasdaq Private Market, the Wall Street Journal reported in an exclusive.
Thousands of opioid-crisis lawsuits filed against major drugmakers and distributors are nearing a conclusion, with the outlines of a $26 billion deal between states and four companies expected to be announced this week and a $1 billion settlement to resolve some of New York’s claims likely on Tuesday, people familiar with the matter told the Wall Street Journal.
Story by ProactiveInvestors
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