The Dow Jones Industrial Average lost 135 points, or 0.4 percent, shortly after opening. The S&P 500 lost 0.2% and the Nasdaq Composite fell 0.2%.
Investors started the week off cautiously. This week a number of blue chips will release their results and provide insight into business expectations of the pace of economic recovery. Fund managers are looking to see if the high valuations of stocks are justified after the Dow and S&P 500 hit record highs last week.
After the big move, we can take a breather and re-evaluate, he said.
Chief Investment Officer of UBS Asset Management in the United Kingdom. People are re-evaluating and waiting for news that may indicate that growth and inflation remain on track.
The U.S. health authorities have decided to ban the use of
Johnson & Johnson
The Wall Street Journal reported this weekend that a decision had been made to abandon the bird flu vaccine because of problems with treating blood clots. Health authorities are currently considering limiting the J&J vaccine, among other options, to older adults and may announce a decision as early as this week.
In terms of revenue, International Business Machines figures are expected after the market closes. Other major companies, including Procter & Gamble, plan to release their results later this week.
I expect earnings to remain very strong across the board and momentum to remain very positive, said Fahad Kamal, investment director at Kleinwort Hambros. As long as earnings meet very high expectations, the rally may continue.
The field is down 6.1 percent after the state safety department said over the weekend that people with small children or pets should not use the health club company’s treadmills.
Tesla is losing 2.2 percent after two men died in a Tesla vehicle that crashed into a tree Saturday.
rose 8.6% after announcing the resignation of its CEO.
On the foreign exchange market, the Russian ruble weakened by 0.6% against the dollar. U.S. officials have warned that there will be consequences if an opposition politician
dies in prison. Calls for mass demonstrations in Russian cities have also been heard. The ruble has lost almost 3% of its value this year.
According to CoinDesk, bitcoin rose more than 4% to $57,000, making up some ground after falling nearly 12% over the weekend. Turkey’s central bank said Friday it would ban the use of cryptocurrencies as a means of payment.
The crypto-currency market is really nervous right now, he said.
Currency Strategist at LMAX. Concerns were raised this weekend after Turkey announced that significant legal restrictions would take effect.
Some traders have speculated that the U.S. Treasury could make a similar move, he said.
Outside Germany, the transcontinental Stoxx Europe 600 Index rose 0.1% for the third month in a row to a record high.
In Asia, most of the major benchmarks were selected. The Shanghai Composite Index rose 1.5 percent, its best day in three weeks. Hong Kong’s Hang Seng rose 0.5 percent. However, the Indian equity index fell 1.8%, while the Covid 19 continued to rise.
Fund managers are looking for ways to assess whether high equity valuations are justified.
-Akane Otani contributed to this article.
Email Anna Hirtenstein at [email protected]
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