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Monday market closes mixed; the Dow with bagged gains while NASDAQ dropped
First trading session in May wraps with a mixture of results. Dow started off with about 0.70% increase, and S&P continues on the winning streak and gained almost 0.30%.
On the other hand, NASDAQ was greatly affected by the slip on the tech stock's side, dragging it down by a bit short from 0.50%. This is directly caused by the jumpstart of cyclical stocks and re-opening of the said establishments.
Below is an overview for the movements in the market today:
- The Dow Jones Industrial Average gained 0.70% and at 34,113.23.
- NASDAQ Composite Index dropped to 13,895.12 after losing 0.48%.
- Yield on 10 Year Treasury now at 1.6070%.
- Gold up by $24.00 or 1.36% and now at $1,791.70 an ounce.
- Crude up by $0.84 or 1.32% and closed at $64.42 per barrel.
Federal Reserve Chair Jerome Powell announced that last week's movement on growth names are possibly the assets that appear ''frothy'" and these asset valuations would most-likely move down after some time.
In some news a certain new wave of first quarter earnings reports have a large contribution in the broad market, these clearly indicated the improvement of the economy and the economic activity in the country. Another large contributor is the availability of the vaccine and the successful roll-out across the country. As of Sunday, April 30th, the tally for the successful vaccination added up to 104 million Americans.
For the benchmark equities' futures, all three of them are staying slightly below the red line, ranging from 0.15% to 0.35% away.
The Dow Jones Industrial Average added more than 300 points or 0.70% at 34,113.23. This offset the Dow's losses last session with a bit more.
S&P 500 Index gained and ended 4,192.66 with 11 points or 0.27%. 86% of the companies under S&P that have reported Q1 earnings have shown more than expected results, further pulling the market in their favor.
NASDAQ Composite Index fell with a 67 points decrease or 0.48%. Tech stocks associated with NASDAQ suffered from the shift of investor interest.
The 10 Year Treasury yield decreased by 2.4 basis points ending at 1.6070%.
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