First session of the week wraps mixed; NASDAQ and S&P set new records
Market session seemed to have continued the record setting run from Friday of last week as two out of three benchmark equities set new record levels for the first day of this week.
Traders are also looking forward to the economic data which is going to be released in a few days.
Investors are currently focusing on the report to be released Friday this week regarding the June jobs report. Economists expect that gains for the payroll would increase to 700,000 in June with the unemployment rate pulling back down to 5.7%. This is a direct improvement anticipated against May jobs report that only recorded payroll gains of 559,000 plus a jobless rate of 5.8%.
There's also the quarterly earnings report that investors are looking forward to in a few weeks, as more companies suggest that earnings have improved due to economic reopening and vaccinations. Guidance of these companies are all pointing to a positive outlook that exceeds previous estimates.
Major cryptocurrencies are steadying at current rates after China's tightening policy choking out the value in them. Bitcoin and ethereum both moved higher today, recovering some of the losses after sliding last week.
The Dow Jones Industrial Average dropped by more than 150 points or 0.44%, pulling it away from record levels. S&P 500 increased by 1.23% as well as NASDAQ Composite Index which gained by more than 100 points or almost 1%, with both benchmark hitting new highs.
The 10 Year Treasury yield decreased by 5.8 basis points ending at 1.4780%.
Monday's stock market movements are the following:
- The Dow Jones Industrial Average down by 0.44% or 150.57 points and at 34,283.27.
- S&P 500 Index increased by 0.23% or 9.91 points and currently at 4,290.61.
- NASDAQ Composite Index advanced to 14,500.51 after gaining 140.12 points or 0.98%.
- Yield on 10 Year Treasury now at 1.4780%.
- Gold up by $0.90 or 0.05% and now at $1,778.70 an ounce.
- Crude down by $1.20 or 1.62% and closed at $72.85 per barrel.
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