Share this:

Like this:

US equities are trending down early Tuesday morning as investors return to work after the holiday weekend

US equities was heading down early Tuesday as shoppers return to work after the long Martin Luther King holiday weekend.

Shares in this article

$ 35911.81

-201.81 (-0.56%)

$ 14893.75271

+86.94 (+0.59%)

The earnings season for the big banks starts this week, when 22 companies, or a third of the financial companies in the S&P 500, publish their results from October to December. Some of the big names to see include Bank of America, Goldman Sachs, Morgan Stanley, Travelers, PNC Financial Services and State Street.

On Friday, the S&P 500 rose 0.1% to close at 4,662.85. The technology-heavy Nasdaq rose 0.6% to 14,893.75. The Dow Jones Industrial Average fell 0.6% to 35,911.81.

Smaller company shares also came back from an early fall. The Russell 2000 index rose 0.1% to 2,162.46.


A recovery in technology stocks plus gains in energy and other sectors helped offset declines in banks and elsewhere in the market on a day when investors were mainly focused on a mix of the company's earnings reports and disappointing retail sales data.

The mixed finish ended a week of volatile trading on Wall Street, amplifying the market's decline in January. The benchmark S&P 500, which rose 26.9% in 2021, is now around 2.8% below the record high it set on 3 January.

U.S. stocks were declining early Tuesday as traders return to work after the long Martin Luther King holiday weekend.

Globally, equities were mixed on Monday after China reported its economy growing at an 8.1% annual pace in 2021, although growth slowed to half the level in the last quarter.

Paris, Frankfurt, Tokyo and Shanghai advanced, while Hong Kong and Seoul fell.

The weakness of China's economy towards the end of 2021 gives rise to suggestions that Beijing should intervene to support growth with interest rate cuts or by injecting money into the economy through public works spending.

Shortly before the growth data were released, the Chinese central bank announced a medium-term interest rate cut on lending to commercial banks to the lowest level since 2020.

"Economic momentum remains weak amid repeated virus outbreaks and a struggling real estate sector," Capital Economics Julian Evans-Pritchard said in a comment. He expects China's policy makers to keep lending limits relatively tight and control credit growth.


"The result is that easing policies is likely to mitigate the economic downturn rather than drive a recovery," he said.

Declining activity in China, the region's largest economy, could cool growth across the region. Shutdowns and other precautions imposed to combat coronavirus outbreaks can also exacerbate shortages of key components and components, increasing the difficulty of supply and supply chains.

The Shanghai Composite Index rose 0.6% to 3,541.67, while Hong Kong's Hang Seng fell 0.7% to 24,218.43.

South Korea's Kospi sank 1.1% to 2,890.10 after North Korea fired two suspected ballistic missiles into the sea early Monday in its fourth arms launch this month, the South Korean military said, with the apparent aim of demonstrating its military might amid temporary diplomacy. with the United States and pandemic border closures.

Germany's DAX rose 0.2% to 15,910.54, and the CAC 40 in Paris also rose 0.2% to 7,156.53. The UK's FTSE 100 jumped 0.7% to 7,592.79. The future of the S&P 500 rose 0.2%, while that of the Dow Jones Industrial Average rose 0.1% higher.

In other trade in Asia, Tokyo's Nikkei 225 rose 0.7% to 28,333.52 when the government reported that machine orders rose in November as private investment and manufacturing activity improved during a break in coronavirus outbreaks. Shipbuilders' orders rose 170%.

Australia's S & P / ASX 200 rose 0.3% to 7,417.30.

The interest rate on the 10-year treasury was stable at 1.79%.

The price of U.S. crude oil rose 30 cents to $ 84.12 a barrel in electronic trading on the New York Mercantile Exchange. On Friday, it rose 2.1%, which helped boost energy stocks.

Brent oil added 6 cents to $ 86.12 per barrel. barrel.


The US dollar rose to 114.32 Japanese yen from 114.18 yen. The euro rose to $ 1.1430 from $ 1.1417.


AP Business Writer Joe McDonald in Beijing contributed.

Leave a Reply

Your email address will not be published. Required fields are marked *

Share this:

Like this:

%d bloggers like this: