LAST UPDATE 21:25
Key Wall Street indexes continued to rise on Monday, although they have reduced their profits, with investors distinguishing buying opportunities after the strong shocks that led the US market to record losses in eight of the last nine weeks.
The indexes plunged again on Friday, leading Wall Street to another week of losses. In particular, the Dow Jones lost 0.9% last week, while the S&P 500 fell 1.2%. The technology Nasdaq lost 1%.
The Chinese authorities’ decision to further relax Covid-19 restrictions in the country is boosting the climate today, as well as a Wall Street Journal report that Beijing is close to completing its research into tech giant Didi and to other companies in the industry. The report rekindled hopes that Chinese authorities were preparing to ease pressure on the tech industry following sweeping inspections in recent months. These hopes led the Hong Kong tech index to jump 4.6% today.
Indicators – Statistics
On the board, the Dow Jones gained 30.69 points or 0.09% to 32,930.39 points, although earlier it was found to gain more than 300 points.
The S&P 500 adds 16.48 points or 0.40% to 4,124.97 points, while the tech Nasdaq gains 61.72 points or 0.51% to 12,074.44 points. Both indices rose more than 1% earlier.
The indices cut their gains after the performance in the 10-year US rose above the psychological level of 3% for the first time since May 18, although it remains well below the one-year high of May 6, reaching 3.124% .
Of the 30 stocks that make up the Dow Jones industrial average, 16 are moving with a positive sign and 14 with a negative one. The biggest gainers are IBM with gains of $ 2.35 or 1.66% at $ 143.53, followed by Travelers at $ 176.62 with gains of 1.40% and Goldman Sachs Group with gains of 0, 95% to $ 321.70
On the other hand, the three stocks with the biggest losses are Amgen (-1.44%), Nike (-0.93%) and Chevron (-0.61%).
In business development, Amazon.com Inc. is in the spotlight after the stock split by 20 for one. Shares closed at $ 2,447 on Friday, while today they are gaining more than 3% to $ 126.20. This is Amazon’s first split in 23 years.
The agenda does not currently have macroeconomic announcements. However, investors will have the opportunity at the end of the week to evaluate the data on the course of inflation in May. Signs that inflation is stabilizing or slowing could lead the US Federal Reserve to re-evaluate the need for aggressive interest rate hikes in the coming months in order to curb inflation.
Source: Capital
I am Sophia william, author of World Stock Market. I have a degree in journalism from the University of Missouri and I have worked as a reporter for several news websites. I have a passion for writing and informing people about the latest news and events happening in the world. I strive to be accurate and unbiased in my reporting, and I hope to provide readers with valuable information that they can use to make informed decisions.
