The key indicators of Wall Street ended the trading session on Monday with a positive sign, significantly reducing their gains at the end as the new rise in bond yields hit the investment climate.
The indices started sharply higher in a new attempt to react after last week’s losses. Concerns over the global inflation rally have forced the indexes to weekly losses in eight of the last nine weeks.
Industrial Dow Jones was found to gain more than 300 points in initial trading, while the S&P 500 and Nasdaq climbed more than 1%, drawing impetus from the decision of the Chinese authorities to further relax the measures to restrict Covid-19 in the country. At the same time, an article in the Wall Street Journal, according to which Beijing is close to completing its research on technology giant Didi and other companies in the industry, led to a strong rally in the technology industry. The report rekindled hopes that Chinese authorities were preparing to ease pressure on the tech industry following sweeping inspections in recent months.
Indicators – Statistics
On the board, the Dow Jones gained 16.08 points or 0.05% and closed at 32,915.78 points, while the S&P 500 added 12.89 points or 0.31% to 4,121.43 points. The technology Nasdaq gained 48.64 points or 0.40% to 12,061.37 points.
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, 14 closed with a positive sign and 16 with a negative. The biggest gainers were Travelers with gains of $ 2.79 or 1.60% at $ 176.98, followed by IBM at $ 142.88 with gains of 1.20% and UnitedHealth Group with gains of 0.94 % at $ 490.18
On the other hand, the three stocks with the biggest losses were Amgen (-1.21%), Salesforce (-1.10%) and Walt Disney (-0.77%).
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
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