“U.S. equities remain resilient as they continue to climb the wall of worry into record-high territory,” Craig Johnson, chief market technician at Piper Sandler told CNBC Monday. “An impressive start to earnings season has kept the buy the dip sentiment alive and offset concerns over peak growth and rising new cases of coronavirus.”
The CNBC report quoted David Kostin, Goldman Sachs’ head of U.S. equity strategy, saying in a note to clients: “Investors are concerned about the impact on economic growth from the Delta variant, but the new strain should not pose a major market risk. Vaccinations, equity demand from households and corporations, and attractive relative valuations will support equity inflows and prices.”
The U.S. dollar had a rare off-day. The euro firmed up to 1.1801 after hitting an earlier high of 1.1816. The British pound cruised up to 1.3816. The Swiss franc gained to 0.9159.
The Canadian dollar rose to 1.2543. The Australian and New Zealand dollars firmed to 0.7379 and 0.6995 respectively. The Japanese yen went against the trend, easing to 110.40.
In Europe, the Dax in Germany lost 0.32 percent. The Paris-based CAC 40 added 0.15 percent.
In London, the FTSE 100 dipped 0.03 percent.
On Asian markets, China’s Shanghai Composite dived 82.96 points or 2.34 percent to 3,467.44.
The big action however was in Hong Kong where the Hang Seng lost 1,117.36 points or 4.09 percent to close Monday at 26,204.62.
In Japan the Nikkei 225 went against the trend, rising 285.29 points or 1.04 percent to 27,833.29.
The Australian share market was flat with the All Ordinaries up just 2.20 points or 0.03 percent at 7,673.10.