Stocks Slightly Negative to Begin Week
(MENAFN – Baystreet.ca) Stocks Slightly Negative to Begin Week
The Dow Jones Industrial Average fell on Monday on concerns about global growth, after the 30-stock average notched a record close Friday.
The 30-stock index weakened 106.86 points to end Monday at 35,101.85,
The S&P 500 gave back 4.17 points to 4,432.35,
The NASDAQ recovered 24.42 points to answer the closing bell at 14,860.18
Oil’s slide pushed energy stocks lower with Exxon Mobil dropped 1.2%, and Chevron lost 1.7% Diamondback Energy slipped 3.5%.
Stocks tied to the economic recovery, such as cruise lines and airlines, drifted lower on Monday. Norwegian Cruise Line dropped nearly 1% after a federal judge ruled that the cruise line can ask passengers for proof of COVID-19 vaccination. Carnival and Royal Caribbean also lost more than 1%. American Airline unloaded 2.2%, and United Airlines fell 2.5%.
erkshire Hathaway’s B shares climbed 0.6% on the back of a solid earnings report. The conglomerate’s operating income jumped 21% year over year to $6.69 billion in the second quarter as its myriad of businesses from energy to railroads benefited from the economic reopening.
Earnings season continues this week with companies including Tyson Foods, AMC Entertainment, Coinbase, Lordstown Motors, Bumble, Palantir, Disney, Airbnb and DoorDash set to report quarterly earnings.
Credit Suisse on Monday initiated a 5,000 price target for the S&P 500 for the end of 2022, citing higher earnings. The firm kept its 4,600 target for 2021.
Prices for 10-Year Treasurys turned course and lost ground, raising yields to 1.33% from Friday’s 1.30%. Treasury prices and yields move in opposite directions.
Oil prices dropped $1.44 to $66.85U.S. a barrel.
Gold prices slid $31.60 to $1,731.40 U.S. an ounce.
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