Wall Street opens slightly lower, takes a breath after records

Le Fonti T V Interview 7/23/21
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Wall Street opens slightly lower, takes a breath after records

By Le Figaro with AFP

Published on 26/07/2021 at 16:08, updated on 26/07/2021 at 16:44

Minutes after the open, the Dow was down 0.09% to 35,028.94 points, the Nasdaq was down 0.19% to 14,808.10 points and the broader S&P 500 index was down 0.08% to 4,408.44 points. LUCAS JACKSON / REUTERS

The New York Stock Exchange opened lower on Monday, catching its breath after ending the previous week on all-time highs and waiting for a new wave of results.

By 3:50 p.m., the Dow was down 0.11% to 35,023.99 points, the Nasdaq was down 0.10% to 14,822.53 points. The broader S&P 500 index was stable at 4,411.69 points. On Friday, the Dow jones finished, for the first time, above 35,000 points, at 35,061.55 points. “Itwill be a mixed session, a pause after the gains we had last week,”anticipated Peter Cardillo, head of market analysis for Spartan Capital.

The drop in the Hong Kong stock exchanges (-4.1%) and Shanghai (-2.3%), under the effect of a new regulatory turn of the screw of the Chinese authorities, was also in the heads. “There’s tension, I’m not going to say otherwise, but I don’t think that’s what’s holding the marketback,” Cardillo said. The week will be marked by a new wave of quarterly corporate results with Tesla on Monday after the stock market and, as of Tuesday, Apple, Microsoft, Alphabet (Google) or Starbucks.

«The results (of companies) have been good (so far) and if techs contribute to it, the market has room to go up again,”said Peter Cardillo. Investors will also follow the meeting of U.S. Central Bank (Fed) officials on Tuesday and Wednesday, with a press conference by the institution’s chairman, Jerome Powell, concluding. “Idon’t expect the Fed to really change anything,”Cardillo said. Economists agree that the Central Bank will not give any new indication of the timetable for phasing out measures to support the economy or raising interest rates.

Cryptocurrency, hardening on the Chinese side

Among the stocks, the cryptocurrency exchange platform Coinbase (+8.33% to $243.66) benefited from press reports of the giant Amazon’s upcoming entry into this market. According to the City A.M. website, Amazon could accept bitcoin payments on its platform as early as the end of the year and would even be considering the launch of its own cryptocurrency. All cryptocurrencies also benefited from the information, with bitcoin, the best known of them, gaining 12.24% to $38,345.08.