Industry
U.S. stock index times slipped from record highs Monday, as investors predicted an increase in coronavirus cases and a failure of economic indicators after a strong run on hopes for further fiscal stimulus.
PHOTO FILE: A man with a protective face mask walks with a closed source, while the global outbreak of coronavirus (COVID-19) disease continues, across Wall Street in the financial district of New York, USA, November 19 , 2020. REUTERS / Shannon Stapleton
REUTERS: Wall Street key indices were set to fall from the top levels Monday as investors were locked in gains after stellar rallies and stimulus rally, while Twitter shares plummeted after a permanent ban of President Donald Trump’s account.
Shares of the pre-sale micro-blogging site fell 7per percent and were on track to deduct about US $ 2.5 billion from the company’s market value.
Recycling bets in business activity in 2021 spurred by COVID-19 vaccine rollout, larger inspections and infrastructure spending under President Joe Biden have been behind Wall Street’s recent rise to peaks , with a focus shifting to economy-linked stocks from the tech-heavy growth names.
“After a very fast run, people start to get a little nervous and take money off the table,” said Robert Pavlik, senior package manager at Dakota Wealth in Fairfield, Connecticut.
Global infections outnumbered 90 million and several health experts said the spread of vaccines in many countries will not provide herd protection from the pandemic this year, citing limited access to poor countries, community trust problems and possible viral mutations to be there.
“There was not much concern in the market because sooner or later (the pandemic) is about to be eradicated,” Pavlik said.
After official data indicates a slowdown in market labor market recovery on Friday, investors will be focusing on inflation, retail sales and consumer sentiment signals this week to measure the level of damage economic.
Fourth-quarter results from JP Morgan, Citi and Wells Fargo on Friday kick off the earnings season, which could offer more ads if company executives show a return to earnings in 2021 earnings and the economy.
At 08:42m ET, the Dow E-minis was down 283 points, or 0.91per hundred and the S&P 500 E-minis was down 32.25 points, or 0.84per hundred. The Nasdaq 100 E-minis was down 114.75 points, or 0.88per hundred.
Later in the day, U.S. House of Representative Democrats plan a vote to urge Vice President Mike Pence to take steps to oust President Donald Trump after the Capitol’s deadly storm supporters, before attempting to impeach again.
“If they attack the 25th Amendment and Pence pushes Trump out, it’s a problem,” Pavlik said.
“This is the first time they have ever pushed for a president and that creates uncertainty and volatility in the market because people are worried about what it means for the country with it. that the country is still so divided. “
Boeing Co fell 3.6per percent after a 737-500 trench operated by Indonesia Sriwijaya collapsed on Saturday, with 62 people on board.
Eli Lilly and Co jumped 14per cents after a trial of his experimental Alzheimer’s drug donanemab showing a clinical decline in a unified measure of psychology and function in early sufferers of the disease.
Shares of US-listed Baidu Inc rose 1.2per percent after Chinese search engine giant said it set up a company to partner with car maker Zhejiang Geely Holding Group to manufacture luxury electric vehicles (EVs) ) to do.
(Reporting by Medha Singh and Devik Jain in Bengaluru; Editing by Maju Samuel)