S&P 500, Dow dip at open on virus fears, US-China tensions

Cornelia Mascio
Luglio 1, 2020

Enjoying a staggering 14.5% gain since January 1, it is easy to see the Nasdaq's leadership in the demand for risk exposure.

The Canadian dollar traded for 73.11 cents United States compared with 73.09 cents USA on Monday.

Oil prices went backwards, with Brent crude falling sharply (-1.4pc) to $US41.14 per barrel - as traders cashed in their recent profits, and Libya's state oil company flagged progress in talks to resume exports, potentially boosting global supply.

In local economic news, the Bureau of Statistics will release its May building approvals data, while CoreLogic's latest results will show how much property prices fell in June.

Kicking off a data-heavy week for Wall Street, figures on Tuesday showed USA consumer confidence increased much more than expected in June.

"A lot of people think the market should be where it is, yet it keeps going up".

The S&P 500 and Dow Jones indexes opened lower on Tuesday as coronavirus-related worries and simmering US-China tensions weighed on sentiment at the end of what is expected to be the S&P 500's best quarter since 1998.

At 9:41 a.m. ET, the Dow Jones Industrial Average was down 48.89 points, or 0.19%, at 25,546.91, the S&P 500 was up 5.98 points, or 0.20%, at 3,059.22, and the Nasdaq Composite was up 42.80 points, or 0.43%, at 9,916.96.

In company news, Boeing Co tumbled 5.6% and was the biggest drag on the blue-chip Dow after Norwegian Air canceled orders for 97 aircraft and said it would claim compensation.

Also, the Conference Board said on Tuesday its consumer confidence index rose to a reading of 98.1 this month.

On Tuesday, new coronavirus cases remained elevated as northeastern states broadened quarantines on visitors to include additional states and top infectious disease expert Anthony Fauci said the U.S. was heading in the "wrong direction", warning cases could reach 100,000 a day if actions are not taken. China said it would retaliate.

Altre relazioniGrafFiotech

Discuti questo articolo

Segui i nostri GIORNALE