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U.S. stocks were trading mostly lower early Monday morning after climbing Friday buoyed by strong earnings from Apple and other big companies. The S&P 500 and Dow Jones Industrial Average snapped a three-week losing streak.
Stocks in this Article
$34725.47
+564.69 (+1.65%)
$4431.85
+105.34 (+2.43%)
$13770.573348
+417.79 (+3.13%)
Wall Street’s benchmark S&P 500 index rose 2.4% on Friday, giving major indexes their biggest gains this year.
Investors have been rattled by the Federal Reserve’s decision to try to cool inflation by accelerating plans to raise interest rates and wind down bond purchases and other stimulus that is boosting stock prices.
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“Prospects of rising rates and shrinking global liquidity compressed within a much shorter time-frame brings with it appreciable risks of unsettling markets,” Vishnu Varathan of Mizuho Bank said in a report.
On Friday, the S&P 500 rose to 4,431.85 for its biggest gain since June 2020. The Dow Jones Industrial Average added 1.7% to 34,725.47. The Nasdaq composite jumped 3.1% to 13,770.57.
In this photo provided by the New York Stock Exchange, traders James Riley and Ashley Lara work on the floor Friday, Nov. 20, 2020. U.S. stocks were trading mostly higher early Monday morning after climbing Friday buoyed by strong earnings from Apple
Asian stocks followed Wall Street higher Monday at the start of a week when China, South Korea and Southeast Asian markets will close for the Lunar New Year holiday.
Benchmarks in Tokyo and Hong Kong advanced while Sydney declined. Markets in mainland China, South Korea and Taiwan were closed. Hong Kong and Southeast Asia were due to close later in the week.
The Nikkei 225 in Tokyo rose 1.2% to 27,028.84 after the government reported December retail sales fell 1% from the previous month’s 2 1/2-year high. That was driven by a 4% fall in food purchases.
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The Hang Seng gained 1.1% to 23,802.26 and Sydney’s S&P-ASX 200 shed 0.2% to 6,971.60.
India’s Sensex opened up 1.3% at 57,960.41. New Zealand and Southeast Asian markets gained.
The major cryptocurrencies – Bitcoin, Ethereum and Dogecoin were all down hours before the opening bell on Wall Street.
In energy markets, benchmark U.S. crude gained $1.01 to $87.85 per barrel in electronic trading on the New York Mercantile Exchange. The contract rose 21 cents on Friday to $86.82. Brent crude, the price basis for international oils, added $1.01 to $89.53 per barrel in London. It advanced 69 cents the previous session to $90.03.
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The dollar gained to 115.41 yen from Friday’s 115.23 yen. The euro rose to $1.1166 from $1.1146.
