The New York Stock Exchange opened in the red Tuesday for the second straight session. At 2:20 p.m. GMT, the Dow Jones lost 0.40% and the Nasdaq dropped 0.22% just like the S&P 500.
The day before, hurt by profit taking after records, Wall Street had ended down. The Nasdaq, with strong technological coloring, had led the other indices down, losing 0.98% to 13,914.77 points. The Dow Jones index had dropped 0.36% to 34,077.63 points and the S&P 500 had lost 0.53% to 4,163.26 points.
“A large group of companies have announced results that have flown past expectations” like IBM (+ 3.96%), Procter and Gamble (-0.55%) and Johnson & Johnson (+1.19%), underlined Patrick O’Hare of Briefing.com. “But this good news escaped the market which seems resigned to remaining in the mode of consolidation”, added the analyst.
Schwab analysts pointed out that “Monday’s slide continues, moving away from record levels” reached last week, “as the market gauges uncertainties over President Joe Biden’s infrastructure plan, l ‘evolution of Covid-19 cases around the world and continuing optimism about corporate results “.
After the closing bell, it will be Netflix’s turn to announce its quarterly results while on the macroeconomic data side, the week is rather calm. Only real estate market indicators are expected from Thursday.
The agitated tobacco titles
Among the actions of the day, the headlines of tobacco companies were agitated by news reports that the US government is now considering requiring a low level of nicotine in cigarettes to avoid tobacco addiction.
Altria shares lost 7.50% but Philips Morris USA remained in the green at + 0.45%. On the London Stock Exchange, British American Tobacco (BAT) dropped 7.57% and Imperial Brands lost 6.99% around 2:00 p.m. GMT.
Eight of the eleven sectors of the S&P 500 were down, starting with energy (-2.09%) while real estate was up (+ 1.05%).
Tesla, who had suffered the day before after the news of a fatal accident in one of his automated cars, recovered much of the lost ground (+ 3%) while Space X, of Elon Musk’s group, was preparing to send astronauts to the international space station on Thursday.
Yields on 10-year Treasuries edged down to 1.58% from 1.60% at the close the previous day as the dollar was lower against the euro.
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