Stocks mixed before the market opened as Wall Street awaited earnings reports

US stock futures moves lower hours before opening time on Wednesday as Wall Street waits for earnings reports from both Home Depot and Macy’s.

Ticker security Last Change Change %
Me: DJI DOW JONES AVERAGE 31521.69 +27.37 + 0.09%
SP500 S&P 500 3876.5 -30.21 -0.77%
I: COMP NASDAQ COMPOSITE INDEX 13533.048339 -341.41 -2.46%

On Wall Street, the S&P 500 fell 0.8% to 3,876.50, extending its losses to a fifth consecutive day. The benchmark index was roughly evenly distributed between winners and losers, but technology stocks and companies that depend on consumption spending bore the burden of sales. Apple fell 3%, Microsoft fell 2.7%, Tesla fell 8.5% and Amazon lost 2.1%.

The Dow Jones Industrial Average rose 0.1% to 31,521.69. Nasdaq lost 2.5% to 13,533.05. The Russell 2000 Small Business Index rose 0.7% to 2,251.07.

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Equities began to throw away some of their gains last week after a strong start in February as rising interest rates and inflation on the road dampened some Wall Street enthusiasm, although major stock indices are still close to their highs.

“Equity investors are finally paying attention to the bond market,” said Mike Zigmont, head of trading and research at Harvest Volatility Management. “With return climbing, there are many shakes in the stock space.”

US stock futures are in positive territory hours before opening time on Wednesday, as Wall Street awaits earnings reports from both Home Depot and Macy’s. (Courtney Crow / New York Stock Exchange via AP)

Investors remain focused on the future of global economies hit hard by COVID-19 and the potential for more stimulus to fix them. The US House of Representatives is likely to vote on President Joe Biden’s proposed stimulus package at the end of the week. It would include $ 1,400 checks for most Americans, additional payments for children and billions of dollars in support of state and local governments, as well as additional support for companies affected by the pandemic.

But the large amount of stimulus pumped into the economy has given some investors a break and revived the worries about inflation, which have hardly existed for more than a decade. The yield on US government bonds and banknotes has risen in recent weeks as investors bet that the recovery will lead to more inflation.

“There are some risks out there,” said Gary Schlossberg, global strategist at Wells Fargo Investment Institute. “The question is whether we are just normalizing back to where we were before the pandemic or are we talking about a sea change.”

Technical stocks have had big gains throughout the pandemic, as investors are betting that consumers who spend more time at home will increasingly rely on mobile devices, computers, video streaming and other technology products and services.

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Meanwhile, Asian markets were mixed on Tuesday following the sale of shares in technology companies on Wall Street.

With Tokyo closed for a national holiday, South Korea’s Kospi slipped nearly 0.2% to 3,074.76. Australia’s S & P / ASX 200 gained 0.9% to 6,839.20. Hong Kong’s Hang Seng jumped 1.0% to 30,618.85, while the Shanghai Composite lost 0.5% to 3,623.99.

“Thankfully, for society at large, there is more optimism than fear today, with vaccines showing scientific results in the field that validate efficiency and effectiveness over transmission, leading the world back to normalcy starting soon,” said Stephen Innes, head of global market strategist a taxi.

Although the world economy has been hit by the coronavirus pandemic, the deployment of COVID-19 vaccines raises hopes of a recovery.

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In terms of energy trading, the US benchmark index rose 76 cents to $ 62.46 a barrel in electronic trading on the New York Mercantile Exchange. It got $ 2.44 to $ 61.70 a barrel on Monday. Brent crude oil, the international standard, rose $ 1.14 to $ 66.38 a barrel.

In foreign exchange trading, the US dollar reached 105.09 Japanese yen from 105.08 yen. The euro cost $ 1.2167, up from $ 1.2157.

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AP Business Writers Damian J. Troise and Alex Veiga contributed.

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