New Records in the S&P 500 and Nasdaq

Wall Street closed mixed on Monday. Dow Jones closed in the red. However, the S&P 500 and the Nasdaq registered new records supported by the technology sector. 

The selective S&P 500 rose by 0.23% or 9.91 points, to 4,290.61, posting gains for the third consecutive day. The Nasdaq Composite Index advanced by 0.98% or 140.12 points, to 14,500, 51. Meanwhile, the Dow Jones of Industrials slipped by 0.44% or 150.57 points, to 34,283.27.

Graphics-chip specialist Nvidia NVDA led the gains on Nasdaq, surging by 5%. 

By sectors, technology and communications sectors led the gains. Important companies such as Facebook climbed by a remarkable 4.18%.

Facebook hits a trillion-dollar market capitalization

Today, Facebook achieved a market capitalization of a trillion dollars. The company joined a select club made up of Apple, Microsoft, Amazon, and Alphabet. Amazon added more than 1% today, while Alphabet barely changed.

The New York stock market expanded the gains of last week when optimism for the economic recovery in the United States predominated the market.

According to experts, this Monday, the market has been influenced by recent developments in the legislative field of the infrastructure plan proposed by President Joe Biden.

On the other hand, expectations are set in the June employment report released this Friday, which is forecast to create 683,000 jobs.

Among the 30 listed on the Dow Jones, Boeing sank by 3.39%.

Chevron dropped by 3.08%, and American Express yielded 2.76%. On the other hand, the energy sector lost 3.33%, and the financial sector decreased by 0.81%.

Bond yields rose sharply in March amid fears of an inflation surge that have slipped back to their pre-spike level amid a flattening US yield curve.

According to Chris Larkin from E-Trade, inflation fears calmed for the moment, and the market seems to be in a good place.

Nikkei losses 0.81% amid virus worries

The Tokyo Stock exchange settled today with a slump of 0.81% to 28,812.61. Meanwhile, the broader Topix lost 0.82% to 1,949.48. A new coronavirus variant raised worries about disrupting global economic recovery due to its possible impact on the Tokyo Olympic Games, scheduled for less than a month from now. During the session, the weaker cyclical stocks outweighed gains in the technology companies.

Soichiro Matsumoto, a chief investment officer for Japan at Credit Suisse Private Banking, stated that investors sold Japanese cyclical shares after dropping the Dow and European shares. Japan does not have stocks equivalent to big tech shares, and the market did not react to Nasdaq’s strong finish. 

The securities with the highest capitalization, such as the technology giant Softbank, lost 2.14%, and the Japanese automobile leader, Toyota Motor, yielded 1.03%.

The textile multinational Fast Retailing, an owner of the clothing store chain Uniqlo, dropped by 1.20%.

The technological Sony stood out with a gain of 1.19%, and the video game company Nintendo advanced by 0.17%.

In the first section, 1,629 values ​​declined compared to the 422 that advanced. Besides, 423 shares ended unchanged.

The sectors with the most significant declines were mining, steel, metal, glass, and ceramics.

The trading volume amounted to 1.03 trillion yen.