US Stocks Start Week On Hesitant Note As Blue-Chips Retreat - Kalkine Media

June 08, 2021 08:30 AM AEST | By Sanjeeb Baruah
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Benchmark US indices began the week with a subdued note on Monday as investors returned to a new trading session following their weekend break.

The S&P 500 was down 0.08% to 4,226.52. The Dow Jones Industrial Average declined 0.36% to 34,630.24. The NASDAQ Composite Index gained 0.49% to 13,881.72, and the small-cap Russell 2000 was up 1.43% to 2,319.18.

The indexes had seen broad gains in Friday’s session. On Monday, investors appeared to wait before putting their bets on stocks as mixed global cues may have influenced their decisions. However, markets typically recover after a slow start to the week.

In a significant move, the group of seven developed economies, or the G7, has agreed on a proposal over the weekend to back a minimum 15% corporate tax rate on overseas income of big companies. The plan was originally pushed by the Biden administration.


Global Market Round Up || Us Stocks Start Week On Hesitant Note As Blue-Chips Retreat


Seven of the 11 critical segments of the S&P 500 closed the session in the red zone. Basic materials and the energy sectors were among the biggest losers in Monday’s session.

The current inflationary pressures may have also contributed to investors’ concerns. Economists believe President Biden’s trillions of dollars of spending in the economy may further push up the costs of essential commodities. Besides, the ongoing shortage of labor and raw materials giving rise to price volatility in the markets, they say.

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Meanwhile, the New York-based investment firm Blackstone Group Inc. announced on Monday that it plans to acquire data-center operator QTS Realty Trust for US$6.7 billion in an all-cash transaction. QTS shares jumped around 21% after the announcement.

Other major price gainers included the Switzerland-based Biogen Inc., whose shares gained 38.34% after the Food and Drug Administration (FDA) approved its Alzheimer's medicine Aducanumab, the first drug to get authorization in nearly two decades for the disease.

Other healthcare stocks also saw modest gains in Monday’s session. Shares of Eli Lilly and Company (LLY) soared jumped 10%, while Clover Health Corp. (CLOV) rose 32.44%. Stocks of video gaming company GameStop Corp. (GME) rose 12%, while the shares of Chinese EV maker NIO Inc. (NIO) rose 4.17%.

Tech giant (AMZN) stocks declined 0.26% after the news of the G7 corporate tax trickled in. However, Microsoft Corp. (MSFT), Facebook, Inc. (FB), and Alphabet Inc. (GOOG) gained 1.20%, 1.89%, and 0.58%, respectively.

The S&P 500 segments, such as basic materials, consumer cyclicals, energy, and industrials, pushed back, while healthcare and real estate were among the biggest gainers on NASDAQ.

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Top Gainers

Top performers on S&P 500 included Biogen Inc (38.34%), Eli Lilly and Co (10.15%), Penn National Gaming Inc (4.61%), Cardinal Health Inc (4.14%). On NASDAQ, top performers were EXFO Inc (60.27%), NextDecade Corp (42.62%), Biogen Inc (38.34%), Urban One Inc (35.60%). On Dow Jones, Microsoft Corp (1.20%), Boeing Co (1.10%), American Express Co (0.56%), Visa Inc (0.51%) were the leaders. 

Top Losers

Top laggards on S&P 500 included Organon & Co (-7.99%), United Rentals Inc (-4.83%), Progressive Corp (-3.96%), Fiserv Inc (-3.30%). On NASDAQ, PDS Biotechnology Corp (-26.45%), MoSys Inc (-23.05%), HOOKIPA Pharma Inc (-21.41%), InterGroup Corp (-14.71%). On Dow Jones, Merck & Co Inc (-1.77%), Caterpillar Inc (-1.75%), Dow Inc (-1.61%), Travelers Companies Inc (-1.40%) were the laggards.

Volume Movers

Top volume movers were Apple Inc (16.47M), Ford Motor Co (12.51M), Bank of America Corp (9.89M), Microsoft Corp (8.38M), Pfizer Inc (7.49M), AT&T Inc (7.01M), General Electric Co (6.34M), Intel Corp (6.03M), Cisco Systems Inc (4.63M), Sundial Growers Inc (23.38M), Naked Brand Group Ltd (19.05M), Clover Health Investments Corp (13.81M), Bionano Genomics Inc (11.03M), Ocugen Inc (7.86M).

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Futures & Commodities

Gold futures were up 0.53% to US$1,902.00 per ounce. Silver increased 0.46% to US$28.023 per ounce, while copper was slightly down 0.16% to US$4.5217.

Brent oil futures decreased 0.58% US$71.47 per barrel and WTI crude was down 0.55% to US$69.24.

Bond Market

The 30-year Treasury bond yields were up 0.35% to 2.247, while the 10-year bond yields increased 0.56% to 1.569.

US Dollar Futures Index slightly decreased 0.17% to US$89.980.


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