The Dow Jones Industrial Average lost some of its earlier gains at the stock market on Monday closing 97 points lower. The S&P index lost some of its earlier gains while tech companies maintained a modest rise that improved the Nasdaq profit.
Investors are keeping a close watch on developments in Washington as legislators work towards a bipartisan infrastructure plan that would invest $550 billion in the U.S.
During the afternoon on Monday, the Nasdaq rose by less than 0.1% as Tesla topped the index’s best performers. Dow Jones Industrial Average dropped 0.3% behind the other main indices.
Nike and Goldman Sachs were among the Dow Jones top performers on Monday, rising 0.7% and 0.9%. The Stock of Goldman Sachs is roughly 3% away from the entry point as its trading near its 50-day moving average and is forming a flat base with a purchase point of 393.36.
Also, Nike shares soared to a new high of 169.98 early Monday before they retreated to a 0.7% gain in the afternoon trade. The stock is currently extended from a consolidated buy point of 148.05.
The Europe market quarterly season has generally been on the positive end as HSBC Holdings which is Europe’s largest bank by assets released its interim report for 2021 on Monday 2nd August 2021 and the company reported a profit before tax increase by $6.5 billion for Q1 2021 and an Interim dividend of $0.07 of Q1 2021 per ordinary share to be paid in cash.
It also reinstated its dividend payments and released $700 million that has been set aside to cover potential bad loans. The stock rose by 1.2%.
Asia markets traded higher on Monday, creating a positive handover for Europe as Chinese Equity markets stabilized after last week’s heavy selloff on the back of the crackdown by local regulators on the tech and education sectors.
The tone was helped by a call from Chinese regulators for dialogue with their U.S counterparts over Chinese companies’ listings. In the U.S oil prices on the other end weakened on Monday in response to the Chinese factory data which slowed down in July, suggesting weakening economic growth in the largest Crude importers in the world.