“Technology” puts pressure on “Wall Street” … and “Dow” at a new level

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Global stock indices varied under the pressure of different growth and business data. In Wall Street the indices swung under the pressure of the decline in technology stocks, while in Europe the indexes rose dominated, while the decline of “CAC” and “FTSE” was marginal, while Japanese stocks rose, following suit. The impact of European stock indices in the previous session.
On the New York Stock Exchange, the rise dominated the US stock indices at the beginning of trading Monday, to hit “Dow Jones” a new record, with optimism about the recovery of the economy.
Airline stocks rose with optimism about the continued distribution of Corona vaccines and the recovery of the economy, and US President Joe Biden approved a $ 1.9 trillion fiscal stimulus package last week, to support the economy for a rapid recovery from the epidemic.
Technology stocks came under pressure, with the 10-year US Treasury yield still 1.60% higher.
The “Dow Jones” index rose 0.4% to 32,921 points, the highest level ever, and the “Standard & Poor’s” increased by 0.1% to 3946.1 points, while the “Nasdaq” decreased by 0.08% to hit 13309.3 points, before the indices fluctuated on Tuesday. In narrow ranges.

European stocks

European stocks rose on Monday on gains from French food company Danone and Swiss pharmaceutical company Roche Holdings, as optimism about a strong economic recovery eases concerns about an acceleration in inflation.
The STOXX 600 index rose by 0.7% in early trading, slightly close to its highest level recorded last year, and the travel and entertainment sectors and automakers were among the biggest winners.
Danone’s shares jumped 4.9% after the company’s board of directors removed Emmanuel Faber from the position of chairman and chief executive officer, ceding to mounting pressure from shareholders.
Roche rose 1% after the company said it would buy Genmark Diagnostics, the US-based molecular diagnostic test maker, in a deal worth $ 1.8 billion.
Sentiment was also boosted by the increase in factory and retail activity in China in the first two months of the year, surpassing expectations, as the economy boosted its rapid recovery from paralysis caused by the outbreak of the Corona virus in early 2020. Shares of the Milan-listed car maker Stilantis rose 3.9% after If Deutsche Bank started covering the stock with a “buy” recommendation.

Japanese stocks

Japanese stocks rose, on Monday, thanks to the optimism that accompanied the approval of a huge US stimulus package to support stocks linked to the economic cycle, while SoftBank Group shares fell, while other technology companies recorded limited gains.
The Nikkei index rose 0.17 percent to close at 29,766.97 points, and the broader Topix index rose 0.91 percent to 1,968.73 points. “The market in Japan today is a reflection of the US market on Friday,” said Shoichi Arisawa, director general of the Investment Research Department at Ioikosmo Securities.
The Dow Jones Industrial Average rose to an unprecedented fifth consecutive high on Friday after the US House of Representatives finally approved a $ 1.9 trillion stimulus package. “Investors are buying stocks linked to the economic cycle that will benefit from the recovery of the US economy, which will accelerate thanks to the huge economic package that was approved,” Aresawa added.
Shares of transport companies and materials companies rose in Japan. Shipbuilder Mitsui E&S Holdings Inc. jumped 7.78 percent, and shipping companies Kawasaki Kesen rose 7.02 percent and Nippon Yusen rose 4.74 percent. Anna Holdings Inc. jumped 4.43 percent and Japan Airlines 3.79 percent.
Technology stocks fell in Japan, tracking losses in the Nasdaq index, and SoftBank Group shares fell 2.49 percent. Tokyo Electron lost 1.56 percent and Advantest 1.26 percent. (Reuters)





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