Sunday, July 3

Wall Street indices rise, ending three days of declines

The 10-year Treasury yield rebounded slightly after heightened concern about the effect on the economy that the new omicron variant may have. In fact, the yield of the T-Note is 1.36%.

The rise in omicron has kept investors on edge as the variant is now found in at least 43 US states and 90 countries. Officials from the World Health Organization claimed that omicron is more contagious than any previous variant of Covid-19. LLast week 73% of new infections occurred in the US, federal health authorities reported Monday. The NHL Hockey League begins its vacation early due to the Covid outbreaks.

A rise that comes after the eDOW JONES Ind Average fell more than 400 points yesterday in what was its third straight session down. The index has fallen close to a thousand points in these sessions. The S&P 500 and the Nasdaq Composite were down more than 1% on Monday. The S&P 500’s three-day slide, which totaled 3%, was its worst result since September.

“As we move into the shortened holiday week, amid an increase in omicron cases, continued supply chain pressures and the failure of the Build Back Better plan, increasing volatility and declining trading volumes could cause the market to overreact, which could present a buying opportunity in the run-up to Christmas, “said Mark Hackett, head of investment research at Nationwide.

Monday’s stock sale wiped out previous gains on the S&P 500 in December, to be left with nothing for the month; the Dow is up about 1.3%, while the Nasdaq is down almost 3.6% and is about to snap a two-month winning streak.

Securities that are news at the Wall Street pre-open

Micron Technolog shares are up 8% at the open after the memory chip maker posted much better-than-expected earnings for the prior quarter and turned bullish. The company expects profit of $ 1.95, plus or minus 10 cents, for this period, a range higher than the consensus estimate of $ 1.84 collected by FactSet. Other chipmakers gained in premarket trading, with KLA Corp. rising 3% and Nvidia 2%.

Shares of Nike -B- jumped 7% after the sneaker maker reported quarterly profit and sales that beat analysts’ expectations, despite continued pressure in the supply chain.

Tesla CEO Elon Musk and Twitter co-founder Jack Dorsey, two of the world’s best-known tech billionaires, have voiced their thoughts on a hypothetical new version of the internet this week: “Web3.” While still a confusing concept, Web3 or Web 3.0 has been hailed by proponents as a decentralized version of the internet based on blockchain, the technology behind many of the major cryptocurrencies and non-fungible tokens, or NFTs. A plethora of entrepreneurs around the world are trying to design and build technologies and protocols that support Web3. Proponents of Web3, which would follow Web1 and Web2, argue that today’s online platforms are too centralized and controlled by a handful of large Internet companies, including Amazon, Apple, Alphabet, and Facebook’s parent company Meta. These companies have accumulated vast amounts of data and content that have been shared on the Internet.

Investors are also keeping an eye on the outlook for President Joe Biden’s economic agenda. The Senate will vote on Biden’s comprehensive bill on the social safety net and climate policy in January, despite opposition from Democratic Sen. Joe Manchin. It’s unclear whether Democrats will try to pass a smaller bill that includes only parts of the entire package.

The good tone shown by the price of crude oil stands out, a variable that fell sharply yesterday, driven by the news that armed men have blocked several of the main oil-producing plants in Libya. At this time, the future of West Texas crude rises 1.38%, over $ 69.56, while Brent is trading at $ 72.38 after scoring just over 1.2%

In the cryptocurrency market, Bitcoin rises with great force. It scores more than 6% at the opening and is trading at $ 48,711 while the euro rises slightly to $ 1.1295.

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