Stock Market Overview
Stocks Close Slightly Lower as Higher T-Note Yields and Rising Covid Infections Prompt Long Liquidation
The S&P 500 Index ($SPX) on Monday closed down -0.02%, the Dow Jones Industrials Index ($DOWI) closed down -0.16%, and the Nasdaq 100 Index ($IUXX) closed down -0.19%.
U.S. stock indexes on Monday posted modest losses. Higher T-note yields and increased U.S. Covid infections prompted long liquidation of stocks after the S&P 500 posted a new all-time high Monday and the Dow Jones Industrials posted a new record high last Friday.
Weakness in cruise line operators was a negative factor for the S&P 500 on Monday. Cruise operators retreated after a Barron’s article warned that dividends and share repurchases by cruise line operators are unlikely for several years as the companies focus on debt reduction. The article also said that there might not be “meaningful” free cash flow in cruise operators until 2023 or 2024 because of high interest expenses and capital expenditure for fleet upgrades. Carnival (CCL) closed down more than -5%, Norwegian Cruise Line Holding... Read more
CANBERRA, Australia (AP) — The Australian government said Tuesday it had decided against buying the single-dose Johnson & Johnson coronavirus vaccine and identified a second case of a rare blood clot likely linked to the AstraZeneca shot.
KAOHSIUNG, Taiwan (AP) — Taiwan launched an amphibious transport ship Tuesday that's the first from its new naval shipbuilding program begun as China escalates its threats to use military force to annex the island it claims is its territory.
BEIJING (AP) — China’s exports rose 30.6% over a year ago in March as global consumer demand strengthened and traders watched for signs of what President Joe Biden might do about reviving tariff war talks with Beijing.
NEW DELHI (AP) — The Indian city of Pune is running out of ventilators as gasping coronavirus patients crowd its hospitals. Social media is full of people searching for beds, while relatives throng pharmacies looking for antiviral medicines that hospitals ran out of long ago.
TOKYO (AP) — Japan's government decided Tuesday to start releasing treated radioactive water from the wrecked Fukushima nuclear plant into the Pacific Ocean in two years — an option fiercely opposed by fishermen, residents and Japan's neighbors.
WASHINGTON (AP) — President Joe Biden wants Congress to know he's sincere about cutting a deal on infrastructure, but Republican lawmakers have deep-seated doubts about the scope of his proposed package, its tax hikes and Biden's premise that this is an inflection point for the U.S. as a world power.