{"id":105439,"date":"2021-01-25T16:33:46","date_gmt":"2021-01-25T16:33:46","guid":{"rendered":"https:\/\/fin2me.com\/?p=105439"},"modified":"2021-01-25T16:33:46","modified_gmt":"2021-01-25T16:33:46","slug":"stocks-mixed-with-stimulus-hopes-offset-by-covid-concerns","status":"publish","type":"post","link":"https:\/\/fin2me.com\/markets\/stocks-mixed-with-stimulus-hopes-offset-by-covid-concerns\/","title":{"rendered":"Stocks mixed with stimulus hopes offset by COVID concerns"},"content":{"rendered":"

NEW YORK\/LONDON (Reuters) – Global stock markets lacked direction on Monday, with optimism over a $1.9 trillion U.S. stimulus plan offset by increasing COVID-19 cases and delays in vaccine supplies.<\/p>

FILE PHOTO: Traders wearing masks work,on the floor at the New York Stock Exchange (NYSE) in New York, U.S., May 26, 2020. REUTERS\/Brendan McDermid\/File Photo<\/figcaption>

Equity markets have scaled record highs in recent days on bets vaccines will start to reduce infection rates worldwide and on a stronger U.S. economic recovery under President Joe Biden.<\/p>\n

However, investors are wary about towering valuations amid questions over the efficacy of the vaccines in curbing the pandemic and as U.S. lawmakers continue to debate a coronavirus aid package.<\/p>\n

\u201cThe risk for these markets is that, after a bumper couple of months, investors may start to wonder whether they\u2019re looking a little frothy,\u201d said Craig Erlam, senior market analyst at OANDA Europe<\/p>\n

U.S. stocks were mixed in early trading.<\/p>\n

By 10:33 a.m. ET (1533 GMT), the Dow Jones Industrial Average fell 76.41 points, or 0.25%, to 30,920.57, the S&P 500 gained 15.93 points, or 0.41%, to 3,857.4 and the Nasdaq Composite added 165.34 points, or 1.22%, to 13,708.40.<\/p>\n

The MSCI world equity index, which tracks shares in 49 nations, rose 2.24 points, or 0.34 percent, to 668.93.<\/p>\n

MSCI\u2019s broadest index of Asia-Pacific shares outside Japan rose 11.48 points, or 1.6 percent, to 729.94.<\/p>\n

European stock markets opened higher but then fell, with the pan-European STOXX 600 down 0.8%. A measure of the continent\u2019s 50 biggest stocks fell 0.6%. [.EU]<\/p>

Slideshow ( 2 images )<\/span><\/figcaption>

U.S. investors are awaiting a busy earnings week, with tech giants Apple Inc, Facebook Inc, Tesla Inc and Microsoft Corp all due to report results.<\/p>\n

A rally in U.S. tech stocks to near-record highs on Friday helped fuel gains in their counterparts in Asia and Europe. A European basket of tech stocks gained 0.5%. In Asia, Chinese tech giant Tencent soared 11%.<\/p>\n

All eyes are on Washington, D.C., as U.S. lawmakers agreed that getting COVID-19 vaccines to Americans should be a priority even as they locked horns over the size of the pandemic relief package.<\/p>\n

Financial markets have been eyeing a massive package, though disagreements have meant months of indecision in a country suffering more than 175,000 COVID-19 cases a day with millions out of work.<\/p>\n

Global COVID-19 cases are inching toward 100 million, with more than 2 million dead.<\/p>\n

Despite the recent outperformance in tech stocks, investors have reiterated views that cyclical and value stocks will outperform as economies recover.<\/p>\n

\u201cWhile renewed lockdowns and mobility restrictions around the world have supported 2020 stay-home beneficiaries, we do not think the rotation into cyclicals is over,\u201d said Mark Haefele, chief investment officer at UBS Global Wealth Management.<\/p>\n

He said a broadening economic recovery, a normalization of economic activity as vaccination programs continue, and attractive valuations for emerging-market stocks relative to developed markets were reasons for UBS shifting its preference to emerging markets.<\/p>\n

Sentiment in Asia was boosted by a report that China had surpassed the United States as the largest recipient of foreign direct investment in 2020, with $163 billion in inflows.<\/p>\n

MSCI\u2019s broadest index of Asia-Pacific shares outside Japan rose 1.6%.<\/p>\n

Japan\u2019s Nikkei rebounded from falls in early trading to be up 0.7%.<\/p>\n

Australian shares added 0.4% after the country\u2019s drug regulator approved the Pfizer\/BioNTech COVID-19 vaccine with a phased rollout likely late next month.<\/p>\n

Chinese shares rose, with the blue-chip CSI300 index up 1%. Hong Kong\u2019s Hang Seng index leapt 2.4% led by technology stocks.<\/p>\n

The dollar index, which tracks the greenback versus a basket of six currencies, rose 0.223 point or 0.25 percent, to 90.461. Major currency trading pairs were trapped in a tight range as markets awaited the Federal Reserve\u2019s Wednesday meeting.<\/p>\n

The euro was down 0.41 percent, at $1.2120.<\/p>\n

In commodities, Brent was last down $0.05, or 0.09 percent, at $55.36 a barrel. U.S. crude was down $0.04, or down 0.08 percent, at $52.23 per barrel.<\/p>\n

Spot gold prices rose $4.21 or 0.23 percent, to $1,856.76 an ounce.<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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