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US open: Stocks head south, Treasury yields in focus

Mon 22 February 2021 15:43 | A A A

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FTSE 100 | FTSE 250 | Paris CAC 40 | Dow Jones | NASDAQ

7008.59 | Positive 45.26 (0.65%)
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Prices delayed by at least 15 minutes

(Sharecast News) - Wall Street stocks opened firmly in the red on Monday ahead of Senate testimony from Federal Reserve chairman Jerome Powell tomorrow.

As of 1540 GMT, the Dow Jones Industrial Average was down 0.24% at 31,417.78, while the S&P 500 was 0.70% softer at 3,879.17 and the Nasdaq Composite started out the session 1.67% weaker at 13,643.02.

The Dow opened 76.54 points lower on Monday after eking out a gain of less than one point in the previous session.

Market participants were paying strict attention to the 10-year Treasury yield, which jumped 14 basis points last week to 1.34%, edging towards its highest level since February 2020. The 10-year yield was up another three basis points early on Monday at 1.37%.

Traders will also be focussed on Powell, who will deliver his semi-annual testimony on the state of the US economy before the Senate Banking Committee on Tuesday, with comments on rates and inflation potentially determining the market's direction for the rest of the week.

As far as the Covid-19 pandemic was concerned, the White House expects to ship out millions of delayed coronavirus vaccine doses during the week after winter storms disrupted logistics networks.

On the macro front, the Chicago Fed's national activity index improved slightly in January, rising to 0.66 last month from 0.41 in December to come in better than the market expectations for an increase of 0.4%.

Elsewhere, last month's leading index from the Conference Board increased 0.5% to 110.3, suggesting economic growth should improve gradually over the first half of 2021.

Lastly, the Dallas Fed's February manufacturing index surged 15 points to 19.9, indicating a sharp acceleration in output growth.

In the corporate space, Dish Network posted fourth-quarter results that included revenues that were ahead of expectations, while Royal Caribbean said it had lost over $5.8bn in 2020 as a result of the pandemic.

Shares in Tesla and Apple were both sharply lower in early trade, while airline stocks took off after a series of upgrades by analysts at Deutsche Bank.

Dow Jones - Risers

Chevron Corp. (CVX) $98.45 2.77%

Dow Chemical Co. (DOW) $62.03 2.72%

Walt Disney Co. (DIS) $188.16 2.46%

American Express Co. (AXP) $134.79 2.34%

JP Morgan Chase & Co. (JPM) $150.14 1.43%

Goldman Sachs Group Inc. (GS) $319.97 1.38%

Caterpillar Inc. (CAT) $211.73 0.87%

International Business Machines Corporation (CDI) (IBM) $119.09 0.08%

Dowdupont Inc. (DWDP) $30.52 0.00%

Travelers Company Inc. (TRV) $145.72 -0.13%

Dow Jones - Fallers

Microsoft Corp. (MSFT) $234.44 -2.71%

Apple Inc. (AAPL) $127.25 -2.02%

Nike Inc. (NKE) $139.31 -1.91%

Salesforce.Com Inc. (CRM) $242.00 -1.85%

Cisco Systems Inc. (CSCO) $44.84 -1.84%

Intel Corp. (INTC) $62.01 -1.58%

Home Depot Inc. (HD) $275.61 -1.44%

Johnson & Johnson (JNJ) $160.70 -1.40%

Walmart Inc. (WMT) $136.84 -1.08%

Walgreens Boots Alliance, Inc. (WBA) $48.43 -0.89%

S&P 500 - Risers

People's United Financial Inc. (PBCT) $17.78 13.39%

American Airlines Group (AAL) $20.70 10.81%

Kohls Corp. (KSS) $58.07 10.19%

Marathon Oil Corp. (MRO) $10.32 9.21%

Carnival Corp. (CCL) $26.81 9.03%

Principal Financial Group Inc (PFG) $59.92 8.75%

Norwegian Cruise Line Holdings Ltd (NCLH) $29.14 8.53%

Royal Caribbean Cr (RCL) $85.39 8.27%

Discovery Inc. Class A (DISCA) $54.95 8.19%

Apache Corp. (APA) $19.38 7.55%

S&P 500 - Fallers

Nektar Therapeutics (NKTR) $23.67 -5.04%

NRG Energy Inc. (NRG) $37.92 -4.19%

Arista Networks Inc. (ANET) $299.65 -3.63%

Atmos Energy Corp. (ATO) $90.17 -3.62%

Msci Inc. (MSCI) $418.68 -3.30%

Centerpoint Energy Inc. (CNP) $20.75 -3.17%

Paypal Holdings Inc (PYPL) $278.30 -3.00%

Cadence Design Systems Inc. (CDNS) $135.54 -2.95%

PerkinElmer Inc. (PKI) $132.82 -2.90%

Evergy, Inc. (EVRG) $52.67 -2.89%

Nasdaq 100 - Risers

American Airlines Group (AAL) $20.70 10.81%

Marriott International - Class A (MAR) $142.89 4.85%

Wynn Resorts Ltd. (WYNN) $129.05 4.36%

Baidu Inc. (BIDU) $350.11 3.00%

Expedia Group Inc. (EXPE) $163.35 2.79%

Ulta Salon, Cosmetics & Fragrance Inc. (ULTA) $328.09 1.96%

Booking Holdings Inc. (BKNG) $2,334.75 1.82%

Trip.com Group Limited (TCOM) $39.56 1.46%

Hasbro Inc (HAS) $91.19 1.32%

Seagate Technology Plc (STX) $73.96 1.12%

Nasdaq 100 - Fallers

Mercadolibre Inc. (MELI) $1,810.75 -5.22%

JD.com, Inc. (JD) $100.90 -4.89%

NetEase Inc. Ads (NTES) $118.91 -4.02%

Tesla Inc (TSLA) $754.85 -3.39%

Paypal Holdings Inc (PYPL) $278.30 -3.00%

Cadence Design Systems Inc. (CDNS) $135.54 -2.95%

Microsoft Corp. (MSFT) $234.44 -2.71%

Synopsys Inc. (SNPS) $261.06 -2.61%

Activision Blizzard Inc. (ATVI) $98.27 -2.51%

Xilinx Inc. (XLNX) $135.50 -2.31%

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