Wall Street trading got off to a mixed start on Monday as a surging dollar and heightened bond yields took centre stage.
As of 1510 BST, the Dow Jones Industrial Average was down 0.31% at 29,497.79, while the S&P 500 was 0.10% firmer at 3,696.87 and the Nasdaq Composite came out the gate 0.98% stronger at 10,974.40.
The Dow opened 96.62 points lower on Monday, extending losses recorded at the end of last week amid concerns that the central bank’s aggressive monetary policy may send the US economy into a recession.
In focus early on Monday was news that the British pound dropped to a record low against the US dollar, with Sterling falling 4% to an all-time low of $1.0382 as the Federal Reserve’s monetary policy, paired with tax cuts announced by the UK last week caused the greenback to surge. The euro also hit its lowest level against the dollar in two decades.
The bond market was also drawing an amount of investor attention at the opening bell, with the 2-year Treasury note up slightly at 4.218%, while its benchmark 10-year counterpart was more than eight basis points higher at 3.77%.
On the macro front, the Chicago Fed’s national activity index fell to 0 in August, down from a five-month high of 0.29 in July, pointing to a moderation in overall economic growth during the month.
Elsewhere, Boston Fed president Susan Collins, Atlanta head Raphael Bostic and Cleveland president Loretta Mester were all set to deliver speeches throughout the course of the day.
No major corporate earnings were slated for release on Monday.
Reporting by Iain Gilbert at Sharecast.com
Dow Jones – Risers
Salesforce.Com Inc. (CRM) $150.13 2.12%
Apple Inc. (AAPL) $152.16 1.15%
Microsoft Corp. (MSFT) $239.71 0.75%
Walt Disney Co. (DIS) $100.19 0.70%
Home Depot Inc. (HD) $272.80 0.69%
Cisco Systems Inc. (CSCO) $40.84 0.44%
Caterpillar Inc. (CAT) $164.76 0.31%
International Business Machines Corporation (CDI) (IBM) $122.90 0.15%
Intel Corp. (INTC) $27.56 0.13%
Dow Chemical Co. (DOW) $43.95 0.11%
Dow Jones – Fallers
Unitedhealth Group Inc. (UNH) $504.29 -1.82%
Travelers Company Inc. (TRV) $153.30 -1.40%
Merck & Co. Inc. (MRK) $85.69 -1.25%
Johnson & Johnson (JNJ) $164.93 -1.07%
Chevron Corp. (CVX) $143.38 -0.96%
Boeing Co. (BA) $130.32 -0.71%
Coca-Cola Co. (KO) $58.21 -0.67%
Verizon Communications Inc. (VZ) $39.28 -0.62%
McDonald’s Corp. (MCD) $244.62 -0.54%
Goldman Sachs Group Inc. (GS) $300.72 -0.41%
S&P 500 – Risers
Wynn Resorts Ltd. (WYNN) $65.96 10.58%
MGM Resorts International (MGM) $31.01 3.19%
Carnival Corp. (CCL) $9.19 2.68%
Norwegian Cruise Line Holdings Ltd (NCLH) $13.91 2.66%
Helmerich & Payne Inc. (HP) $36.39 2.56%
Royal Caribbean Cr (RCL) $45.44 2.30%
Salesforce.Com Inc. (CRM) $150.13 2.12%
Amazon.Com Inc. (AMZN) $116.18 2.11%
Booking Holdings Inc. (BKNG) $1,701.16 1.87%
Bath & Body Works, Inc. (BBWI) $36.36 1.82%
S&P 500 – Fallers
Apartment Investment & Management Co. (AIV) $7.53 -4.20%
ProLogis (PLD) $104.49 -3.78%
Duke Realty Corp. (DRE) $49.62 -3.52%
Ventas Inc. (VTR) $42.06 -3.17%
Healthpeak Properties, Inc (PEAK) $23.56 -2.99%
Equity Residential (EQR) $66.48 -2.79%
Public Storage (PSA) $286.95 -2.75%
Kimco Realty Corp. (KIM) $18.30 -2.71%
Regency Centers Corp. (REG) $53.24 -2.70%
H&R Block Inc. (HRB) $42.64 -2.69%
Nasdaq 100 – Risers
Wynn Resorts Ltd. (WYNN) $65.96 10.58%
Trip.com Group Limited (TCOM) $27.77 6.85%
JD.com, Inc. (JD) $54.01 3.25%
Amazon.Com Inc. (AMZN) $116.18 2.11%
Mercadolibre Inc. (MELI) $830.61 1.91%
Booking Holdings Inc. (BKNG) $1,701.16 1.87%
Intuit Inc. (INTU) $400.52 1.66%
Idexx Laboratories Inc. (IDXX) $339.73 1.65%
Ross Stores Inc. (ROST) $85.83 1.65%
Cadence Design Systems Inc. (CDNS) $163.54 1.60%
Nasdaq 100 – Fallers
Biomarin Pharmaceutical Inc. (BMRN) $81.73 -3.67%
Vodafone Group Plc ADS (VOD) $11.66 -2.55%
Comcast Corp. (CMCSA) $31.35 -1.54%
Charter Communications Inc. (CHTR) $317.25 -1.37%
Regeneron Pharmaceuticals Inc. (REGN) $688.00 -1.34%
Western Digital Corp. (WDC) $33.39 -1.33%
Seagate Technology Plc (STX) $57.25 -0.92%
Dish Network Corp. (DISH) $15.08 -0.79%
Fiserv Inc. (FISV) $97.30 -0.66%
Vertex Pharmaceuticals Inc. (VRTX) $281.88 -0.56%
