Hit by profit taking, Wall Street is dropping past records

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New York (AFP)

The New York Stock Exchange closed lower on Monday, vulnerable to profit taking after record highs on Friday and at the start of a week filled with corporate profits.

The Nasdaq Hi-Tech index pushed other indicators lower, losing 0.98% to 13,914.77 points. The Dow Jones lost 0.36% to 34,077.63 points, and the S&P 500 lost 0.53% to 4,163.26 points.

On Friday, taking advantage of good quarterly results and data indicating a strong recovery in the US economy, the Dow Jones and S&P 500 Index reached new records. The Nasdaq, which on Monday celebrated its 50th anniversary on the market in 1971, had finished a few dozen points from its peak in mid-February.

“On Monday, we saw the market correct itself a little bit (…) with profits that affected the technology sector,” said Peter Cardello of Spartan Capital Securities.

“Every time the market reaches a peak, it retreats and starts moving forward,” the analyst added.

The quarterly results were to dominate the week of the stock market.

On Monday, Coca-Cola beat expectations despite falling profits after suffering the impact of the pandemic on sales in restaurants or movie theaters.

In 2021, the group expects organic revenue growth of 5% to 10% and 5% to 15% in earnings per share. The title got 0.65%.

Motorcycle maker Harley Davidson posted much better earnings than expected and its stock was up nearly 10%.

IBM (-0.49%) and United Airlines (-1.58%) tracked after the shutdown, while results from Johnson & Johnson (+ 0.25%), Procter & Gamble (-0, 20%) as well as Netflix (+ 1.45%).

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Thirty-four companies on the S&P 500 have already released their first-quarter results, and 88% of them beat estimates, according to Art Hogan of National Securities. These results are on average 22% higher than expected.

Police said Tesla was down 3.40% after a fatal accident Saturday night that involved one of its electric vehicles in which there was no driver behind the wheel.

Chip group Nvidia lost 3.46% after the British government announced an investigation into the takeover of Arm, citing national security concerns.

The war in European football in which a handful of the richest clubs want to form a special “Super League”, away from the UEFA Champions League, has raised the club’s title by 6.74%, Manchester United of England.

Other rebel clubs include Real Madrid, Barcelona, ​​and Juventus Turin in particular, whose title has also increased (+ 17.85%) on the Milan Stock Exchange.

The 10-year Treasury yield increased slightly, to 1.60%.

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