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Wall St has ended mixed on Monday as the Nasdaq ended its four-day losing streak. The S&P 500 rose 0.69% while the Nasdaq added 1.56%. On the other hand, the Dow Jones closed marginally lower by 0.11%.
Earnings season continued on Monday with Palo Alto Networks releasing stronger-than-expected results, which saw its share price rise 14.5% on Monday. Tesla and Meta also climbed 7% and 2.4% respectively to rebound from recent losses.
The 10-year Treasury note yield has reached a high of 4.34%, its highest level since November 2007. This is usually bad for tech and growth stocks as it lowers their promised future earnings.
Over in Europe, markets closed marginally higher after hitting a six-week low at the end of last week. The STOXX 600 ended the day 0.1% higher, with auto stocks leading gains, up by 1.1%. Germany’s DAX finished the day up 0.19%, the French CAC rose 0.47% and, in the UK, the FTSE 100 ended the day marginally lower by 0.06%.
Locally yesterday, the ASX200 closed 0.46% lower as the consumer staples sector closed 1.34% lower followed by the info tech sector closing 1.32% lower. The heavy losses were partially offset by the consumer discretionary sector ending the day 0.83% higher.
What to watch today: