Breaking News
0
Ad-Free Version. Subscribe now to follow markets, faster and distraction-free. More details

Dow Cuts Some Losses as Big Tech Powers Up Ahead of Earnings

Stock MarketsJan 25, 2021 13:27
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters.

By Yasin Ebrahim

Investing.com – The Dow moved off session lows on Monday, as declines in cyclical stocks were offset by strength in technology ahead of a busy week of market-moving data from big tech. 

The Dow Jones Industrial Average fell 0.30%, or 89 points, though had been down more than 300 points intraday. The S&P 500 was up 0.12%, while the Nasdaq Composite gained 0.37%.

Financials and energy were among the biggest cyclical sectors in the red, with the latter led lower by weaker oil prices amid ongoing worries over pandemic-fueled weakness in crude.

TechnipFMC (NYSE:FTI), National Oilwell Varco (NYSE:NOV), and Devon Energy (NYSE:DVN) fell more than 5% leading downside momentum in energy.

Banks, meanwhile, continued to drag financials lower, extending the trend following their post-earnings weakness as global growth concerns surfaced amid rising restrictions.

Biden is expected to sign a travel ban Monday on most non-U.S. citizens entering the country who were recently in South Africa, and on non-U.S. citizens from the U.K. and Brazil, in a bid to prevent the new virus strains identified in those countries from becoming prevalent in this country.

Airlines also fell sharply as growing restrictions will likely prolong the recovery in global travel demand. American Airlines (NASDAQ:AAL), Delta Air Lines (NYSE:DAL) and United Airlines (NASDAQ:UAL) slipped more than 3%.

The fading prospect of a quick roll out of further stimulus has dimmed amid Republican opposition. Democrats are unlikely to get the 10 Republican votes needed to advance Biden’s $1.9 trillion plan. 

“We believe the size of this bill would likely prove challenging to garner bipartisan support. The provision of increasing the minimum wage to $15 is already facing resistance from the Republicans. We anticipate that the Biden administration may divide the bill into separate packages,” Wells Fargo (NYSE:WFC) said in a note.

Tech, meanwhile, kept the downside in the broader market in check as the Fab 5 traded mostly positive ahead of a big week. Microsoft reports earnings on Tuesday after the closing bell, while Apple and Facebook are set to report earnings on Wednesday. 

Amazon.com (NASDAQ:AMZN), Microsoft  (NASDAQ:MSFT), Apple (NASDAQ:AAPL) and Facebook (NASDAQ:FB) traded higher, while Google-parent Alphabet (NASDAQ:GOOGL) was lower. 

In other news, GameStop (NYSE:GME) was up 9%, pairing its 120% intraday surge, as the short-squeeze continues. AMC Entertainment (NYSE:AMC) rallied 25% after it clinched a new financing deal that easing its liquidity woes, allowing the movie theatre operator to continue without filing for bankruptcy.

Dow Cuts Some Losses as Big Tech Powers Up Ahead of Earnings
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email