US stocks hit new highs, Europe gloomy


US stocks hit new highs on Monday, though elsewhere little pressure remained in last week’s rally, boosted by easing inflation concerns.

After another record-breaking close on Wall Street on Friday, Asia struggled to maintain momentum and Europe fell at the start of the new trading week. But the S&P 500 and the Nasdaq Composite both pushed higher to finish at new all-time highs amid a technological resurgence, even as the benchmark Dow fell. The Nasdaq led major US indices, gaining 1%, further proof that “technology is back in fashion,” said Art Hogan, chief strategist at National Securities. Big tech stocks rose, led by Facebook, which jumped 4.2%, raising its market capitalization to more than $ 1,000 billion after a U.S. court dismissed a federal agency’s antitrust complaint against the social media giant. At the same time, the yield on the 10-year US Treasury bill fell again, suggesting a decrease in market concern about inflation. analyst Patrick O’Hare said the upward moves on Monday were not significant and “reflect a market that is more reserved at the moment with its growth expectations.” The rapid spread of the Delta variant of the coronavirus has prompted some countries to tighten restrictions, with Sydney starting a two-week lockdown over the weekend, raising concerns about the stability of the recovery. “European markets got off to a bad start to the week as rising virus cases threaten to undermine sentiment as month-end, quarter-end and the first half of 2021 approach, with the energy, as well as travel and leisure leading the losses, ”said market analyst Michael Hewson at CMC Markets UK. Paris ended the day down 1.0%, London 0.9% and Frankfurt 0.3%. Elsewhere, oil prices hit new 2.5-year highs on optimism in demand, but then fell back on worries about the virus.

Traders are also awaiting the monthly meeting of OPEC and other major producers on Thursday, which is expected to see them ramp up production to allay fears about declining supplies. Back on Wall Street, travel agencies such as American Airlines, Marriott International, Expedia and Carnival all fell more than 2%. In addition to concerns about the Delta variant of the coronavirus, which could limit travel as it begins to return to normal, the pullback also reflects profit taking in an industry that had seen big gains earlier in 2021.

– Key figures at 9:00 p.m. GMT –

New York – Dow: DOWN 0.4% to 34,283.27 (close)

New York – S&P 500: UP 0.2% to 4,290.61 (close)

New York – Nasdaq: UP 1.0% to 14,500.51 (close)

London – FTSE 100: DOWN 0.9% to 7,072.97 (close)

Frankfurt – DAX 30: DOWN 0.3% to 15,554.44 (closing)

Paris – CAC 40: DOWN 1.0% to 6,558.02 (closing)

EURO STOXX 50: DOWN 0.8% to 4,089.91 (closing)

Tokyo – Nikkei 225: DOWN 0.1% to 29,048.02 (close)

Hong Kong – Hang Seng Index: DOWN 0.1% to 29,268.30 (closing)

Shanghai – Composite: FLAT at 3,606.37 (close)

Euro / dollar: DOWN to $ 1.1930 from $ 1.1935 at 9:00 p.m. GMT on Friday

Pound / dollar: up $ 1.3880 from $ 1.3879

Euro / pound: DROP to 85.90 pence against 85.99 pence

Dollar / yen: LOWER to 110.60 yen against 110.75 yen

North Sea Brent: DOWN 2.0% to $ 74.68 per barrel

West Texas Intermediate: DROP 1.5% to $ 72.81 per barrel

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