The major US averages closed in negative territory yesterday. The Dow slid 257.59 points (0.6%) to 41,794.60. The Nasdaq fell 59.93 points (0.3%) to 18,179.98 and the S&P 500 dipped 16.11 points (0.3%) to 5,712.69. Sentiments remained cautious ahead of the US Election outcome. The US Federal Reserve's meeting is also scheduled for this week, with a 25 basis point rate cut widely expected, following a 50 basis point reduction in September.
The more notable move to the downside by the Dow came as Intel (INTC) and Dow Inc. (DOW) came under pressure following news they will removed from the blue chip index. Nvidia (NVDA) rose on news, replace Intel in the Dow prior to the start of trading on Friday. Paint maker Sherwin-Williams (SHW) also surged higher following news it will replace Dow.
Most of the major sectors showed only modest moves yesterday. Airline stocks moved substantially downside with the NYSE Arca Airline Index tumbling by 2.5%. Energy stocks turned in a strong performance since crude oil price surged after OPEC+ decided to delay plans to increase output. The Philadelphia Oil Service Index jumped by 1.7% and the NYSE Arca Oil Index climbed by 1.4%.
Asia-Pacific stocks moved mostly higher on Monday, with the Japanese markets closed for a holiday. China's Shanghai Composite Index jumped 1.2% while Hong Kong's Hang Seng Index rose by 0.3%.
The major European markets turned in a mixed performance yesterday. U.K.'s FTSE 100 Index crept up by 0.1% , the French CAC 40 Index and the German DAX Index fell by 0.5% and 0.6%.
In the bond market, treasuries moved notably higher amid uncertainty ahead of the presidential election. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, slid 5.2 bps to 4.30%.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
