Wall Street ended on Monday pulling away from its declines, supported by the strength of the technology sector, but investors remain in a state of fear over the grim earnings season awaiting the market.
The Dow Jones industrial average fell 1.4% or 328 points, but bounced back at session declines that at times amounted to 624 points. The Standard & Poor’s 500 Index lost 1%, while the Nasdaq Composite Index rose 0.48%.
Before the beginning of the flow of bank earnings reports on Wall Street, it appears that investors are preparing for earnings reports, and future guidance that shows the depth of companies affected by the outbreak of the Corona virus, Covid 19.
The season begins with reports: GB Morgan, Wells Fargo, for Tuesday.
Earnings reports follow: Bank of America, Goldman Sachs, Citigroup on Wednesday, and finally Morgan Stanley
Reports come to spur the growing optimism about returning parts of the US economy to work, at a time when the outbreak of the Corona virus is receding in hotspots such as: New York, which shows signs of the worst.
“I think the worst is over,” Governor Andrew Como stressed, but this is not a call to end restrictions on social closures and divergences, because any complacency would jeopardize the state’s progress.
The number of injured people in need of intensive care units continues to decline, according to Como, bringing the number to a peak of 195,000, and the number of deaths exceeding 10,000.
Como joined his peers from New Jersey, Connecticut, Pennsylvania, Rhode Island and Delaware, in support of government plans to reopen the economy.
Trump said in a tweet on Monday that the economy would soon be back to work.
The advance of technology stocks limited the general market decline, with Netflix rising, as investors see the rise in the number of consumers, which will not disappear with the disappearance of the threat of Corona virus.
While the energy sector, which was under pressure, fell from the top of the session rise, with oil prices ignoring the OPEC + agreement to reduce production.
As for the industries sector, it fell about 3%, with Caterpillar dropping 8.7%, after Bank of America’s stock rating fell from neutral to declining performance.
While the energy sector, which was under pressure, fell from the top of the session rise, with oil prices ignoring the OPEC + agreement to reduce production.
As for the industries sector, it fell about 3%, with Caterpillar dropping 8.7%, after Bank of America’s stock rating fell from neutral to declining performance.
The mining sector, as well as the energy sector, continues to be hurt by the Corona virus, and with heavy equipment companies being hurt.