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  3. US markets end mostly lower on Monday

US markets end mostly lower on Monday

09 Mar 2021 Evaluate

The US markets ended mostly lower on Monday with a continuous sell-off in high-flying tech shares put pressure on the market. Tech stocks remained the biggest losers, continuing the trend for the last few weeks. High-growth stocks, which were among the best performers last year, are particularly vulnerable as higher rates reduce the value of future cash flows. Apple has fallen 15% in the past month, while Tesla has dropped 34% in that period. Pandemic bets Zoom Video and Peloton have tumbled 24% and 30% over the past month. However, Dow Jones Industrial Average ended higher as investors piled into economic comeback plays after Senate approval of a new Covid stimulus package. The Senate passed a $1.9 trillion economic relief and stimulus bill, paving the way for extensions to unemployment benefits, another round of stimulus checks and aid to state and local governments. The Democrat-controlled House is expected to pass the bill later this week. President Joe Biden is expected to sign it into law before unemployment aid programs expire on March 14.

Meanwhile, the Centers for Disease Control and Prevention said people who have been fully vaccinated against Covid-19 can meet safely indoors without masks, further boosting reopening hopes. The positive news boosted stocks banking on a strong economic recovery. On the economic data front, the Commerce Department said wholesale inventories spiked by 1.3 percent in January after climbing by an upwardly revised 0.6 percent in December. Street had expected wholesale inventories to surge up by 1.3 percent compared to the 0.3 percent increase originally reported for the previous month.

Nasdaq dropped 310.99 points or 2.41 percent to 12,609.16 and S&P 500 was down by 20.59 points or 0.54 percent to 3,821.35, while Dow Jones Industrial Average surged 306.14 points or 0.97 percent to 31,802.44.

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