Wall Street End Mixed As Big Tech Earnings Awaited

Wall Street End Mixed As Big Tech Earnings Awaited


U.S. stocks mostly remained in negative territory. The US leading index Dow Jones Industrial closed with 0.31 percent in the minus at 21,513.58 points on Monday. The US technology index NASDAQ Composite ended the day by 0.36 percent gains to settle at 6,410.81 points and mark a new all-time high close.

On Monday, the forecast of the International Monetary Fund (IMF) was of interest to market players. For instance, the IMF has confirmed its forecasts for global economic growth for the current and coming year, but the IMF has lowered its projections for the world’s largest economy.

According to the IMF, worries were that US President Donald Trump could bring his demand-effective tax reform concluded. The departure of Trumps spokesman Sean Spicer as well as the failed health reform also impacted. However, the focus was also on the ongoing reporting season. In addition, yesterday also came numbers from the US house market. The number of existing houses has declined slightly and was also below the average analyst expectations.

During the meeting of OPEC and its partners in St. Petersburg on Monday, they announced they expect the raw material market to balance in the first quarter of 2018. Depending on the achievement of this goal, it will be decided whether the deal will be extended, the Kuwaiti Minister Oil Esam al-Marzuk.

OPEC Secretary General Muhammad Barkindo specified that once Nigeria reaches a yield level of 1.8 million barrels per day, it will not exceed this amount by the end of the agreement.

Meanwhile, Russian energy minister Alexander Novak commented to the Russian television station 24 that the full implementation of the agreement would allow the market to be further withdrawn by about 200,000 barrels per day.

The European equities markets were hardly changed in the month of Monday trading.

The Euro STOXX 50 closed with a marginal plus of 0.04 percent at 3,453.17 points, after having entered the market with a slight increase of 0.1 percent at 3.455.00 points.

“The news situation is getting darker instead of better,” said a trader. The S&P 500 in the US is about to break its uptrend. At the same time, however, the DAX is further expanding its relative weakness against the US. This was largely due to the auto shares. The pressure here is being weakened by the further rise in the euro, which had already risen within the visibility of the 1.17 mark.