Home Business US stocks end mixed as Covid-19 uncertainty weighs

US stocks end mixed as Covid-19 uncertainty weighs

Wall Street’s major averages erased strong earlier gains to finish mixed as investors focused on a continued spike in coronavirus infections in the United States.

On Monday, the Dow Jones Industrial Average rose 10.50 points, or 0.04 percent, to 26,085.80. The S&P 500 dropped 29.82 points, or 0.94 percent, to 3,155.22. The Nasdaq Composite Index shed 226.60 points, or 2.13 percent, to 10,390.84, Xinhua news agency reported.

All three indexes rallied earlier in the day with the 30-stock average jumping as much as 563.79 points.

US-listed Chinese companies traded mostly lower, with eight of the top 10 stocks by weight in the S&P US Listed China 50 index ending the day on a downbeat note.

Investors remained cautious as new COVID-19 infections continued to surge in the United States.

More than 3.34 million confirmed COVID-19 cases have been reported in the United States, with over 135,000 deaths, as of Monday afternoon, showed a tally by Johns Hopkins University.

Wall Street also paid close attention to corporate earnings.

PepsiCo reported better-than-expected second-quarter earnings on Monday. The stock closed 0.33 percent higher.

Results from major financial institutions will dominate the week, with banks including JPMorgan Chase, Citigroup, Morgan Stanley and Goldman Sachs each set to deliver earnings results.

The estimated earnings decline for the S&P 500 is 43.8 percent for the second quarter, according to data from FactSet as of early July.

Most Popular

Work on setting up of Delhi smog tower has begun: SC told

The Supreme Court on Monday declined to entertain a plea to reconsider its decision for setting up of smog tower in Delhi, as a...

Amazon considering mall space in US for warehouses: Report

In a bid to improve the last-mile delivery, Amazon is in discussions with the largest mall owner in the US to convert space left...

Kohli, Rohit, Dhoni most popular cricketers globally: Study

India skipper Virat Kohli's popularity knows no bounds and once again it has been re-affirmed by a study which has revealed that the 31-year-old...

Oil prices rise as Iraq pledges to cut output

Crude oil prices rose on Monday on supply concerns after Iraq said that it will further cut production. Last week, Iraq said it would cut...