Belpointe Chief Market Strategist David Nelson and Wealth Enhancement Group Senior Vice President Nicole Webb on investing in coronavirus markets.
US equity futures traded higher for Wednesday’s Wall Street session.
The large futures indices suggest a gain of 1%
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On Tuesday, a late slide in large technology companies left indices broadly lower, breaking a seven-day winning streak for the S&P 500.
A discouraging lack of progress over talks on more economic aid to the U.S. economy, coupled with concerns about the coronavirus pandemic and tensions between the U.S. and China, have prompted investors to sell profits and close recent gains, analysts said.
Kamala Harris, the California senator with a background in law enforcement who has caused some tension with the progressive left, was announced Tuesday as Joe Biden’s running mate.
STOCKS SLIDE AS CORONAVIRUS RELIEF TALKS STALL
Before trading begins, the Bureau of Labor Statistics is expected to say consumer prices rose 0.3% in July, seeing a half-month increase in June.
in Europe London’s FTSE is up 0.8%, Germany’s DAX is up 0.1% and France’s CAC is up 0.3%.
In Asia, Tokyo’s Nikkei index was up 0.4%, Hong Kong’s Hang Seng was up 1.4% and China’s Shanghai Composite was down 0.6%.
| Ticker | Security | Last | Change | Change% |
|---|---|---|---|---|
| Me: DJI | DOW JONES AVERAGE | 27686.91 | -104.53 | -0.38% |
| SP500 | S&P 500 | 3333.69 | -26.78 | -0.80% |
| I: COMP | NASDAQ COMPOSITE INDEX | 10782.822689 | -185.53 | -1.69% |
The Wall Street reversal left the S&P 500 with a 0.8% loss, at 3,333.69. Drops for big-name technologies like Apple and Microsoft, plus losses in shares of healthcare and communications, offset the gains in financial, industrial and energy companies.
Tech stocks have far outstripped the rest of the market this year as investors bet they could still thrive in a stay-at-home economy.
The Dow Jones Industrial Average fell 0.4% and the Nasdaq Composite lost 1.7%.
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Benchmark U.S. crude oil for delivery in September gained 61 cents to $ 42.21 per barrel in electronic trading on the New York Mercantile Exchange. It fell 0.8% to settle $ 41.61 per barrel on Tuesday.
The Associated Press contributed to this article.
