(Sharecast News) – Stocks on Wall Street were on the back foot in early trading although analysts’ comments on the outlook for shares remained constructive.
In a research note sent to clients, Credit Suisse strategist, Andrew Garthwaite, said market exuberance was likely to continue.
Garthwaite noted his own investment bank’s year-end target of 4,300 for the S&P 500 and forecasts for 5% growth in global gross domestic product over 2021.
However, he did he quibbled about the fact that stocks were 80% above their 200-day moving average, which typically “has seen markets fall two-thirds of the time over the next month but in the very early cycle, as we are, this is not a short-term sell signal.
“We think a Democratic clean sweep and the vaccine roll-out underpin 5% global GDP growth this year.”
As of 1618 GMT, the Dow Jones Industrials had dipped 0.37% to 30,986.60, alongside a 0.99% fall on the Nasdaq Composite to 13,070.36 and a 0.54% retreat for the S&P 500 to 3,804.90.
In parallel, the yield on the benchmark 10-year US Treasury note was off by one basis point to 1.13%.
As an aside, Bitcoin was slumping 21.77% to $30,804.0 after the UK financial market regulator warned investors should be ready to lose all their money if they invest in the crypto currency.
Share of biotech outfit were down 5% following a report that its chief executive officer had sold $46m-worth of shares in the company.
The results of late stage clinical trials for Novavax’s Covid-19 vaccine were slated for release later in January.
Office Depot parent ODP was 16% higher after rival Staples offered $2.1bn in cash for the firm.
No major economic data releases were scheduled for the start of the week.
Dow Jones – Risers
Walgreens Boots Alliance, Inc. (WBA) $46.76 3.43%
Merck & Co. Inc. (MRK) $84.62 1.91%
Exxon Mobil Corp. (XOM) $45.96 1.10%
Cisco Systems Inc. (CSCO) $45.49 0.96%
Walmart Inc. (WMT) $147.68 0.72%
Johnson & Johnson (JNJ) $161.12 0.68%
Pfizer Inc. (PFE) $37.32 0.51%
Goldman Sachs Group Inc. (GS) $291.34 0.43%
Home Depot Inc. (HD) $270.16 0.40%
Intel Corp. (INTC) $51.85 0.38%
Dow Jones – Fallers
Boeing Co. (BA) $205.26 -2.21%
Apple Inc. (AAPL) $129.26 -2.11%
American Express Co. (AXP) $119.86 -1.58%
Coca-Cola Co. (KO) $50.35 -1.43%
Microsoft Corp. (MSFT) $217.56 -0.94%
Visa Inc. (V) $213.62 -0.85%
Unitedhealth Group Inc. (UNH) $360.55 -0.78%
Raytheon Technologies Corporation (RTX) $69.39 -0.67%
Procter & Gamble Co. (PG) $138.13 -0.48%
Verizon Communications Inc. (VZ) $57.55 -0.43%
S&P 500 – Risers
Eli Lilly and Company (LLY) $186.89 12.31%
Biogen Inc (BIIB) $266.13 5.38%
Bristol-Myers Squibb (BMY) $64.91 3.87%
Foot Locker Inc. (FL) $45.50 3.67%
Avery Dennison Corp. (AVY) $162.24 3.50%
Walgreens Boots Alliance, Inc. (WBA) $46.76 3.43%
Advanced Micro Devices Inc. (AMD) $97.82 3.43%
Nvidia Corp. (NVDA) $549.03 3.38%
Xilinx Inc. (XLNX) $152.72 3.20%
Kohls Corp. (KSS) $42.83 2.92%
S&P 500 – Fallers
Twitter Inc (TWTR) $48.14 -6.49%
Freeport-McMoRan Inc (FCX) $29.91 -3.98%
Regency Centers Corp. (REG) $43.68 -3.98%
Albemarle Corp. (ALB) $177.76 -3.44%
Dxc Technology Company (DXC) $28.59 -3.41%
Vertex Pharmaceuticals Inc. (VRTX) $229.87 -3.01%
Facebook Inc. (FB) $259.58 -2.99%
Simon Property Group Inc. (SPG) $83.93 -2.97%
Universal Health Services Inc. (UHS) $137.02 -2.92%
Amerisource Bergen Corp. (ABC) $106.98 -2.77%
Nasdaq 100 – Risers
Biogen Inc (BIIB) $266.13 5.38%
Walgreens Boots Alliance, Inc. (WBA) $46.76 3.43%
Nvidia Corp. (NVDA) $549.03 3.38%
Xilinx Inc. (XLNX) $152.72 3.20%
Mercadolibre Inc. (MELI) $1,770.00 2.97%
Lam Research Corp. (LRCX) $512.97 2.26%
O’Reilly Automotive Inc. (ORLY) $484.37 1.35%
CSX Corp. (CSX) $97.12 1.34%
Micron Technology Inc. (MU) $78.41 1.28%
Applied Materials Inc. (AMAT) $96.76 1.26%
Nasdaq 100 – Fallers
Biomarin Pharmaceutical Inc. (BMRN) $81.93 -8.83%
Baidu Inc. (BIDU) $228.00 -5.10%
Tesla Inc (TSLA) $836.40 -4.96%
NetEase Inc. Ads (NTES) $110.53 -3.53%
Vertex Pharmaceuticals Inc. (VRTX) $229.87 -3.01%
Facebook Inc. (FB) $259.58 -2.99%
Align Technology Inc. (ALGN) $555.30 -2.67%
Apple Inc. (AAPL) $129.26 -2.11%
Adobe Systems Inc. (ADBE) $475.43 -1.99%
Wynn Resorts Ltd. (WYNN) $106.97 -1.89%
