{"id":110123,"date":"2021-01-25T21:33:00","date_gmt":"2021-01-25T21:33:00","guid":{"rendered":"https:\/\/precoinnews.com\/?p=110123"},"modified":"2021-01-25T21:33:00","modified_gmt":"2021-01-25T21:33:00","slug":"sp-nasdaq-back-off-early-highs-on-stimulus-jitters","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/business\/sp-nasdaq-back-off-early-highs-on-stimulus-jitters\/","title":{"rendered":"S&P, Nasdaq back off early highs on stimulus jitters"},"content":{"rendered":"

NEW YORK (Reuters) – U.S. stocks pulled back on Monday from early highs that included a Nasdaq record by afternoon trading as concerns over the timing and size of fiscal stimulus curbed optimism about the start of a week of earning reports from mega-cap companies.<\/p>

FILE PHOTO: A view of the exterior of the Nasdaq market site in the Manhattan borough of New York City, U.S., October 24, 2016. REUTERS\/Shannon Stapleton\/File Photo<\/figcaption>

Investors turned their focus to the U.S. Senate, which is aiming to pass COVID-19 relief legislation before former President Donald Trump\u2019s impeachment trial begins in early February.<\/p>\n

Officials in President Joe Biden\u2019s administration are trying to head off Republican concerns that his $1.9 trillion pandemic relief proposal was too expensive.<\/p>\n

\u201cWe are trying to calibrate not just the amount but the timing of new stimulus, and both of those, side by side are almost impossible to analyze,\u201d said Art Hogan, chief market strategist at National Securities in New York.<\/p>\n

\u201cIf you look at the market\u2019s reaction post-election, part of the ramp we have seen, and it\u2019s been pretty significant, has been on the back of likely stimulus and the timing, which is sooner rather than later. Now we have to reset our thinking.\u201d<\/p>\n

The Dow Jones Industrial Average fell 101.65 points, or 0.33%, to 30,895.33, the S&P 500 gained 7.02 points, or 0.18%, to 3,848.49 and the Nasdaq Composite added 68.59 points, or 0.51%, to 13,611.66.<\/p>\n

After climbing as much as 1.4% to an intraday record, the Nasdaq gave back a good portion of its gains, with the so-called \u201cstay-at-home\u201d winners, including Microsoft Corp, Facebook Inc and Apple Inc, rising following upbeat results from Netflix Inc last week.<\/p>\n

Microsoft, scheduled to report results on Tuesday, rose 1.25% as Wedbush raised its price target on the software maker\u2019s stock on expectations of further growth in its cloud business for 2021.<\/p>\n

The S&P 500 sectors housing large-cap growth stocks hit record highs earlier in the session, including technology, consumer discretionary and communication services.<\/p>\n

Wall Street\u2019s main indexes hit all-time highs last week on hopes of a more complete economic reopening and smooth vaccine distribution across the country, which is suffering from more than 175,000 new COVID-19 cases daily with millions out of work.<\/p>\n

Earlier on Monday, drugmaker Merck & Co said it would stop development of its two COVID-19 vaccines. The drugmaker\u2019s shares slipped -0.11%.<\/p>\n

Sectors that have performed well on hopes for an economic rebound, such as financials, energy and materials, led declines on Monday, while defensive utilities, consumer staples and real estate outperformed.<\/p>\n

Declining issues outnumbered advancing ones on the NYSE by a 1.44-to-1 ratio; on Nasdaq, a 1.27-to-1 ratio favored decliners.<\/p>\n

The S&P 500 posted 27 new 52-week highs and no new lows; the Nasdaq Composite recorded 302 new highs and 4 new lows.<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

NEW YORK (Reuters) – U.S. stocks pulled<\/p>\n","protected":false},"author":3,"featured_media":110122,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[23051],"tags":[],"yoast_head":"\nS&P, Nasdaq back off early highs on stimulus jitters - Pre Coin News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/precoinnews.com\/business\/sp-nasdaq-back-off-early-highs-on-stimulus-jitters\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"S&P, Nasdaq back off early highs on stimulus jitters - Pre Coin News\" \/>\n<meta property=\"og:description\" content=\"NEW YORK (Reuters) – U.S. stocks pulled\" \/>\n<meta property=\"og:url\" content=\"https:\/\/precoinnews.com\/business\/sp-nasdaq-back-off-early-highs-on-stimulus-jitters\/\" \/>\n<meta property=\"og:site_name\" content=\"Pre Coin News\" \/>\n<meta property=\"article:published_time\" content=\"2021-01-25T21:33:00+00:00\" \/>\n<meta name=\"author\" content=\"mediabest\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/precoinnews.com\/wp-content\/uploads\/2021\/01\/cnewsfotor-6.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"mediabest\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/precoinnews.com\/business\/sp-nasdaq-back-off-early-highs-on-stimulus-jitters\/\",\"url\":\"https:\/\/precoinnews.com\/business\/sp-nasdaq-back-off-early-highs-on-stimulus-jitters\/\",\"name\":\"S&P, Nasdaq back off early highs on stimulus jitters - 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