Wall Street mixed amid fresh US-China tensions, Nasdaq hits another record high

12:15 pm: Stimulus hopes propel Nasdaq higher The Dow slumped 11 points, 0.4% to 30,107 at roughly noon ET. The Nasdaq Composite, by contrast, gained 50 points, 0.4%, to 12,514 — hitting a new intraday high — and the S&P 500 ticked 4 points lower, 0.1%, to 3,695. "The Nasdaq 100 has set yet another all-time high while the S&P 500 has pulled back a little from its record high that was achieved on Friday," CMC Markets UK analyst David Madden wrote Monday. "US-China tensions have ticked up as the US government announced sanctions against a number of officials in the Beijing administration for their undemocratic actions in regards to the election to Hong Kong." 9:35 am: US stocks opened in diverse directions, as expected, on Monday morning. The tech-laden Nasdaq Composite extended a rally to hit a record highat the start helped by heightened hopes for a new coronavirus stimulus bill, but the S&P 500 and the Dow Jones industrials Average both fell on China-US tensions over Hong Kong. At 9:35am ET, the Dow Jones was down 67 points, or 0.2%, at 30,150.91, with the S&P 500 also down 0.2%, but the Nasdaq Composite added 0.2%. 7:45 am: Mixed Monday seen at open US markets look set for another mixed start on Monday with investors unsettled by fresh Sino-US tensions over Hong Kong, as they also await signs of progress on a coronavirus (COVID-19) relief bill. Spread betting quotes point to the Dow Jones Industrials Average sliding 116 points to 30,102 and the S&P 500 index shedding 13 points at 3,686, but the tech-heavy Nasdaq Composite is seen rising 53 points to 12,517 when trading starts. “Chinese stocks that are listed in the US, such as Alibaba, NIO and JD.com are likely to see a rise in volatility on the back of rising tension between the US and China,” suggested CMC’s David Madden. “It is understood the US government is getting ready to sanction a number of officials from the Chinese administration for their undemocratic actions in the Hong Kong elections. This comes a few days after the US authorities revealed new legislation that would require foreign companies to have more transparent accounting practices if they want to list on US stock exchanges – something that Beijing didn’t welcome,” he added. Index provider FTSE Russell said in Friday that it will delete shares of video security firm Hikvision and seven other Chinese companies from certain products after a US order restricting purchase of their shares. In terms of US macroeconomic data expected today, the cupboard was bare. Six things to watch on Monday: Bank shares were weak pre-market as, after months of deadlocked negotiations, pressure has mounted on policymakers to provide a stimulus package to alleviate the coronavirus (COVID-19) economic impact ahead of a December 11 deadline to prevent a government shutdown. Pfizer Inc shares rose as top Indian government health adviser said the drugmaker applied for emergency use authorization of its COVID-19 vaccine in the country. A US health advisory panel also meets on Thursday to discuss whether to recommend emergency use authorization of the vaccine developed by Pfizer with German partner BioNTech SE. Cisco Systems Inc edged lower after the tech giant agreed to buy London-based cloud communications software company IMImobile in a deal valued at about $730mln, including debt. Airbnb Inc has plans to raise the target price range for its initial public offering (IPO) to between $56 and $60 per share, underscoring demand for new US stocks, a person familiar with the matter told Reuters on Sunday. The home rental firm had last Tuesday set a price range for its IPO to sell shares at $44 and $50 apiece. DoorDash Inc, the food-delivery company that is scheduled to have its initial public offering (IPO) on Wednesday, reportedly plans to pitch its shares at the high end of or maybe even above its previously increased range of US$90 to US$95 a share. Jeff Bezos’ space company Blue Origin will take the first woman to the moon’s surface, the billionaire said on Friday as NASA nears a decision to pick its first privately built lunar landers capable of sending astronauts to the moon by 2024.