Wall Street gives back most of its morning gains

Wall Street gives back most of its morning gains

Proactive Investors

Published

12:15pm: Major indices sneak below the flatline and rise again The Dow tumbled from a promising start and dipped into the red before landing up 26 points to 34,420 in early afternoon. The Nasdaq was up 10 points to 13,671, and the S&P 500 added 1 point to 4,198, both indices following the pattern set by the industrials. "Despite projections of sharp upside for growth and inflation over the coming months, we have seen the US 10-year yield dip back below the 1.6% handle today," IG Senior Market Analyst Joshua Mahony wrote. "The decline in yields highlights the feeling that above-target inflation could be fleeting, with the Fed unwilling to act off temporary pandemic-led shifts in prices." On the reopening front, United Airlines Holdings Inc (NASDAQ:UAL) stock climbed nearly 3% to $57.81 after the company announced that domestic leisure travel ticket sales came in ahead of 2019 levels this month, per CNBC. 10am: Proactive North America headlines: Namaste Technologies Inc (CVE:N) (FRA:M5BQ) (OTCMKTS:NXTTF) says Phyto Extractions shatter now available nationally for medical consumers CO2 GRO Inc (CVE:GROW) (OTCQB:BLONF) (FRA:4021) sells a CO2 Delivery Solutions plant misting system to a US distributor American Battery Metals Corporation (OTCQB:ABML) in partnership with Cicle EV ChargeParks to collect electric vehicle batteries for recycling Midwest Energy Emissions Corp (OTCQB:MEEC) says US District Court Magistrate Judge issues recommendation that its pending patent litigation should be allowed to move forward Aurania Resources Ltd (CVE:ARU) (OTCQB:AUIAF) (FRA:20Q) confirms presence of highly valuable strategic metals gallium and indium in samples from Tiria-Shimpia target in Ecuador Silvercorp Metals Inc (TSE:SVM) (NYSEAMERICAN:SVM) (FRA:S9Y) finds wide and high-grade intercepts from 2021 exploration at LMW mine, Ying project Victory Square Technologies Inc (CSE:VST) (OTC:VSQTF) (FWB:6F6) introduces DiscreetCare, a telehealth app for sensitive medical issues Mydecine Innovations Group (NEO:MYCO) (OTCMKTS:MYCOF) (FRA:0NFA) wins Health Canada approval for expanding cultivation capabilities for psilocybin producing mushrooms Great Panther Mining Limited (TSE:GPR) (NYSEAMERICAN:GPL) (FRA:G3U) provides operational update for Tucano mine in Brazil HempFusion Wellness Inc (TSE:CBD.U) (OTCQX:CBDHF) (FRA:8OO) inks deal to buy CBD brand leader Sagely Naturalsinks deal to buy CBD brand leader Sagely Naturals Xigem Technologies Corporation (CSE:XIGM) (FRA:2C1) adds veteran media group CEO Carli Posner to its advisory board Sassy Resources Corporation (CSE:SASY) (OTCQB:SSYRF) (FRA:4E7) appoints Terence F. Coughlan, founding chief executive officer of GoGold Resources, to its board of directors HempFusion Wellness Inc (TSE:CBD.U) (OTCQX:CBDHF) (FRA:8OO) inks deal to buy CBD brand leader Sagely Naturals First Cobalt Corp (CVE:FCC) (OTCQX:FTSSF) (FRA:18P) expands ground at Iron Creek with Redcastle property option Versus Systems Inc (NASDAQ:VS) (CSE:VS) (FRA:BMVB) successfully tests rewards and XEO technology with boxing champ Canelo Alvarez and Crush KushCo Holdings Inc (OTCQX:KSHB) and Greenlane complete key regulatory condition for proposed merger Fury Gold Mines Ltd (TSE:FURY) (NYSEAMERICAN:FURY) (FRA:AUN) hits fifth best drill intercept to date at Eau Claire, showing potential to expand resource to east 9:40am: Wall Street starts higher The main indices on Wall Street opened in the green on Tuesday as a reduction in inflation concerns meant investors were more comfortable re-entering equities markets. Shortly after the opening bell, the Dow Jones Industrial Average was up 0.27% at 34,493 while the S&P 500 climbed 0.31% to 4,210 and the Nasdaq rose 0.47% to 13,725. Over in the crypto markets, Bitcoin was struggling to make any headway despite an earlier rally and was down 1% over the last 24 hours at US$37,658. Investors will likely be hoping any new news from the second day of the Consensus conference could bump up prices. 8:00am: Wall Street to move higher Wall Street is expected to add to Monday's gains when US markets open. With US Federal Reserve member James Bullard calming some of investors' inflation worries, the Dow Jones Industrial Average is forecast to open 89 points or 0.25% higher, while the S&P 500 is set for a 0.3% rise at the start, and the Nasdaq Composite is expected to add 0.46%. Sophie Griffiths at Oanda said: "US futures are heading higher, extending gains from the previous session. As base metal prices extend losses and the Fed continues to sing from the dovish hymn sheet, tech stocks look set to extend their lead." On the economic front, US new home sales for April are expected to show a drop from 1.02mln to 950,000 while the May consumer confidence index is forecast to fall from 121.7 to 119. Four things to watch for on Tuesday: Earnings are expected today from a number of large cap firms including financial software group Intuit Inc (NASDAQ:INTU) and lab instrument maker Agilent Technologies Inc (NYSE:A) Car part retailer AutoZone Inc (NYSE:AZO) may grab some attention after the group beat sales and profit forecasts in its quarterly results Shares in United Airlines Holdings Inc (NASDAQ:UAL) will be in focus after the carrier upped its guidance amid a recovery a demand levels Crypto markets are also back in view as Bitcoin, Ethereum and other digital currencies saw strong gains amid interventions from Elon Musk and several positive comments from financial heavyweights on the first day of the Consensus conference

Full Article