U.S. stocks slipped after a record high in the previous session


U.S. blue-chip stocks fell on Tuesday after breaking a record tall at the previous session, as investors kept profit from growth at the end of the year.

The broad-based S&P 500 index fell 0.1 percent in early afternoon New York City stores, while the technology-focused Nasdaq Composite Index moved 0.6 percent lower.

The downturn ended four days of growth for both indices, which were shattered by turbulent trading as investors balanced between the US Federal Reserve’s hawk and growing Covid-19 cases in a month characterized by low trading volume before the new year.

“Last week’s gain of over 3 percent marked Nasdaq’s fifth consecutive weekly shift of more than 2.5 percent in both directions, the longest in more than 10 years,” analysts at Bespoke Investment Group in New York said.

However, investors have already begun to question the sustainability of the rally next year, with rising inflation and energy prices.

In Europe, the reference Stoxx 600 rose 0.6 percent, around its highest point since Nov. 19, led by shares of defense utilities and health services. Prosus and Just Eat Takeaway are among the biggest declines, at 3.1 percent and 2.2 percent, respectively.

Investors saw the positive side of the news that neither England nor would France impose stricter restrictions on New Year’s Eve coronavirus. Still, France hardened rules of work from home to stop the rise of Covid-19 cases.

The Cac 40 stock index in Paris rose 0.6 percent and the Dax 40 in Frankfurt rose 0.8 percent. Still, the trade was easy during the holiday season. The London market is closed and will reopen on Wednesday.

In Asia, Hong Kong’s Hang Seng gauge rose 0.2 percent, while Japan’s Nikkei 225 rose 1.4 percent.

Crude oil remained close to a one-month high as investors bet Omicron would not deeply curb demand, although prices returned half of their gains earlier in the day. Brent oil, a global benchmark, rose 0.4 percent to $ 78.94 a barrel.

Cryptocurrency-related stocks fell as the price of bitcoin fell below $ 50,000. Coinbase, a digital asset exchange, and MicroStrategy, a software company that owns more than 120,000 bitcoins, fell more than 6 percent.

The dollar index, which measures the U.S. currency against six others, including the sterling and the euro, fluctuated between positive and negative territory and the latter was up 0.01 percent.


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