US close: Markets close firmer as Bitcoin bounces
Wall Street's main market gauges finished in the green on Monday, after a weekend of wild gyrations in Bitcoin, and with traders wary that losses might ricochet against other segments of financial markets.
At the close, the Dow Jones Industrial Average was up 0.54% at 34,393.98, while the S&P 500 added 0.99% to 4,197.05 and the Nasdaq Composite advanced 1.41% to 13,661.17.
Over the weekend, Bitcoin fell from $38,000 to $31,000, before bouncing back to $38,563.79 at last count, according to Coindesk.
The selling pressure was not yet spilling over into other asset classes, although that could change upon a clean break below $30,000, according to Oanda’s senior Asia Pacific market analyst Jeffrey Halley.
“Once again, I reiterate, governmental [and] regulatory risk now represents an existential threat to the virtual currency space,” Halley said.
Also at the weekend, China's National Development and Reform Commission warned against speculation in commodities markets, sparking an over 5% drop in steel futures and a near limit-down fall in iron ore before both later stabilised on Monday.
On the economic front on Monday, president Joe Biden had reportedly trimmed the size of his proposed infrastructure package by around $500bn, in a bid to garner support from Republicans.
No major economic releases were scheduled for the day.
In equity news, Cummins was down 0.49% after it said it would partner with Iberdrola to build a €50.0m electrolyser facility in Spain.
It was a busy start to the week in capital markets, as Cabot Oil and Cimarex Energy announced an all-stock merger worth approximately $17bn.
Cabot Oil’s shares were down 6.79% by the closing bell, while Cimarex slid 7.09%.
In flotation news, Day One Biopharmaceuticals priced its upcoming initial public offering at $14 to $16 per share.
Singular Genomics, meanwhile, priced its own offering at between $20 and $22, with the aim of raising $187m.
If successful, the flotation would value the firm at up to $1.5bn.
Dow Jones - Risers
Microsoft Corp. (MSFT) $250.78 2.29%
Salesforce.Com Inc. (CRM) $226.99 1.98%
Cisco Systems Inc. (CSCO) $53.39 1.83%
Intel Corp. (INTC) $56.96 1.57%
Chevron Corp. (CVX) $105.60 1.42%
Apple Inc. (AAPL) $127.10 1.33%
American Express Co. (AXP) $158.64 1.13%
Visa Inc. (V) $229.28 1.12%
Boeing Co. (BA) $237.44 1.12%
Walt Disney Co. (DIS) $174.31 1.11%
Dow Jones - Fallers
Amgen Inc. (AMGN) $247.75 -1.30%
Home Depot Inc. (HD) $314.84 -0.29%
Johnson & Johnson (JNJ) $170.55 -0.24%
Travelers Company Inc. (TRV) $158.79 -0.22%
Merck & Co. Inc. (MRK) $79.03 -0.19%
Unitedhealth Group Inc. (UNH) $410.95 -0.17%
Walgreens Boots Alliance, Inc. (WBA) $54.83 -0.09%
Procter & Gamble Co. (PG) $137.97 -0.03%
International Business Machines Corporation (CDI) (IBM) $144.72 -0.01%
Dowdupont Inc. (DWDP) $30.52 0.00%
S&P 500 - Risers
MGM Resorts International (MGM) $41.74 5.14%
Twitter Inc (TWTR) $57.06 4.79%
Norwegian Cruise Line Holdings Ltd (NCLH) $30.05 4.70%
Applied Materials Inc. (AMAT) $134.58 4.60%
Seagate Technology Plc (STX) $98.15 4.50%
Macerich Co (MAC) $14.98 4.47%
Nvidia Corp. (NVDA) $624.48 4.14%
Royal Caribbean Cr (RCL) $85.87 3.68%
Lam Research Corp. (LRCX) $634.64 3.34%
Marathon Oil Corp. (MRO) $11.97 3.19%
S&P 500 - Fallers
Cimarex Energy Co (XEC) $66.14 -7.09%
Cabot Oil & Gas Corp. (COG) $16.60 -6.79%
H&R Block Inc. (HRB) $24.40 -5.13%
Dollar General Corp (DG) $197.15 -3.85%
Carmax Inc. (KMX) $113.88 -2.40%
T. Rowe Price Group Inc. (TROW) $187.88 -2.23%
Advance Auto Parts (AAP) $190.69 -2.20%
Ford Motor Co. (F) $13.06 -2.03%
Gilead Sciences Inc. (GILD) $67.43 -1.92%
Rollins Inc. (ROL) $34.40 -1.85%
Nasdaq 100 - Risers
Applied Materials Inc. (AMAT) $134.58 4.60%
Seagate Technology Plc (STX) $98.15 4.50%
Tesla Inc (TSLA) $606.44 4.40%
Nvidia Corp. (NVDA) $624.48 4.14%
Lam Research Corp. (LRCX) $634.64 3.34%
Sirius XM Holdings Inc (SIRI) $6.14 3.19%
Asml Holdings N.V. (ASML) $658.95 3.09%
NortonLifeLock Inc. (NLOK) $27.50 2.92%
Alphabet Inc. Class A (GOOGL) $2,361.04 2.92%
Microchip Technology Inc. (MCHP) $154.10 2.86%
Nasdaq 100 - Fallers
NetEase Inc. Ads (NTES) $113.50 -3.31%
Gilead Sciences Inc. (GILD) $67.43 -1.92%
Biogen Inc (BIIB) $278.86 -1.53%
JD.com, Inc. (JD) $71.66 -1.50%
O'Reilly Automotive Inc. (ORLY) $536.88 -1.35%
Amgen Inc. (AMGN) $247.75 -1.30%
Dollar Tree Inc (DLTR) $107.20 -1.27%
Regeneron Pharmaceuticals Inc. (REGN) $500.47 -1.23%
Trip.com Group Limited (TCOM) $39.34 -1.08%
Vertex Pharmaceuticals Inc. (VRTX) $211.22 -1.04%