S&P 500 posts modest gains, winning streak at risk

US stocks mixed on Tuesday, rally at risk.
Tech shares continue to rise, Nasdaq hits new record.

Matías Salord FXStreet

US stocks indexes were mixed after the first hours of trading on Tuesday. The rally in Wall Street is losing strength after several days of gains. The S&P 500 index was rising 0.06%, gaining for the sixth day in a row while the Dow Jones was losing 0.55%. The Nasdaq index hit new record highs and was gaining 0.70%.

Tech shares were leading on Tuesday while most of the S&P 500 companies were falling. Signs that the global economic recovery will take more time than previously estimated weighed on sentiment. Also, some analysts point to some profit-taking.

Gold jumped following comments from Fed’s Bostic, hitting the highest since 2011, slightly below $1800/oz. Crude oil prices erased losses and the WTI barrel was approaching $41. The president of the Federal Reserve Bank of Atlanta mentioned parts of the US economy are showing signs of leveling off as coronavirus cases soar. The latest report showed a daily increase in Texas hospitalization by 6.8%.

Author

Matías Salord

FXStreet

Matías started in financial markets in 2008, after graduating in Economics. He was trained in chart analysis and then became an educator. He also studied Journalism. He started writing analyses for specialized websites before joining FXStreet.

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