US stocks mixed; Dow and S&P tread water, Nasdaq hits fresh record highs

Haresh Menghani FXStreet

Major US equity indices tread water near record highs during the opening hour of trade on Monday as investors await to key quarterly earnings reports due to be announced this week.

Against the backdrop of last week's mixed results from major banks, the corporate earnings would remain in focus to see if the current levels economic activity at American corporations justifies current stretched valuations in the markets.

At the time of writing, the Dow Jones Industrial Average and the broader S&P 500 Index were nearly unchanged from Friday's closing level, which tech-heavy Nasdaq Composite Index climbed over 10-points to touch a fresh record high level of 6,322.

On the economic data front, the Empire State Manufacturing Index fell to 9.8 for July from 19.8 in June and added to the recent slew of US data-disappointment but did little to provide any fresh impetus for the markets.

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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