- US stocks were mixed on Tuesday following the S&P 500’s best daily gain since June on Monday.
- Zoom popped 9% after the video-conferencing darling beat earnings expectations.
- China’s banking regulator warned US markets are potentially creating bubbles.
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US stocks were mixed on Tuesday after a rally on Monday that saw the S&P 500 post its strongest daily gain since June, as the full reopening of the US economy seemed within reach.
US daily coronavirus cases are falling and on track to be below 40,000 this week after a slight surge last week, according to Fundstrat data. This positive news, along with falling volatility and rising bond prices, likely led Monday’s rally that investors are hoping to continue on Tuesday.
Here’s where US indexes stood after the 9:30 a.m. ET open on Tuesday:
- S&P 500: 3,901.39, down 0.01%
- Dow Jones industrial average: 31,550.03 up 0.05% (14.52 points)
- Nasdaq composite: 13,560.88, down 0.21%
US and European markets are racing ahead of their real economies, potentially creating bubbles that could pop, China’s banking regulator has warned. Guo Shuqing, chair of the China Banking and Insurance Regulatory Commission, said US and European markets are racing ahead of their real economies, potentially creating bubbles that could pop.
Zoom jumped 9% after the video platform beat earnings estimates and forecasted strong growth. The company’s revenue forecast for the coming year was above Wall Street expectations.
Bitcoin traded above $US48,000 ($61,544) after briefly climbing back above $US50,000 ($64,109) for the first time in six days.
Gold jumped 0.16%%, to $US1,726.20 ($2,213) per ounce.
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