Wall Street opens higher for the most part when bond yields fall. Nasdaq Up 0.8% By Investing.com
By Geoffrey Smith
Investing.com – US equity markets opened higher for the majority of Monday, with the tech heavy ahead of the game as inflation fears eased last week and long-term bond yields cut moderately.
At 9:35 a.m. ET (1335 GMT), the Nasdaq Composite was up 98 points, or 0.8%, while the was up 0.1%. However, renewed turmoil over the pandemic weighed on cyclical stocks and the games reopening in general, leaving the decline 91 points, or 0.3%, at 32,536 points.
The rising number of Covid-19 infections from Europe to India and South America has cast doubts as to whether the global economy can recover at the rate currently expected. The world’s two largest economies, the US and China, seem firmly on the recovery path – the US hit 1.5 million air travelers this weekend for the first time in over a year – but they account for less than half of world production.
One of the early movers on Monday was Tesla (NASDAQ :). That jumped 4.6% after fund manager Cathie Wood, who made one of the biggest institutional bets on electric vehicles, said the stock should hit $ 3,000 by 2025, based on her expectations for the autonomous driving software and to a lesser extent the introduction of its insurance business.
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