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Wednesday, May 12, 2021

U.S. Stocks Head Lower Ahead of Earnings Season

Markets in the U.S. post a second day of losses as investors await a torrent of earnings reports from major companies across all sectors.

The Dow Jones Industrial Average is down 129 points to 33,944 (-0.39%) while the S&P 500 Index dropped 10 points, resting at 4,154 (-0.22%). The Nasdaq posted a small loss of 25 points to 13,888, as tech remains somewhat steady despite the rest of the market.

Investors will be paying much attention to earnings reports from major businesses, looking for signs of recovery from the COVID-19 pandemic. Markets may also have been influenced by news out of the U.S. State Department after they announced a travel advisory for 80% of all international destinations.

Cryptocurrency has been volatile over the past few days, with Bitcoin and Ethereum falling from all-time highs posted last week. Bitcoin is currently down below $57,000 in value, while Ethereum fell to $2200 in the same timeframe.

Dogecoin has skyrocketed in value despite losses across most of the crypto sector, largely in response to social media pressure and loosely tied to unofficial cannabis holiday 420. Doge is currently at 38 cents in value, skyrocketing 20% in value after users on Reddit and Twitter posted pictures of the Dogecoin logo.

European markets have followed the U.S. in a downward trend, with the Stoxx 600 posting a loss of nearly 6 points to 436 (-1.34%). London’s FTSE 100 is down 92 points to 6,906 (-1.34%) while the DAX sheds 15o points to rest at 15,217 (-0.97%).

Asian markets are also mostly red this morning, with Shanghai’s Composite (SHCOMP) fell 4 points, down to 3,472 (-0.13%) as Japan’s Nikkei 225 plummeted 584 points to 29,100 (-1.97%). Hong Kong’s Hang Sang (HSI) was the only outlier, posting a gain of 29 points to 29,135 (+0.1%).

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