The Dow Jones Industrial Average trailed the Nasdaq by a wide margin and concluded the day down. Meanwhile, Apple (AAPL) was the most valuable blue chip, while Paypal ended bullish amid optimific news.
On Monday, key technology stocks led the way. Microsoft and Netflix both gained 1.3%, while Apple gained 3%. Paypal’s shares jumped 3.6% after reports that the business is looking into creating a stock-trading platform for its American clients. Robinhood’s shares, on the other hand, dropped 6.9% after SEC Chair Gary Gensler told Barron’s that outlawing the contentious payment-for-order-flow business model was “on the table.”
Affirm Holdings’ stock soared more than 46% on Friday after the purchase now, pay later startup announced a deal with Amazon. Amazon’s shares increased by roughly 2%.
The entire market was dragged down by financial companies, with Capital One down 6% and Wells Fargo down 2.8%. Due to the Covid-19, the European Union suggested that member nations restore a restriction on non-essential travel to the United States. Airline stocks fell.
Quick market analysis
With a gain of 0.9%, the Nasdaq was the leading major index. S&P 500 index rose 0.4% as well. It did, however, shut off highs. Etsy (ETSY) was one of the bright spots, with a 3.5% gain. The S&P sectors ended mixed, but winners outnumbered losers. The strongest performing sectors were real estate and technology, while energy and financials trailed the most.
The Dow Jones Industrial Average finished 0.2% lower than the other main indexes, lagging behind the other major indices. Apple was the Dow Jones’ best-performing stock today, increasing roughly 3%.
Apple is preparing to release the iPhone 13 next month, and an Apple electric car is said to be in the works as well. Meanwhile, American Express was the poorest performance, dropping 2.6%. Other laggards include Boeing (BA) and Goldman Sachs (GS).