U.S. stocks are falling from their record highs Monday, as trading gets underway in a year where the dominant expectation is for a powerful economic rebound to eventually sweep the world.
Elsewhere in the world, stocks fell in Japan as officials there mull a state of emergency due to surging virus cases. But optimism was more prevalent in other markets. Most European and Asian stock indexes were higher, while Treasury yields climbed in a signal of rising expectations for economic growth and inflation.
The hope in markets had been that vaccines will allow daily life around the world to slowly return to normal. That's helped spark a recent recovery for stocks of travel-related businesses, smaller companies and other industries left behind for much of the pandemic. “Investors should look through the bumpier start to the new economic cycle and focus on the improved earnings outlook,” Craig said.
More than 80% of stocks in the S&P 500 were falling Monday. On the losing end of the market were several Big Tech stocks. Apple slipped 2.4%, Microsoft fell 2.2% and Amazon lost 2.1%. Because they're so massive in size, the movements of Big Tech stocks have much more sway over the S&P 500 than other companies. Those three were the biggest drags on the index.
In European stock markets, France’s CAC 40 gained 0.7%, and Germany’s DAX returned 0.1%. The FTSE 100 in London rose 1.8%.
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