Investors grew worried about stretched valuations. Equities dipped as investors evaluated lofty valuations amid recent record highs. The Dow lost nearly 90 points, led by a 2.3% drop in Apple’s stock. The S&P 500 dipped 0.66%, The Nasdaq was the under performer, dipping 1.25%. Facebook, Amazon, Netflix, and Google-parent Alphabet all closed lower. Tesla closed down 7.8% for its first negative day in 12 and worst day since Sept 23rd. Dow futures rose 30 points, S&P 500 futures popped 0.07%, and Nasdaq 100 futures rose 0.18%.
Stocks in Asia-Pacific were mixed in Tuesday morning. In Japan, the Nikkei 225 slipped 0.46%. The Topix index shed 0.4%. South Korea’s Kospi declined 0.39%. The S&P/ASX 200 was up about 0.2%. Malaysia will impose stricter lockdown restrictions due to jumping cases.
European stocks closed lower on Monday. Surging cases in many EU countries weighed on investor sentiment. The Stoxx 600 finished 0.7% lower. The autos shed 1.7% to lead losses while health care stocks added 0.6%. Sweden’s Tele2 gained 4.7% after partnering with Finnish giant Nokia. Tele2 & Nokia will develop new 5G core network in Sweden and the Baltics. British retailer JD Sports gained 3.8% after a strong trading update. Anglo-German travel operator Tui fell 12% after announcing a capital raise.
Oil prices were little changed on Monday. New lockdowns around the world renewed concerns about global fuel demand. A stronger US dollar also weighed on prices. US WTI crude settled 1 cent higher at $52.25 per barrel. Brent crude fell 33 cents, or 0.6%, to settle at $55.66 per barrel.
Gold eased on Monday, having touched a six-week low earlier in the session. A firm dollar and higher US Treasury yields impacted prices. Spot gold was down 0.1% at $1,846.61 per ounce. US gold futures settled up 0.8% at $1,850.80.