US stock markets began the week on a soft note, with the Dow Jones falling 270 points or 0.8% on concerns that the economic recovery may have peaked.
The S&P 500 fell 0.3% but the Nasdaq gained 0.1% to a new record despite 7 out of 10 constituents falling.
Big tech powers on, Chinese tech back in favour
Investors are once again returning to the FANG and ‘defensive’ tech stocks with Apple (NASDAQ: AAPL) up 1.6%. The company has set a date for its upcoming September event, with new products including the iPhone 13 set to be unveiled on 14 September.
Meanwhile, Chinese tech stocks also continued their recovery from regulatory concerns as both exports and imports jumped far more than anticipated, with JD.com (NASDAQ: JD) and Baidu (NASDAQ: BIDU) both up over 2%.
Bitcoin tanks on El Salvador rollout
Bitcoin faces one of its biggest tests this week as the highly touted rollout of the digital currency as a means of payment in El Salvador begins. It started on a rough note with the currency falling 17% to open the week.
US stock market movers
On the back of the Labour Day holiday, here’s how other popular US stocks started the week.
- DiDi (NYSE: DIDI) up 7.6%
- Match Group (NASDAQ: MTCH) up 7.5%
- Airbnb (NASDAQ: ABNB) up 4.4%
- Activision Blizzard (NASDAQ: ATVI) down 3.3%
- 3M (NSYE: MMM) down 4.5%
- DocuSign (NASDAQ: DOCU) down 6.0%
Back home on the ASX, the S&P/ASX 200 (ASX: XJO) is set to open lower on Wednesday. For all the latest, check out Rask Media’s ASX 200 morning report.
