US open: Stocks trade higher after Dow Jones gets knocked off record high
By Iain Gilbert
Date: Tuesday 10 Aug 2021
(Sharecast News) - Wall Street stocks opened higher on Tuesday after a rise in new cases of Covid-19 cases knocked both the Dow Jones Industrial Average and the S&P 500 off their all-time highs in the previous session.
As of 1525 BST, the Dow Jones Industrial Average was up 0.44% at 35,255.79, while the S&P 500 was 0.26% firmer at 4,443.91 and the Nasdaq Composite came out the gate 0.01% stronger at 14,861.88.
The Dow opened 153.94 points higher on Tuesday, reclaiming some of the losses recorded in the previous session amid concerns about a resurgence in new coronavirus cases.
Tuesday's primary focus was on Washington, with news that the Senate could pass a $1.0trn bipartisan infrastructure bill by the end of the day. The plan, which includes $550.0bn in new spending on transportation and broadband, would give the US economy boost as peak growth slows as the nation reopens from the Covid-19 pandemic.
Also in focus, the yield on the benchmark 10-year Treasury note also traded slightly higher at 1.342%.
In the corporate space, energy stocks were leading losses as oil prices fell 4% around fears of a potential slowdown in demand, while reopening plays like Norwegian Cruise Line and United Airlines were also trading lower amid a spike in fresh Covid-19 cases.
Coinbase, Softbank and Sysco will all report earnings on Tuesday.
No major data points were slated for release.
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