Commenting on the opening of Wall Street, Mark Haefele of UBS Global Wealth Management told Bloomberg that “there are reasons to be mindful” given the current high valuations compared to long-term averages. “After such a strong recent run, a period of consolidation should not come as a surprise, in our view,” he said.
In the early minutes of trading, 10 of the 11 sectoral indices was trading in red. Information technology was the only sector in green.
Apple Inc., Tesla Inc. and Uber Technologies Inc. were among the gainers so far. Salesforce Inc., Amazon.com Inc. Nvidia Corp. was down nearly 1%, while Boeing Co. and Procter & Gamble Co. were also among the drags in early trade.
As the US market opened, spot gold was trading 1% higher at $3,723.61 an ounce. Crude oil prices fell, with the West Texas Intermediate trading 1% lower at $62.05 per barrel.
The Bloomberg Dollar Index fell 1%, with the British Pound rising 0.3% to $1.1781 and the Japanese yen edging 0.1% up at 147.77 per dollar.
Bitcoin, the largest traded cryptocurrency fell 2.1% to $113,004.15.