Evening update - Dow Jones Falls As Bitcoin Soars Above $39,00 | Motilal Oswal Research

Evening update - Dow Jones Falls As Bitcoin Soars Above $39,000; Tesla Earnings On Deck

·         U.S. stocks wobbled Monday, after setting new highs last week, as markets in China and Hong Kong plummeted. The Dow Jones Industrial Average fell 0.2% after the blue chip index on Friday closed above the 35000 milestone for the first time in its history. The S&P 500 slipped less than 0.1% and the Nasdaq Composite gained 0.1%. All three indexes closed at records Friday.

·         European Index pares earlier drop, still down 0.1%, as traders weigh economic optimism and end of banks’ dividend ban, against earnings and risk-off sentiment from China crackdown. Both UK and France Index bounced back into positive territory while Germany Index slipped 0.3%.

·         Oil prices were steady at $73/bbl as the spread of the COVID-19 Delta variant stoked fears over future fuel demand but supply looked set to be tight through the rest of the year.

·         Spotlight now turns to the FOMC meeting this week when the US Dollar is offering conflicting influences. The gold price is stable near the $1800/oz figure and the traders apparently caught among contrasting influences.

·         FIIs net sellers Rs2377cr while DIIs buyers Rs1551cr