Investing.com - U.S. stocks were mixed on Monday, as concerns over the rise of Spain’s borrowing costs and ongoing worries over the handling of the financial crisis in Greece dominated market sentiment after highly anticipated Greek elections on Sunday.
During early U.S. trade, the Dow Jones Industrial Average dropped 0.30%, the S&P 500 index declined 0.26%, while the Nasdaq Composite index added 0.13%.
Sentiment weakened after the yield on Spanish 10-year bonds surged earlier to 7.13%, above the critical 7% threshold which is seen as unsustainable in the long run after it led to bailouts in Greece, Ireland and Portugal.
The spike in borrowing costs came in spite of efforts to insulate Madrid from the effects of the ongoing sovereign debt crisis by agreeing on an aid package of as much as EUR100 billion for Spanish lenders.
Meanwhile, the yield on Italian 10-year bonds ticked up to 6.06% amid fears over sovereign debt contagion.
Investors were also wary amid concerns over the ability of Greece’s pro-austerity New Democracy party to form a viable coalition government following Sunday’s narrow election victory.
Due to sustained euro zone debt concerns, U.S. lenders tracked their European counterparts broadly lower. Shares in Citigroup plunged 1.94% and Goldman Sachs tumbled 1.64%, while Bank of America and JP Morgan plummeted 1.52% and 1.26% respectively.
Meanwhile, Facebook also contributed to losses, dropping 1.05%, after the social-network giant's Chief Technology Officer said he is leaving the company to work on start-ups.
Also in the Internet sector, LinkedIn climbed 0.73%, as the company recovered after saying in a statement last week that it was “profoundly sorry” for the theft of about 6.5 million passwords that were posted on a hacker site.
Microsoft shares dropped 0.57% on the other hand, while the software giant was expected to announce the launch of a tablet with book retailer Barnes & Noble.
Elsewhere, Steel Dynamics was up 0.64%, after saying earlier that it expects “somewhat softer earnings” for the second quarter. The company added that demand for sheet steel has been “relatively stable” but pricing has been weak, citing increased imports and greater domestic capacity.
In corporate news, Extorre Gold Mines skyrocketed 53.38% after Yamana Gold said it will acquire the gold and silver producer in a deal valued around USD400 million.
Across the Atlantic, European stock markets were mixed. The EURO STOXX 50 declined 0.86%, France’s CAC 40 dropped 0.36%, Germany's DAX rose 0.35%, while Britain's FTSE 100 added 0.20%.
During the Asian trading session, Hong Kong's Hang Seng Index climbed 1%, while Japan’s Nikkei 225 Index eased surged 1.8%.
Markets were also eyeing a two-day G-20 summit, set to begin in Mexico.
During early U.S. trade, the Dow Jones Industrial Average dropped 0.30%, the S&P 500 index declined 0.26%, while the Nasdaq Composite index added 0.13%.
Sentiment weakened after the yield on Spanish 10-year bonds surged earlier to 7.13%, above the critical 7% threshold which is seen as unsustainable in the long run after it led to bailouts in Greece, Ireland and Portugal.
The spike in borrowing costs came in spite of efforts to insulate Madrid from the effects of the ongoing sovereign debt crisis by agreeing on an aid package of as much as EUR100 billion for Spanish lenders.
Meanwhile, the yield on Italian 10-year bonds ticked up to 6.06% amid fears over sovereign debt contagion.
Investors were also wary amid concerns over the ability of Greece’s pro-austerity New Democracy party to form a viable coalition government following Sunday’s narrow election victory.
Due to sustained euro zone debt concerns, U.S. lenders tracked their European counterparts broadly lower. Shares in Citigroup plunged 1.94% and Goldman Sachs tumbled 1.64%, while Bank of America and JP Morgan plummeted 1.52% and 1.26% respectively.
Meanwhile, Facebook also contributed to losses, dropping 1.05%, after the social-network giant's Chief Technology Officer said he is leaving the company to work on start-ups.
Also in the Internet sector, LinkedIn climbed 0.73%, as the company recovered after saying in a statement last week that it was “profoundly sorry” for the theft of about 6.5 million passwords that were posted on a hacker site.
Microsoft shares dropped 0.57% on the other hand, while the software giant was expected to announce the launch of a tablet with book retailer Barnes & Noble.
Elsewhere, Steel Dynamics was up 0.64%, after saying earlier that it expects “somewhat softer earnings” for the second quarter. The company added that demand for sheet steel has been “relatively stable” but pricing has been weak, citing increased imports and greater domestic capacity.
In corporate news, Extorre Gold Mines skyrocketed 53.38% after Yamana Gold said it will acquire the gold and silver producer in a deal valued around USD400 million.
Across the Atlantic, European stock markets were mixed. The EURO STOXX 50 declined 0.86%, France’s CAC 40 dropped 0.36%, Germany's DAX rose 0.35%, while Britain's FTSE 100 added 0.20%.
During the Asian trading session, Hong Kong's Hang Seng Index climbed 1%, while Japan’s Nikkei 225 Index eased surged 1.8%.
Markets were also eyeing a two-day G-20 summit, set to begin in Mexico.