Morning Report 9 Mar 21: ASX set for gains at the open despite mixed fortunes on Wall St

US sharemarkets were mixed on Monday. The Dow Jones index climbed, led by value and cyclical stocks poised to benefit the most from an economic rebound, after US Treasury Secretary Janet Yellen said the US$1.9 trillion Covid-19 relief package would fuel a "very strong" US recovery. Shares of American Airlines (+5.0%) and United Airlines (+7.0%) jumped. Target shares rose 2.5%. Walt Disney shares gained 6.3% after California eased Covid-19 restrictions. But higher bond yields weighed on the shares of tech titans Apple (-4.2%), Tesla (-5.8%) and Microsoft (-1.8%). The Dow Jones index rose by 306 points or 1.0% after jumping 652 points to hit an intraday record high. But the S&P 500 index fell by 0.5% and the Nasdaq index lost 311 points or 2.4%. 

This report is approved and distributed in Australia by Commonwealth Securities Limited ABN 60 067 254 399, AFSL 238814 (CommSec) a wholly owned but non-guaranteed subsidiary of Commonwealth Bank of Australia ABN 48 123 123 124, AFSL 234945 (the Bank). The Bank and its subsidiaries have effected or may effect transactions for their own account in any investments or related investments referred to in this report. This report is not a recommendation to buy, sell or hold any securities or financial products, and has been prepared without taking account of the objectives, financial or taxation situation or needs of any particular individual. For this reason, any individual should, before acting on the information in this report, consider the appropriateness of the information, having regard to the individual's objectives, financial or taxation situation and needs and, if necessary, seek appropriate professional advice. This report is produced by Commonwealth Research based on information available at the time of publishing. We believe that the information in this correspondence is correct and any opinions, conclusions or recommendations are reasonably held or made as at the time of its compilation, but no warranty is made as to accuracy, reliability or completeness. To the extent permitted by law, neither the Bank nor any of its subsidiaries accept liability to any person for loss or damage arising from the use of this report.