Market Snapshot
briefing.com
| Dow | 34496.06 | -250.19 | (-0.72%) | | Nasdaq | 14486.20 | -93.34 | (-0.64%) | | SP 500 | 4361.19 | -30.15 | (-0.69%) | | 10-yr Note | 0/32 | 1.613 |
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| | NYSE | Adv 1366 | Dec 1792 | Vol 702.0 mln | | Nasdaq | Adv 1646 | Dec 2636 | Vol 3.5 bln |
Industry Watch
| Strong: Materials, Real Estate |
| | Weak: Communication Services, Utilities, Financials |
Moving the Market
-- Stocks close at session lows as market fades early gains
-- Treasury market was closed for Columbus Day
-- Oil prices continued to rise
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Stocks close at session lows
11-Oct-21 16:25 ET
Dow -250.19 at 34496.06, Nasdaq -93.34 at 14486.20, S&P -30.15 at 4361.19
[BRIEFING.COM] The S&P 500 declined 0.7% on Monday to close at session lows. The Dow Jones Industrial Average (-0.7%), Nasdaq Composite (-0.6%), and Russell 2000 (-0.6%) fell comparably to the benchmark index after each traded higher in early action.
The session started with the S&P 500 increasing as much as 0.6% in a mechanical trade, followed by a dip into negative territory in the afternoon on no specific news. Sellers maintained control as losses accelerated into the close, leaving nine of the 11 S&P 500 sectors in negative territory.
The communication services (-1.4%), utilities (-1.4%), and financials (-1.0%) sectors fell at least 1.0%, while the real estate (+0.2%) and materials (+0.03%) sectors were the only sectors that closed higher. There wasn't a noticeable preference for value stocks or growth stocks.
The flimsy price action was said to be a byproduct of the Treasury market being closed for Columbus Day, which reduced the number of market participants and removed one gauge for economic sentiment. In addition, there was no economic data to influence investing decisions.
Early on, investors focused on the inflation narrative, as WTI crude futures briefly topped $82.00 per barrel amid well-known supply constraints. The S&P 500 energy sector (-0.4%) coughed up a 1.7% intraday gain, though, as crude futures settled closer to $80.50/bbl ($80.43/bbl, +1.03, +1.3%). Natural gas futures fell 4.1% to $5.35/MMBtu.
Comcast (CMCSA 52.22, -2.48, -4.5%) was a notable laggard that weighed on the communication services sector after Raymond James downgraded the stock to Mkt Perform from Outperform. CMCSA shares fell 4.5%.
In other corporate news, Merck (MRK 79.93, -0.70, -0.9%) confirmed it submitted an emergency use authorization application to the FDA for its COVID-19 oral antiviral. Emerson Electric (EMR 94.18, -2.46, -2.6%) confirmed an agreement to merge two of its software units with Aspen Technology (AZPN 159.00, +17.45, +12.3%) in a cash-and-stock deal worth about $11 billion.
Separately, auto supplier Aptiv (APTV 160.15, -4.97, -3.0%) lowered its FY21 revenue guidance by about $1 billion amid the ongoing chip shortage. The Q3 earnings reporting season will unofficially begin on Wednesday.
Looking ahead to Tuesday, investors will receive the NFIB Small Business Optimism Index for September and the JOLTS - Job Openings report for August.
- S&P 500 +16.1% YTD
- Dow Jones Industrial Average +12.7% YTD
- Nasdaq Composite +12.4% YTD
- Russell 2000 +12.5% YTD
Crude futures settle above $80 per barrel
11-Oct-21 15:30 ET
Dow -181.99 at 34564.26, Nasdaq -29.64 at 14549.90, S&P -16.98 at 4374.36
[BRIEFING.COM] The S&P 500 is down 0.4% to trade near session lows.
One last look at the sector performances shows utilities (-1.4%), communication services (-1.0%), and financials (-0.7%) underperforming the market, while materials (+0.3%), energy (+0.2%), and real estate (+0.1%) are the only sectors trading higher.
WTI crude futures settled lower by 1.3%, or $1.03, to $80.43/bbl after trading above $82.00/bbl in the morning.
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