Market Snapshot
briefing.com
| Dow | 36100.31 | +179.08 | (0.50%) | | Nasdaq | 15860.96 | +156.68 | (1.00%) | | SP 500 | 4682.85 | +33.58 | (0.72%) | | 10-yr Note | -2/32 | 1.572 |
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| | NYSE | Adv 1760 | Dec 1553 | Vol 767.1 mln | | Nasdaq | Adv 2467 | Dec 2140 | Vol 5.3 bln |
Industry Watch
| Strong: Information Technology, Communication Services |
| | Weak: Utilities, Energy, Financials |
Moving the Market
-- Mega-caps lift S&P 500, Nasdaq, and Dow to decent gains
-- Johnson & Johnson (JNJ) announces it will separate its Consumer Health Business into a publicly traded company within two years
-- Weak consumer sentiment report amid inflation concerns
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Mega-caps lead market higher
12-Nov-21 16:15 ET
Dow +179.08 at 36100.31, Nasdaq +156.68 at 15860.96, S&P +33.58 at 4682.85
[BRIEFING.COM] The large-cap indices posted decent gains on Friday, recouping some weekly losses, thanks to strong leadership from the mega-cap stocks. The S&P 500 gained 0.7%, the Nasdaq Composite gained 1.0%, and the Dow Jones Industrial Average gained 0.5%. The small-cap Russell 2000 increased just 0.1%.
Each of the FAANG stocks plus Microsoft (MSFT 336.72, +4.29, +1.3%) rose between 1-4% on no specific catalysts other than a buy-the-dip sentiment. The broader market performed fairly well, too, as nine of the 11 S&P 500 sectors closed higher, and the Invesco S&P 500 Equal Weight ETF (RSP 161.65, +0.78) rose a respectable 0.5%.
The mega-caps carried the S&P 500 information technology (+1.2%) and communication services (+1.7%) sectors to the top of the leaderboard. Conversely, the energy (-0.3%) and utilities (-0.2%) sectors were the only groups that ended the day in negative territory.
Johnson & Johnson (JNJ 165.01, +1.95, +1.2%) was another heavyweight that outperformed after announcing plans to spin off its Consumer Health segment into a publicly traded company within 18-24 months. Tesla (TSLA 1033.42, -30.09, -2.8%) bucked the trend after CEO Elon Musk continued to sell shares as part of an online commitment to sell 10% of his stake.
Separately, the preliminary University of Michigan Index of Consumer Sentiment for November dropped to 66.8 (Briefing.com consensus 71.7) from 71.7 in October. The November reading was the lowest level for the index since November 2012 amid burgeoning concerns about rising inflation and reduced living standards.
The response in the Treasury market to the inflation takeaway was delayed. The 10-yr declined to 1.54% soon after the report's release, then rebounded back to 1.58%, or two basis points above Wednesday's settlement. The 2-yr yield increased two basis points to 0.52% after flirting with 0.55% overnight.
The U.S. Dollar Index declined 0.1% to 95.09. WTI crude futures fell 0.7%, or $0.54, to $80.83/bbl. The CBOE Volatility Index (16.29, -1.37, -7.8%) dropped below 16.50.
Reviewing Friday's economic data:
- The preliminary November University of Michigan Index of Consumer Sentiment dropped to 66.8 (Briefing.com consensus 71.7) from the final reading of 71.7 for October. It is the lowest reading for the index since November 2012.
- The key takeaway from the report is the reporting that escalating inflation is negatively affecting consumer attitudes due to reduced living standards and a growing belief that effective policies are not being developed to reduce the damage from surging inflation.
- Job openings decreased to 10.438 million in September from a revised 10.629 million (from 10.439 million) in August.
Looking ahead, investors will receive the Empire State Manufacturing Survey for November on Monday.
- S&P 500 +24.7% YTD
- Nasdaq Composite +23.1% YTD
- Russell 2000 +22.1% YTD
- Dow Jones Industrial Average +18.0% YTD
WTI crude futures settle modestly lower
12-Nov-21 15:30 ET
Dow +170.80 at 36092.03, Nasdaq +152.63 at 15856.91, S&P +32.62 at 4681.89
[BRIEFING.COM] The S&P 500 is up 0.7% and on track to end the week with a 0.3% decline. That would snap a five-week winning streak.
One last look at the S&P 500 sectors shows information technology (+1.2%) and communication services (+1.6%) outperforming with gains over 1.0%, while the energy (+0.5%) and utilities (-0.1%) sectors are the only sectors trading lower.
WTI crude futures settled lower by 0.7%, or $0.54, to $80.83/bbl. |
