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Market Snapshot
briefing.com
| Dow | 34869.63 | +261.91 | (0.76%) | | Nasdaq | 15105.58 | -9.91 | (-0.07%) | | SP 500 | 4468.73 | +10.15 | (0.23%) | | 10-yr Note | +2/32 | 1.322 |
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| | NYSE | Adv 1998 | Dec 1226 | Vol 850.6 mln | | Nasdaq | Adv 2155 | Dec 2096 | Vol 4.6 bln |
Industry Watch
| Strong: Energy, Financials, Real Estate |
| | Weak: Health Care, Utilities, Materials |
Moving the Market
-- S&P 500 snaps losing streak with modest gain
-- Lack of trading conviction
-- Strength in the energy and financials sectors
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S&P 500 snaps losing streak with modest gain
13-Sep-21 16:15 ET
Dow +261.91 at 34869.63, Nasdaq -9.91 at 15105.58, S&P +10.15 at 4468.73
[BRIEFING.COM] The S&P 500 snapped a five-session losing streak on Monday with a 0.2% gain, although it closed well off session highs. The Nasdaq Composite decreased 0.1%, while the Dow Jones Industrial Average (+0.8%) and Russell 2000 (+0.6%) outperformed amid strength in energy and financial stocks.
Shortly after the open, the S&P 500 was up as much as 0.8% amid gains across all 11 sectors (the Nasdaq was up 0.7%). The positive start was attributed to buy-the-dip efforts and some positive-minded analyst coverage on the mega-cap stocks.
The benchmark index softened up on no specific news catalyst and traded sideways for most of the day, until a modest bump into the close. Eight of the 11 S&P 500 sectors ended the session in positive territory, led by energy (+2.9%) and financials (+1.1%) with 3% and 1% gains, respectively.
Energy stocks outpaced the rise in WTI crude futures, which settled above $70 per barrel ($70.47/bbl, +0.72, +1.0%). Bank stocks showed strength despite some minor curve-flattening activity. The 10-yr yield decreased two basis points to 1.32% while the 2-yr yield was unchanged at 0.21%. The U.S. Dollar Index increased 0.1% to 92.64.
The health care sector (-0.6%) was today's laggard as investors digested a report published in The Lancet about COVID-19 booster shots. Briefly, a group of international scientists said current evidence doesn't appear to show a need for the general population to receive a booster.
Shares of Pfizer (PFE 44.58, 1.01, -2.2%) fell 2.2% while shares of Moderna (MRNA 419.72, -29.66, -6.6%) fell 6.6%.
Highlighting today's notable analyst recommendations, Goldman Sachs initiated coverage on Amazon.com (AMZN 3457.17, -11.98, -0.4%), Alphabet (GOOG 2869.30, +20.88, +1.1%), and Facebook (FB 376.51, -2.18, -0.6%) with Buy ratings. Only Alphabet keyed off the recommendation, though.
Nike (NKE 159.52, -4.07, -2.5%) was downgraded to Neutral from Buy at BTIG due to challenging supply dynamics. On a related note, 3M (MMM 185.23, +0.68, +0.4%) said inflation has been higher than previously thought in the third quarter and that raw material costs are its biggest supply issue.
Reviewing Monday's economic data:
- The Treasury Budget for August showed a $170.64 bln deficit in August, versus a $200.01 bln deficit in the same period a year ago. The budget data is not seasonally adjusted, so the August deficit cannot be compared to the July deficit of $302.05 bln. August marked the 23rd consecutive month that the Treasury has seen a budget deficit.
- The fiscal year-to-date budget deficit is $2.71 trln versus a deficit of $3.01 trln for the same period a year ago.
Looking ahead, investors will receive the Consumer Price Index for August and the NFIB Small Business Optimism Survey for August on Tuesday.
- S&P 500 +19.0% YTD
- Nasdaq Composite +17.2% YTD
- Dow Jones Industrial Average +13.9% YTD
- Russell 2000 +13.5% YTD
Crude futures settle above $70 per barrel
13-Sep-21 15:30 ET
Dow +195.21 at 34802.93, Nasdaq -33.47 at 15082.02, S&P +1.22 at 4459.80
[BRIEFING.COM] The S&P 500 is trading flat and is trying to avoid a sixth straight loss.
One last look at the sector performances shows energy (+2.6%) way in the lead with a 2.6% gain, followed by the financials sector (+0.8%). The health care sector (-0.8%) remains the laggard with a 0.8% decline.
WTI crude futures settled higher by 1.0%, or $0.72, to $70.47/bbl. |
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