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Market Snapshot
briefing.com
| Dow | 34798.00 | +33.18 | (0.10%) | | Nasdaq | 15047.70 | -4.54 | (-0.03%) | | SP 500 | 4455.48 | +6.50 | (0.15%) | | 10-yr Note | -2/32 | 1.454 |
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| | NYSE | Adv 1305 | Dec 1925 | Vol 763.3 mln | | Nasdaq | Adv 1837 | Dec 2451 | Vol 3.9 bln |
Industry Watch
| Strong: Energy, Communication Services, Financials |
| | Weak: Real Estate, Health Care, Materials, Utilities |
Moving the Market
-- Large-cap indices take a breaker and close little changed
-- Long-term interest rates increased for the second straight day
-- Nike (NKE) issues downside revenue guidance due to supply chain issues
-- S&P 500 supported by its 50-day moving average (4439)
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Market takes a breather to close out the week
24-Sep-21 16:20 ET
Dow +33.18 at 34798.00, Nasdaq -4.54 at 15047.70, S&P +6.50 at 4455.48
[BRIEFING.COM] The large-cap indices closed little changed on Friday, as the market took a breather and digested another increase in long-term interest rates. The S&P 500 (+0.2%) and Dow Jones Industrial Average (+0.1%) eked out gains while the Nasdaq Composite (-0.03%) closed fractionally lower. The Russell 2000 declined 0.5%.
The session started with index losses ranging from 0.3% (Dow) to 0.9% (Nasdaq). The shaky start was attributed to valuation-oriented weakness in the growth stocks amid the higher rates, a revenue warning from Nike (NKE 149.59, -9.99, -6.3%) due to supply chain issues, and news that Evergrande didn't make a payment on a dollar-denominated bond yesterday.
The 10-yr yield settled higher by five basis points to 1.46% after touching 1.30% in the wee hours of Thursday morning.
The S&P 500 financials sector (+0.6%) naturally keyed off the higher rates, but it was outpaced by the energy (+0.8%) and communication services (+0.7%) sectors from a percentage standpoint. The real estate (-1.2%), health care (-0.4%), materials (-0.2%), and utilities (-0.2%) sectors closed lower.
Sellers loosened their influence on the market amid a recognition that the S&P 500 reclaimed -- and stayed above -- its 50-day moving average (4439) after opening below the key technical level. Buying efforts, however, were tempered in part due to a recognition that the S&P 500 was already up more than 3.0% from Monday's low.
Resiliently, the Russell 1000 Growth Index overcome an early 0.6% decline and increased 0.1%, matching the gain of the Russell 1000 Value Index (+0.1%).
Costco (COST 467.75, +14.97, +3.3%) and McDonald's (MCD 246.42, +1.64, +0.7%) were two other story stocks today. Costco beat EPS estimates while McDonald's raised its dividend by 7% and announced a resumption of share repurchases.
The 2-yr yield increased one basis point to 0.27%. The U.S. Dollar Index decreased 0.2% to 93.28. WTI crude futures increased 0.9%, or $0.67, to $74.00/bbl.
Reviewing Friday's economic data:
- New home sales increased 1.5% month-over-month to a seasonally adjusted annual rate of 740,000 (Briefing.com consensus 720,000) from an upwardly revised 729,000 (from 708,000) in July.
- The key takeaway from the report is that new home sales momentum has been slowed by cost constraints that are making it less enticing for builders to build lower-priced homes and by affordability pressures that are making it more challenging for prospective buyers to buy higher-priced homes.
Looking ahead, investors will receive Durable Goods Orders for August on Monday.
- S&P 500 +18.6% YTD
- Nasdaq Composite +16.8% YTD
- Russell 2000 +13.8% YTD
- Dow Jones Industrial Average +13.7% YTD
Crude futures settle at $74 per barrel
24-Sep-21 15:30 ET
Dow +58.12 at 34822.94, Nasdaq -6.36 at 15045.88, S&P +8.48 at 4457.46
[BRIEFING.COM] The S&P 500 is up 0.2% and on track to end the week higher by 0.6%.
One last look at the sector standings shows energy (+1.1%), communication services (+0.7%), and financials (+0.6%) in the lead, while the health care (-0.3%) and real estate (-0.9%) sectors trade lower.
WTI crude futures settled higher by 0.9%, or $0.67, to $74.00/bbl. |
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