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Market Snapshot
briefing.com
| Dow | 36398.21 | +95.83 | (0.26%) | | Nasdaq | 15781.71 | -89.54 | (-0.56%) | | SP 500 | 4786.35 | -4.84 | (-0.10%) | | 10-yr Note | +2/32 | 1.461 |
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| | NYSE | Adv 1534 | Dec 1718 | Vol 568.4 mln | | Nasdaq | Adv 1582 | Dec 2993 | Vol 3.6 bln |
Industry Watch
| Strong: Utilities, Materials, Industrials |
| | Weak: Information Technology, Health Care |
Moving the Market
-- S&P 500 sets record high above the 4800 level but closes lower
-- CDC shortens the recommended isolation time for asymptomatic people with COVID-19 to five days from 10 days
-- Relative weakness in the information technology sector
-- Low volume at the NYSE
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S&P 500 tags record high, then closes lower
28-Dec-21 16:20 ET
Dow +95.83 at 36398.21, Nasdaq -89.54 at 15781.71, S&P -4.84 at 4786.35
[BRIEFING.COM] The S&P 500 decreased 0.1% on Tuesday after setting an intraday record high above the 4800 level early in the day. The Nasdaq Composite (-0.6%) and Russell 2000 (-0.7%) underperformed in negative territory, while the Dow Jones Industrial Average (+0.3%) rose modestly.
The session started with a carryover of positive momentum, with some attributing updated COVID-19 guidance from the CDC as a supportive factor. The public health agency shortened the recommended isolation time for asymptomatic people with COVID-19 to five days from 10 days.
Seasonal factors also lent support, but the market appeared to be running on tired legs. Entering the session, the S&P 500 was up 4.9% over the prior four sessions while the Nasdaq Composite and Russell 2000 were up nearly 6.0% over the same period. Selling interest was kept in check, though, on this low-volume day.
Seven of the 11 S&P 500 sectors closed in positive territory with the utilities sector (+0.9%) claiming the top spot with a 0.9% gain. The information technology sector (-0.6%), which led the market higher yesterday, slipped into the laggard position with a 0.6% decline.
The technology sector was pressured by losses in Apple (AAPL 179.20, -1.13, -0.6%), Microsoft (MSFT 341.35, -1.13, -0.3%), and the semiconductor stocks. The Philadelphia Semiconductor Index fell 1.2%.
Travel stocks saw some relief following the updated CDC guidance on the hope that there will be less Omicron-related disruptions. On a related note, Booking Holdings (BKNG 2386.91, -7.60, -0.3%) CEO told CNBC that he thinks the travel recovery will continue in 2022, even with the Omicron variant.
Value stocks in general fared better than their growth-stock peers. The Russell 1000 Value Index increased 0.2% while the Russell 1000 Growth Index fell 0.5%.
In the Treasury market, the 2-yr yield rose five basis points to 0.75% while the 10-yr yield settled unchanged at 1.48% after trading at 1.46% intraday. The U.S. Dollar Index increased 0.1% to 96.14. WTI crude futures increased 0.6%, or $0.45, to $76.01/bbl.
Reviewing Tuesday's economic data:
- The S&P Case-Shiller Home Price Index increased 18.4% yr/yr in October (Briefing.com consensus 18.7%) following a 19.1% yr/yr increase in September.
- The FHFA Housing Price Index increased 1.1% m/m in October following a 0.9% increase in September.
Looking ahead, investors will receive Pending Home Sales for November, the weekly MBA Mortgage Applications Index, and the Advance November reports for Intl Trade in Goods, Retail Inventories, and Wholesale Inventories on Wednesday.
- S&P 500 +27.4% YTD
- Nasdaq Composite +22.5% YTD
- Dow Jones Industrial Average +18.9% YTD
- Russell 2000 +13.8% YTD
Crude futures settle at $76 per barrel
28-Dec-21 15:30 ET
Dow +112.21 at 36414.59, Nasdaq -66.39 at 15804.86, S&P -2.18 at 4789.01
[BRIEFING.COM] The S&P 500 is trading flat while the Russell 2000 trades lower by 0.4%.
One last look at the sectors shows utilities (+0.7%), industrials (+0.5%), and materials (+0.5%) outperforming with modest gains. Conversely, the information technology (-0.5%), health care (-0.3%), and communication services (-0.3%) sectors are trading lower.
WTI crude futures settled higher by 0.6%, or $0.45, to $76.01/bbl. |
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