S&P 500, Nasdaq, and Dow close at record highs
12-Feb-21 16:15 ET
Dow +27.70 at 31458.40, Nasdaq +69.70 at 14095.49, S&P +18.45 at 3934.83
briefing.com
[BRIEFING.COM] The S&P 500 (+0.5%), Nasdaq Composite (+0.5%), and Dow Jones Industrial Average (+0.1%) closed at record highs on Friday, thanks to a strong finish ahead of a three-day weekend. The Russell 2000 increased 0.2%.
The economic reopening narrative shined throughout the session. Cyclical sectors outperformed, WTI crude futures ($59.47/bbl, +1.24, +2.1%) settled close to $60 per barrel, and the yield on the 10-yr Treasury note rose four basis points to 1.20% amid increased selling interest.
The higher oil prices and Treasury yields contributed to the relative strength in the S&P 500 energy (+1.4%) and financials (+1.0%) sectors, which were joined by the materials (+1.0%), industrials (+0.7%), and health care (+0.8%) sectors atop the standings. The latter benefited from a 12% earnings-driven gain in Illumina (ILMN 504.76, +53.54, +11.9%).
On the downside, the utilities (-0.8%) and real estate (-0.1%) sectors lagged in negative territory. Walt Disney (DIS 187.67, -3.24, -1.7%) weighed on the communication services sector (+0.1%) despite reporting positive earnings results and strong subscriber numbers.
Shares of NVIDIA (NVDA 598.45, -11.58, -1.9%) fell 2% after Bloomberg reported that Alphabet's (GOOG 2104.11, +8.22, +0.4%) Google, Microsoft (MSFT 244.99, +0.50, +0.2%), and Qualcomm (QCOM 147.98, +2.42, +1.7%) want antitrust officials to intervene in NVIDA's deal to purchase Arm Holdings. NVDA was one of the few decliners in the Philadelphia Semiconductor Index (+1.2%).
In other developments, the Senate is reportedly planning to fast-track the stimulus bill past individual committees, meaning it should reach the floor for a vote a bit sooner than previously expected. Separately, Charles Schwab (SCHW 58.19, +2.26, +4.0%) reported a 75% m/m increase in its total number of brokerage accounts.
The 2-yr yield decreased one basis point to 0.10%. The U.S. Dollar Index increased 0.1% to 90.46. The CBOE Volatility Index fell 6.0% to 19.97.
Reviewing Friday's economic data:
- The preliminary February reading of the University of Michigan Index of Consumer Sentiment fell to 76.2 (Briefing.com consensus 80.8) from the final reading of 79.0 in January.
- The key takeaway from the report is that the February drop was owed to lower expectations among households with incomes below $75,000.
Looking ahead, investors will receive the Empire State Manufacturing Survey for February and Net Long-Term TIC Flows for December when the market reopens on Tuesday. The market will be closed on Monday for Washington's Birthday.
- Russell 2000 +15.9% YTD
- Nasdaq Composite +9.4% YTD
- S&P 500 +4.8% YTD
- Dow Jones Industrial Average +2.8% YTD
Market Snapshot
| Dow | 31458.40 | +27.70 | (0.09%) | | Nasdaq | 14095.49 | +69.70 | (0.50%) | | SP 500 | 3934.83 | +18.45 | (0.47%) | | 10-yr Note | +2/32 | 1.139 |
|
| | NYSE | Adv 1765 | Dec 1421 | Vol 831.0 mln | | Nasdaq | Adv 2197 | Dec 1764 | Vol 7.3 bln |
Industry Watch
| Strong: Energy, Financials, Materials, Industrials, Health Care |
| | Weak: Real Estate, Utilities |
Moving the Market
-- S&P 500, Nasdaq, and Dow close at record highs in strong finish ahead of three-day weekend
-- Relative strength in cyclical stocks, Treasury yields and oil prices rise
|
WTI crude futures settle close to $60 per barrel
12-Feb-21 15:30 ET
Dow -40.93 at 31389.77, Nasdaq +11.96 at 14037.75, S&P +5.68 at 3922.06
[BRIEFING.COM] The S&P 500 continues to hover with a 0.1% gain, while the Russell 2000 trades lower by 0.1%.
One last look at the S&P 500 sectors shows energy (+1.0%), financials (+0.7%), industrials (+0.5%), and health care (+0.5%) outperforming, while the utilities (-1.0%), real estate (-0.5%), and consumer discretionary (-0.4%) sectors underperform in the red.
WTI crude futures settled higher by 2.1%, or $1.24, to $59.47/bbl. |
