Market Snapshot
briefing.com
| Dow | 36432.22 | +104.27 | (0.29%) | | Nasdaq | 15982.35 | +10.77 | (0.07%) | | SP 500 | 4701.70 | +4.17 | (0.09%) | | 10-yr Note | -18/32 | 1.497 |
|
| | NYSE | Adv 1818 | Dec 1502 | Vol 859.3 mln | | Nasdaq | Adv 2562 | Dec 2052 | Vol 5.41 bln |
Industry Watch
| Strong: Energy, Materials, Financials, Industrials, Technology |
| | Weak: Utilities, Real Estate, Consumer Staples, Consumer Discretionary |
Moving the Market
House passes $550 bln in new fiscal spending, aiming to approve another $1.75 trln by Thanksgiving
Infrastructure-related names outperform
Crude oil rising toward last week's high
|
Quiet Start to New Week
08-Nov-21 16:10 ET
Dow +104.27 at 36432.22, Nasdaq +10.77 at 15982.35, S&P +4.17 at 4701.70
[BRIEFING.COM] The stock market began the week on a quiet note with the S&P 500 (+0.1%) inching toward its intraday record from Friday. The benchmark index climbed for the eighth consecutive day while the Dow (+0.3%) outperformed slightly.
The S&P 500 hit its best level of the day during the opening minutes before slowly retreating toward the unchanged level. However, it bounced out of the red in the late morning, inching back toward its opening mark as the day went on.
Growth-sensitive sectors like energy (+0.9%) and materials (+1.2%) got out to an early lead where they remained until the close. The energy sector was boosted by crude oil, which climbed $0.71, or 0.9%, to $81.96/bbl, rising toward its high from Thursday (83.42). Meanwhile, the materials sector benefited from the weekend passage of $550 bln in new infrastructure spending. Copper miner Freeport-McMoRan (FCX 39.43, +2.39, +6.5%) was a standout performer in the materials sector, bouncing toward its October high, while fertilizer producer, CF Industries (CF 62.54, +3.34, +5.6%), and building materials provider, Vulcan Materials (VMC 205.76, +9.70, +5.0%), followed.
Gains in heavily weighted sectors like health care (+0.5%) and financials (+0.5%) kept the S&P 500 from finishing in the red while the top-weighted technology sector (+0.6%) also finished ahead of the broader market. Chipmakers were a significant source of strength with AMD (AMD 150.16, +13.82, +10.1%) rallying more than 10% to a fresh record. The company unveiled a couple new products and announced an order from a large customer.
On the downside, the utilities sector (-1.5%) finished just behind the consumer discretionary space (-1.4%). The utilities sector widened its month-to-date loss to 1.0%, which leaves the group at the bottom of the November leaderboard, while the discretionary sector narrowed its November gain to 3.5%. The sector was pressured by losses among half of its components with Tesla (TSLA 1162.00, -60.09, -4.9%) falling toward its low from the middle of last week after CEO Musk indicated that he will abide by the results of a poll that suggested he should sell 10% of his stock.
Treasuries finished the day on a mostly lower note with the 10-yr yield rising four basis points to 1.50%.
In Fed news, Governor and vice chair for supervision Quarles has resigned, planning to depart at the end of the year.
The October NFIB Small Business Optimism (prior 99.1) will be released tomorrow at 6:00 ET, followed by October PPI (Briefing.com consensus 0.6%; prior 0.5%) and Core PPI (Briefing.com consensus 0.4%; prior 0.2%) at 8:30 ET.
- S&P 500 +25.2% YTD
- Russell 2000 +23.7% YTD
- Dow Jones Industrial Average +19.0% YTD
- Nasdaq Composite +19.0% YTD
Maintaining Slight Gains
08-Nov-21 15:30 ET
Dow +89.63 at 36417.58, Nasdaq +27.78 at 15999.36, S&P +4.96 at 4702.49
[BRIEFING.COM] The S&P 500 trades higher by 0.1% with 30 minutes remaining in today's session.
Seven sectors trade in positive territory going into the home stretch with materials (+1.2%) maintaining their lead after the passage of $550 mln in new infrastructure spending. Meanwhile, the energy sector has narrowed its gain to 0.7% after leading through the first half of today's session.
On a related note, crude oil climbed $0.71, or 0.9%, to $81.96/bbl, rising toward its high from Thursday (83.42).
Technology Outperforms
08-Nov-21 15:00 ET
Dow +123.94 at 36451.89, Nasdaq +41.62 at 16013.20, S&P +9.23 at 4706.76
[BRIEFING.COM] The major averages are hanging onto slim gains after bouncing off their late-morning lows. The S&P 500 (+0.2%) hovers near the midpoint of today's range with its record high looming about 15 points above.
The materials sector (+1.1%) has overtaken energy (+0.8%) for the lead while the top-weighted technology sector (+0.7%) has added to its gain. Chipmakers have also added to their gains with the PHLX Semiconductor Index now up 1.6% and AMD (AMD 151.57, +15.23, +11.2%) extending its gain to nearly 12.0% after announcing a new product and new product deals. |
