“The go out and do not stay home stocks are now leading the market as the nation reopens” — Paul Ebeling
The CDC announced that fully-vaccinated Americans can gather with other vaccinated people indoors without wearing a mask or social distancing.
Tech shares sold Monday pushing the NAS into corrective territory. While the DJIA fished in record territory
Big tech stocks that have led Wall Street higher over the past year are now in a correction phase, Monday closing down 2.41%, that is 10.5% below its 12 February record close at 14,095.47.
Financial, restaurant and travel-related stocks that are expected to do well when the economy reopens rose but have not yet offset the weight of the big tech shares that dominate the US stock market.
S&P 500: The financial sector was the biggest boost, hitting a record as higher market interest rates and a steeper yield curve helped banks. Industrials were right behind, also reaching a record high, while the materials sector neared an all-time high. The technology sector finished in the Red.
The S&P 500 posted 124 new 52-wk highs and no new lows; the NAS Comp recorded 405 new highs and 28 new lows.
Monday, the benchmark US stock market indexes finished at: DJIA +306.14 at 31802.44, NAS Comp -310.99 to 12609.18, S&P 500 -20.59 to 3821.35
Volume: Trade on the NYSE came in at 1.2-B/shares exchanged
HeffX-LTN’s overall technical outlook for the major US stock market indexes is
- Russell 2000 +11.6% YTD
- DJIA +3.9% YTD
- S&P 500 +1.7% YTD
- NAS Comp -2.2% YTD
Looking Ahead: Investors will not receive any notable economic data Tuesday.
Have a healthy day, Keep the Faith!