The Dow Jones Industrial Average hit a record high 35,000 Monday, while the S&P 500 was subdued as a decline in tech shares offset a rally in commodity-linked energy and material stocks.
The materials sector hit a record high as miners and makers of steel products gained after gold, copper and aluminum scaled to new highs.
The energy index jumped to its highest in more than 1 yr after a cyber attack on top US pipeline operator Colonial Pipeline shuttered a fuel network that transports nearly half of the East Coast’s supplies.
The NAS Comp dropped 1.5% as some of the market leaders like Apple Inc, Amazon.com Inc , Facebook Inc and Tesla Inc fell between 1.4% and 4% on the rotation.
The NYSE FANG+TM index and Philadelphia semiconductor index declined nearly 3% each.
The Russell 1000 value index, which includes economically sensitive financials and energy stocks, added 0.9%
Inflation is the focus this wk as the data is pretty important from a market leadership perspective. The number should come in strong, and probably contribute to another leg in the reflation value rotation.
Monday, the benchmark US stock market indexes finished at: DJIA -34.94 to 34742.82, NAS Comp -350.38 to 13401.89, S&P 500 -44.17 to 4188.43
Volume: Trade on the NYSE came in at 998-M/shares exchanged
HeffX-LTN overall technical outlook for the US major market indexes is Bullish to Very Bullish in here.
- DJIA +13.5% YTD
- Russell 2000 +12.0% YTD
- S&P 500 +11.5% YTD
- NAS Comp +4.0% YTD
Looking Ahead: The NFIB Small Business Optimism Index for April and the JOLTS – Job Openings report for March will be released Tuesday.
Have a healthy day, Keep the Faith!