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Live Trading News > Blog > Headline News > DJIA Hits 35,000 and Fades
Headline News

DJIA Hits 35,000 and Fades

Paul Ebeling
Last updated: May 10, 2021 9:29 pm
Paul Ebeling
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#DJIA

$DIA $SPY $QQQ $RUTX $VXX

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!

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TAGGED:DIADJIAinflationJOLTSNYSEQQQRUTRUTXVIXVXX

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By Paul Ebeling
Paul A. Ebeling, a polymath, excels, in diverse fields of knowledge Including Pattern Recognition Analysis in Equities, Commodities and Foreign Exchange, and he is the author of "The Red Roadmaster's Technical Report on the US Major Market Indices, a highly regarded, weekly financial market commentary. He is a philosopher, issuing insights on a wide range of subjects to over a million cohorts. An international audience of opinion makers, business leaders, and global organizations recognize Ebeling as an expert.   
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