Stock market today
Small-cap stocks outperformed today.
S&P 500: 4,175.48,+20.10(+0.48%)
Dow 30: 33,128.79,+67.29(+0.20%)
Russell 2000: 1,900.77,+17.86(+0.95%)
Stock market news
“U.S. stocks traded mixed Tuesday in another choppy session in markets, as investors appraised the next moves by the Federal Reserve and a fresh batch of quarterly earnings results.
The S&P 500, Dow and Nasdaq struggled for direction intraday. On Monday, technology stocks had outperformed, leading the S&P 500 higher by 0.6%, and the Nasdaq up by 1.6%. And these moves in tech shares came even as the benchmark 10-year Treasury yield topped 3%, or its highest level since December 2018. In recent months, a rise in yields has coincided with a drop in tech shares, which are considered more vulnerable to higher rates that would weigh on growth stocks’ valuations.
The market moves at the start of this week extended the streak of volatile trading investors have endured over the past several weeks. The S&P 500 posted an 8.8% decline in April for its worst month since March 2020.
“Volatility skews in both directions. In this period when we expect heightened volatility because of all of the confluence of factors that we see from geopolitics to earnings to the Fed to inflation, you’re going to have big swings like this,” Ross Mayfield, Baird investment strategy analyst, told Yahoo Finance Live. “I think at a certain point, buyers do see some value in there. If you’re of the opinion that we’re not going to enter a recession … I think you start to see some value investors start to take some bites.”
Still, given the variety of concerns still present for the market outlook, many strategists have struck a more cautious tone on U.S. stocks for the near-term. In a note published Friday, Bank of America strategists led by Savita Subramanian slashed their price target on the S&P 500 by 100 points to 4,500.
“This year’s market does not appear to be dominated by one factor, be it fundamentals or positioning, cost of capital or corporate outlooks, but has been reacting to all of the above in big swings,” the analysts wrote.”
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