Stock market today
A lower close for the US stock market today, with moderate losses though. Tech stocks underperformed.S&P 500 closed flat, and Dow Jones lost 55 points. The closing numbers for the US stock market today are as follows.
S&P 500: 4,127.99,-0.81(-0.02%)
Dow 30: 33,745.40,-55.20(-0.16%)
Russell 2000: 2,235.33,-8.15(-0.36%)
Stock market news today
“Stocks slipped on Monday as traders took a pause after the S&P 500 and Dow logged fresh record highs last week.
The Dow drifted lower, shedding 55 points, or 0.2%, to steady just below its recent all-time high. The S&P 500 dipped, while the Nasdaq underperformed as technology stocks gave back some recent gains.
For 2021 to date, the cyclical energy and financials sectors have handily outperformed the broader market, overtaking the technology-heavy sectors that led the market higher last year. However, this rotation has lost steam in April, with information technology, communication services and the consumer discretionary sectors outperforming for the month-to-date.
“Amid new highs it’s not surprising for the market to be moving somewhat in a holding pattern of late. And tech’s somewhat surprising comeback could have some traders questioning if tech names are here to stay, or if cyclical sectors will outperform as the economy edges closer to full recovery,” Chris Larkin, managing director of trading and investing product at E-Trade Financial, said in an email. “While it may be premature to declare the end of tech’s underperformance phase, keep in mind that the sector is more than a handful of mega-cap names—traders may see opportunity in lesser known pockets of the sector.”
Investors over the past week have eagerly looked ahead to the start of earnings season, with big banks kicking off the first-quarter reporting season later this week. A slew of much stronger-than-expected economic data has suggested that corporate profits would jump tandem with the rebounding economy, especially in those sectors most deeply impacted by the coronavirus pandemic.
“The initial reopening of the economy will trigger a huge rebound in margins across sectors which have been hit hardest by the COVID crisis,” Ian Shepherdson, Pantheon Macroeconomics chief economist, wrote in a note Monday. “The unprecedented surge in households’ cash balances over the past year – mostly due to the enforced drop in spending on services, augmented by stimulus payments – represents a potential wave of demand, while supply is constrained by business failures, especially in the restaurant sector.”
Stock market data: Yahoo Finance
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