Stock market today
The US stock market closed lower today, Dow Jones feel 123 points, Nasdaq lost 137 points and small-cap stocks underpreformed. The closing numbers for the US stock market today are the following.
S&P 500: 4,163.26,-22.21(-0.53%)
Dow 30: 34,077.63,-123.04(-0.36%)
Russell 2000: 2,232.00,-30.67(-1.36%)
Stock market news today
“Stocks fell Monday, with the S&P 500 and Dow retreating from record levels.
The Dow dropped more than 150 points, or 0.5%, after the index rallied to an all-time high of more than 34,000 last week. The S&P 500 also dipped below the index’s record high, and the Nasdaq edged lower. The 10-year Treasury yield rose to top 1.6%.
Bitcoin (BTC-USD) prices dipped 1% Monday afternoon, extending losses after plunging swiftly over the weekend. Bitcoin sank as much as 15% on Sunday, and other major coins like Ether and XRP also dropped. Bitcoin prices had reached a record high of more than $64,000 on Wednesday as Coinbase Global (COIN), the largest cryptocurrency exchange in the U.S., went public via a direct listing.
For equities, however, volatility has subsided considerably in recent sessions. The CBOE Volatility Index, or VIX, hovered near a 14-month low as stocks remained close to all-time highs.
“The S&P 500 has reached new highs while volatility has sharply declined. Low volatility has outweighed low correlations among stocks, driving return dispersion back below the long-term average,” David Kostin, Goldman Sachs chief U.S. equity strategist, said in a note Monday.
“As the U.S. moves beyond key macro events such as the 2020 election, the $1.9 trillion fiscal stimulus package, and peak economic activity, we expect three defining themes for markets will be tax reform, infrastructure, and pricing power,” Kostin said.
“The details of tax reform will drive wide variation in the size of the hit to company earnings, while only certain companies are likely to be direct beneficiaries of infrastructure spending,” he added. “Similarly, the effect of rising input costs will vary depending on company margin profiles and ability to pass through costs to end consumers. These micro-driven catalysts should keep stock correlations low, but a return to a high dispersion environment will be challenging without an increase in volatility.”