Stock market today
The US stock market rose for the first time in 3 days. Dow Jones gained 316 points, S&P 500 rose 38 points and Nasdaq gained 163 points. The closing numbers for the US stock market today:
S&P 500: 4,173.42,+38.48(+0.93%)
Dow 30: 34,137.31,+316.01(+0.93%)
Russell 2000: 2,239.63,+51.42(+2.35%)
Stock market news today
“Stocks rose on Wednesday and looked to rise for the first time in three sessions.
The S&P 500 and Dow each reversed earlier losses to trade higher. The Nasdaq also rose even as shares of Netflix (NFLX) weighed on the index. Netflix sank 8% after the company reported first-quarter subscriber growth that sharply missed expectations, suggesting the boost the tech company received while people were at home during the pandemic was rapidly unwinding.
But Netflix aside, the majority of other major companies reporting earnings reports over the past two weeks have topped consensus expectations. Still, the three major stock indexes have languished in recent days even given the stream of positive reports. Concerns over a near-term peak in growth in the early innings of the COVID-19 recovery have risen and conflated with fears over an impending rise in input costs for companies and prices for consumers.
“We’ve moved along from being driven by sentiment and momentum, and now investors are starting to focus more on fundamentals,” Ryan Nauman, market strategist at Informa Financial Intelligence, told Yahoo Finance. “We’ve had this fantastic rally … and I think investors are just pausing right now to digest more fundamentals, more of the earnings releases that are going to start coming out over the next couple weeks.”
“One of the reasons why we have seen markets pull back the last couple days and trading volume has been light over the past couple weeks are, investors are starting to realize, I think, that there is a lot of froth.” Nauman added. “There is excessive exuberance out there.”
Other strategists echoed similar sentiments, noting that investors have had to work harder to find reasons to continue piling into stocks given that upbeat prospects of a post-pandemic recovery and an economic growth acceleration already well-known.
Lori Calvasina, head of U.S. equity strategy at RBC Capital Markets, said there were two data points specifically that gave her firm pause about the near-term potential for the stock market to rally further into the second half of 2021. The S&P 500 has so far risen 10% in 2021.”