Stock market today
A lower close for the US stock market today. Small-cap stocks outperformed. The closing numbers for the US stock market today are:
S&P 500: 4,522.68,-6.11(-0.13%)
Dow 30: 35,360.73,-39.11(-0.11%)
Russell 2000: 2,273.77,+7.78(+0.34%)
Stock market news today
“Stocks dipped on Tuesday, but the major indexes still closed out August trading with another monthly gain.
The S&P 500 was slightly lower during the session, pulling back after the Conference Board’s closely watched monthly report on consumer confidence fell more than expected amid the Delta variant’s spread. Both the S&P 500 and the Nasdaq had set fresh record intraday and closing highs during Monday’s trading day, powered higher by a jump in heavily weighted Big Tech stocks.
The S&P 500 posted a seventh straight monthly advance in August, logging an almost 3% monthly gain and bringing its year-to-date rise to more than 20%. The Nasdaq outperformed with a gain of about 4% in August as traders piled back into growth and technology stocks. Meanwhile, the Dow — which is heavy in cyclical stocks with earnings tied to the economic recovery — underperformed, gaining just over 1% as concerns over the Delta variant surged in recent weeks.
Sector leadership was split between cyclical and growth areas of the markets in August. The financials sector was the biggest leader in August, gaining 5% on the month. This was followed by the communication services and utilities sectors. However, the energy sector was the biggest laggard during the month, and was the only S&P 500 sector to dip in August.
Even given the S&P 500’s march to all-time highs, many strategists have penciled in further gains.
BMO Capital Markets became the latest firm to raise its year-end price target on the S&P 500 on Monday. The company’s chief investment strategist Brian Belski wrote in a new note that he now expects the index to end the year at 4,800 instead of 4,500. He cited the “blistering rate” of corporate earnings beats in the second-quarter, with the strengthening economic backdrop helping also drive profit growth at many companies.
The current policy environment has also been conducive to further gains in equities, other strategists have noted, given the Federal Reserve’s still-accommodative policy tilt and the prospects of further government spending with the infrastructure and budget reconciliation bills being discussed in Congress.”