Stock market today February 22, 2021
February 22, 2021
Stock market today
What is the market doing today? A tech selloff sent Nasdad lower today more than 2%. Dow Jones closed flat, S&P 500 fell for a fifth consecutive day and Russel 2000 also fell 0.70%. Here are the closing numbers for the US stock market today:
S&P 500: 3,876.50,-30.21(-0.77%)
Dow 30: 31,521.69,+27.37(+0.09%)
Russell 2000: 2,250.90,-15.79(-0.70%)
Stock market news
“Stocks ended Monday’s session mixed while commodity prices rallied, as rising Treasury yields and expectations of higher inflation weighed on equity prices. Tech shares sold off, and the Nasdaq posted its biggest drop in a month.
The S&P 500 posted a fifth straight day of losses, for its longest losing streak since February 2020. The Nasdaq sharply underperformed, dropping more than 2% as tech shares came under more pressure. The Dow pared earlier losses, however, and rose slightly.
Some commodity prices performed more strongly. U.S. West Texas intermediate crude oil futures (CL=F) and Brent crude futures (BZ=F) both jumped after Goldman Sachs strategists said in a note Monday that they expected Brent prices to reach $70 in the second quarter and $75 in the third quarter this year amid rising demand. WTI crude oil has already gained 23% this year and exceeded prices from the same time last year.
Prospects of fast-rising inflation during this year’s expected economic recovery have pushed bond prices lower and yields up sharply. The yield on the benchmark 10-year Treasury note (^TNX) briefly ticked above 1.39% on Monday to reach a fresh one-year high, increasing the specter of higher borrowing costs for companies. Prices of copper jumped above $9,000 per ton on the London Metal Exchange, marking the highest level in nine years as tightening supplies, rising inflation and notions of significant infrastructure programs out of the U.S. and other countries led to expectations of increased demand.”
Stock market data: Yahoo Finance