Stock market today
A mixed close for the US stock market today. S&P 500, Dow Jones,https://www.thestockmarketontheinternet.com/meme-stocks-and-the-stock-market-2/ and Nasdaq closed almost flat but small-cap stocks outperformed. The closing numbers for the US stock market today are as follows.
S&P 500: 4,202.04,-2.07(-0.05%)
Dow 30: 34,575.31,+45.86(+0.13%)
Russell 2000: 2,294.74,+25.77(+1.14%)
Stock market news
“U.S. stocks ended mixed on Tuesday, paring earlier gains as technology stocks lost steam.
The Dow added just 45 points, or 0.1%, to come off session highs. The S&P 500 ended a tick below the flat line, while the Nasdaq also ended in slightly negative territory. Treasury yields rose across the curve, and the benchmark 10-year Treasury yield hovered above 1.6%. Brent and U.S. crude oil prices gained after OPEC+ suggested oil stockpiles would slide further as the post-pandemic recovery ramps later this year.
Over the past several weeks, equity investors have at least temporarily shaken off fears over fast-rising prices for consumer and producer goods during the economic recovery, especially as officials at the Federal Reserve reassured market participants that they did not yet see inflationary pressures that would warrant a shift in monetary policy in the near-term. Still, inflation hedges like precious metals were some of the best-performers in May, signaling an undercurrent of jitters over rising prices. Of 38 non-currency assets tracked by Deutsche Bank, silver was the best-performing asset with an 8.1% gain, followed by gold with a 7.9% increase, analysts from the bank wrote in a note Tuesday.
Later this week, investors are poised to receive a number of new economic data reports about the U.S. labor market, including the May jobs report. These will further elucidate the strength of the economic recovery, showing whether re-hiring has picked up enough to help alleviate labor shortages cited by a number of companies during the recovery. It will also signal whether the economy is getting closer to the Federal Reserve’s goal of achieving maximum employment before pulling back on monetary policy support.
But monetary policy aside, some strategists said it would behoove investors to consider implications of new fiscal policies, especially with prospects of a stronger economy emboldening the government to raise taxes for new plans. Late last week, President Joe Biden unveiled a $6 trillion budget proposal for fiscal 2022, which would include a number of proposals around improving the country’s infrastructure, educational resources and health care system and which would be funded in part by higher taxes.”