Stock market today
Stock market today May 10, 2021. A selloff for tech stocks today, all major US stock indices closed lower. Tech stocks and small-cap stocks had a selloff today. The Nasdaq composite fell 350 points, and Russell 2000 index fell 58 points. Dow Jones closed almost flat, and S&P 500 lost 44 points. The closing numbers for the US stock market today are as follows.
S&P 500: 4,188.43,-44.17(-1.04%)
Dow 30: 34,742.82,-34.94(-0.10%)
Russell 2000: 2,212.70,-58.93(-2.59%)
Stock market news today
“Stocks fell on Monday, with technology stocks under more pressure as investors weighed the risks that higher inflation during the pandemic recovery might drag on high-growth names.
The Dow erased earlier gains to end lower, after the index set an intraday record of more than 35,000 during the session. The Nasdaq sank by 2.6% for its worst day since March, and the S&P 500 also ended lower.
Treasury yields were slightly higher across the long end of the curve, with the benchmark 10-year yield hovering below 1.6%. West Texas Intermediate crude oil prices (CL=F) and gasoline futures (RB=F) gained after the Colonial Pipeline, a top U.S. fuel pipeline operator, temporarily cut off its fuel lines after a cyberattack.
Elsewhere, Ether (ETH-USD), the token built on the Ethereum blockchain, set an all-time high of more than $4,000 before paring advances, giving back some gains after a rally that doubled prices for the second-largest cryptocurrency since the beginning of April. Bitcoin (BTC-USD) prices fell, dipping below $56,000.
Investors have been focused on the prospects of inflation during the economic recovery coming out of the coronavirus pandemic, with a surge in demand during reopenings apt to drive a surge in prices. This could in turn eventually prompt the Federal Reserve to tighten policies, and taken together, would risk weighing on the valuations of longer-duration growth stocks like those of technology companies especially.
Friday’s sharply disappointing jobs report at least temporarily assuaged traders’ concerns, with the miss viewed as adding fuel to policymakers’ assertions that a full economic recovery remains a ways off. But with commodity prices advancing and a number of major companies citing rising input and end-user prices due to supply and demand mismatches, inflationary concerns are set to remain a key theme for investors to watch in the coming months.
The U.S. Bureau of Labor Statistics’ April consumer price index (CPI) due out Wednesday and producer price index (PPI) on Thursday will show the latest change in prices for consumers and suppliers, with both indexes expected to show a marked jump over last year’s pandemic-depressed levels as demand resurges during the recovery.”
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