Stock market today
A higher close today for the US stock market with small-cap stocks outperforming. The closing numbers for the US stock market today are as follows:
S&P 500: 4,566.48,+21.58(+0.47%)
Dow 30: 35,741.15,+64.13(+0.18%)
Russell 2000: 2,312.64,+21.37(+0.93%)
Stock market news
“Stocks moved higher on Monday as investors awaited a slew of earnings results from the Big Tech companies, as well as a myriad of other corporations across industries this week.
The Dow and S&P 500 set record intraday highs. The Nasdaq gained, and shares of Tesla (TSLA) rallied to an all-time high with a market capitalization exceeding $1 trillion for the first time.
U.S. West Texas intermediate (CL=F) crude oil prices topped $85 per barrel, reaching the highest level since 2014. The move tracked gains in Brent crude (BZ=F), the international benchmark, which jumped above $86 per barrel for its highest level since 2018 after Saudi Arabia’s energy minister suggested in a Bloomberg interview that oil producers exercise caution in boosting output despite fast-rising prices.
The benchmark 10-year Treasury yield hovered around 1.64%, or near its highest level since May, as inflation concerns remained front and center for investors amid rising energy and commodity prices and other price gains across the recovering economy. Last week, Federal Reserve Chair Jerome Powell said the elevated inflationary pressures spurred by supply chain constraints were “likely to last longer than previously expected, likely well into next year.”
A number of individual companies have also flagged the impacts of rising costs in their earnings reports over the past couple weeks. Kevin Boone, executive vice president of sales and marketing for freight railroad company CSX Transportation (CSX), said during the company’s earnings call last week that cost inflation has jumped over the last year, and “expectations have risen and are rising in the next year.” And likewise, Whirlpool (WHRL) CEO Marc Bitzer said on the appliance company’s earnings call he did not “expect that the inflation will quickly fall off” heading into next year.
This week’s earnings results will center on those from the Big Tech companies including Facebook (FB), Apple (AAPL), Amazon (AMZN) and Alphabet (GOOGL). These comprise some of the most heavily weighted components of the S&P 500. Most have underperformed the market this year after significant rallies in 2020 at the height of stay-in-place orders and demand for technology to stay connected.”