Stock market today
Another higher close for the US stock market today. Small-cap stocks outperformed, Nasdaq underperformed. The closing numbers for the US stock market today are:
S&P 500: 4,536.95,+12.86(+0.28%)
Dow 30: 35,443.82,+131.29(+0.37%)
Russell 2000: 2,304.02,+16.96(+0.74%)
Stock market news
“Stocks gained Thursday as investors awaited more labor market data, which will serve as crucial information in determining the path forward for the monetary policies underpinning risk assets over the past year.
Ahead of a key monthly report on job gains, a new print on weekly unemployment claims came in lower than expected, underscoring further improvements in the economic recovery.
The S&P 500 advanced to an all-time high. The Nasdaq also rose to set a fresh intraday record before paring some gains during the afternoon session.
The indexes’ latest march to record highs has been powered by technology stocks, with the Nasdaq extending a run of outperformance from August. This has in turn signaled investors’ concerns over the status of the economic recovery given the Delta variant’s spread, with growth and technology stocks seen as more of a defensive trade amid a coronavirus resurgence.
For cyclical stocks like energy and travel shares to keep pace, “We’ve got to see a rollover in COVID case counts,” Jeffrey Kleintop, Charles Schwab chief global investment strategist, told Yahoo Finance. “We’ve seen that in some states that seem to be leading the trends, and some countries as well, but I think we’re really dependent on case counts coming down and renewed confidence in that reopening, and travel and the service sector continuing to show growth.”
New economic data on Wednesday appeared to vindicate market participants’ concerns over a slowing recovery. ADP’s closely watched monthly payrolls report showed that just 374,000 private payrolls returned in August, sharply missing estimates for 625,000. And Friday’s officials jobs report from the Labor Department is expected to show a deceleration in non-farm payrolls gains, with these likely rising by 725,000 for August after jumping by 943,000 in July.
“The private payrolls numbers have been all over the map during the pandemic,” Mike Loewengart, managing director of investor strategy at E-Trade Financial, wrote in an email on Wednesday. “But with so much pressure on improvement on the labor market front coming from the Fed, this could send a signal that jobs growth is stagnating. That’s likely a good thing for the markets, though, as it means easy money policy continues.”