SP500
Stock market drifts for the day as investors assess lofty levels
- The major averages closed mixed, but little changed. The S&P (SP500)
+0.2%, the Nasdaq (COMP) -0.1% and the Dow (DJI) +0.2%.
- After Monday's end-of-month rebalancing slide and Tuesday's rebound,
investors are left with some rich valuations and a lack of near-term
sparks.
- Investor sentiment gauges are flashing extreme bullish outlooks, often
a signal that the market could be in for consolidation or a correction.
- It may be an indicator of how thirsty the market is for something
actionable that there's movement on stimulus headlines again. Democrats
saying the $900B bipartisan COVID relief proposal is a good starting
point
did juice the broader market towards the highs of the day in late
trading.
But both sides still look as far apart as ever.
- The S&P sectors were mixed, with six in the green and five in the red.
- The volatile Energy (NYSEARCA:XLE) group was up top again. Crude
futures +1.3% recovered the $45/barrel level on anticipation of OPEC+
extending output cuts tomorrow.
- Financials (NYSEARCA:XLF) followed as rates extended yesterday's jump,
albeit slightly. The 10-year Treasury yield edged up to 0.95%.
- Materials (NYSEARCA:XLB) and Real Estate (NYSEARCA:XLRE) were the
worst performers on the day.
- The megacaps were also mixed, with Alphabet the best performer and
Tesla retreating.
|Today, 4:03 PM|6 Comments
Stock market drifts for the day as investors assess lofty levels
- The major averages closed mixed, but little changed. The S&P (SP500)
+0.2%, the Nasdaq (COMP) -0.1% and the Dow (DJI) +0.2%.
- After Monday's end-of-month rebalancing slide and Tuesday's rebound,
investors are left with some rich valuations and a lack of near-term
sparks.
- Investor sentiment gauges are flashing extreme bullish outlooks, often
a signal that the market could be in for consolidation or a correction.
- It may be an indicator of how thirsty the market is for something
actionable that there's movement on stimulus headlines again. Democrats
saying the $900B bipartisan COVID relief proposal is a good starting
point
did juice the broader market towards the highs of the day in late
trading.
But both sides still look as far apart as ever.
- The S&P sectors were mixed, with six in the green and five in the red.
- The volatile Energy (NYSEARCA:XLE) group was up top again. Crude
futures +1.3% recovered the $45/barrel level on anticipation of OPEC+
extending output cuts tomorrow.
- Financials (NYSEARCA:XLF) followed as rates extended yesterday's jump,
albeit slightly. The 10-year Treasury yield edged up to 0.95%.
- Materials (NYSEARCA:XLB) and Real Estate (NYSEARCA:XLRE) were the
worst performers on the day.
- The megacaps were also mixed, with Alphabet the best performer and
Tesla retreating.
|Today, 4:03 PM|6 Comments
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