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S&P 500 closes lower, while Nasdaq closes at new high
09-Jun-20 16:20 ET
Dow -300.14 at 27272.30, Nasdaq +29.01 at 9953.78, S&P -25.21 at 3207.05

https://www.briefing.com/stock-market-update

[BRIEFING.COM] The S&P 500 declined 0.8% on Tuesday, but strength in the mega-cap technology stocks limited its decline and drove the Nasdaq Composite up 0.3% to close at a record high. The Dow Jones Industrial Average (-1.1%) and Russell 2000 (-1.9%) fell more than 1% after a recent streak of outperformance.

Apple (AAPL 343.99, +10.53, +3.2%), Amazon (AMZN 2600.86, +76.80, +3.0%), Microsoft (MSFT 189.80, +1.44, +0.8%), Alphabet (GOOG 146.16, +9.55, +0.7%), and Facebook (FB 238.67, +7.27, +3.1%) -- which represent approximately 20% of the S&P 500's market weight -- posted solid gains, as money appeared to rotate out of cyclical sectors and back into these tech behemoths.

Those cyclical sectors included the energy (-3.6%), industrials (-2.5%), and financials (-2.1%) sectors, which remain this month's leaders. Conversely, the information technology (+0.5%), communication services (+0.2%), and consumer discretionary (unch) sectors performed relatively well amid gains in the aforementioned stocks.

The rotation was a balancing act between taking profits and parking money in the mega-caps for their perceived safety. There was no strong inclination to sell the broader market, though, especially with the Fed set to announce its latest policy decision on Wednesday.

Within the transportation space, profit-taking interest cooled down the airline stocks. The U.S. Global Jets ETF (JETS 20.45, -1.27, -6.8%) declined nearly 7% after rallying 45% over the prior six sessions. The Dow Jones Transportation Average fell 2.3%.

U.S. Treasuries ended the session on a higher note, driving yields lower across the curve. The 2-yr yield declined two basis points to 0.20%, and the 10-yr yield declined six basis points to 0.83%. The U.S. Dollar Index declined 0.2% to 96.42. WTI crude gained 1.8%, or $0.68, to $38.92/bbl.

Reviewing Tuesday's economic data:

The NFIB Small Business Optimism Index for May increased to 94.9 from 90.9 in April.
April job openings decreased to 5.046 mln from a revised 6.011 mln in March (from 6.191 mln).
Wholesale inventories increased 0.3% in April (Briefing.com consensus +0.4%) following a revised 1.1% decline in March (from -0.8%).

Looking ahead, investors will receive the FOMC Rate Decision, the Consumer Price Index for May, and the weekly MBA Mortgage Applications Index on Wednesday.

Nasdaq Composite +10.9% YTD
S&P 500 -0.7% YTD
Dow Jones Industrial Average -4.4% YTD
Russell 2000 -9.7% YTD

Market Snapshot
Dow 27272.30 -300.14 (-1.09%)
Nasdaq 9953.78 +29.01 (0.29%)
SP 500 3207.05 -25.21 (-0.78%)
10-yr Note +27/32 0.830
NYSE Adv 620 Dec 2282 Vol 1.2 bln
Nasdaq Adv 1159 Dec 2161 Vol 5.2 bln

Industry Watch
Strong: Information Technology, Communication Services, Consumer Discretionary
Weak: Energy, Financials, Industrials, Utilities

Moving the Market

-- S&P 500, Dow, Russell 2000 eased back from recent gains, while Nasdaq closed at another record high

-- Strength in the mega-cap technology stocks

-- Relative weakness in value and cyclical stocks, which had outperformed this month

WTI crude settles 2% higher
09-Jun-20 15:25 ET
Dow -170.07 at 27402.37, Nasdaq +65.76 at 9990.53, S&P -11.98 at 3220.28

[BRIEFING.COM] The S&P 500 is trading near session highs with a 0.4% decline.

One last look inside the benchmark index shows the information technology (+0.8%), communication services (+0.4%), and consumer discretionary (+0.3%) sectors leading the rebound attempt, while the energy (-3.0%), industrials (-2.0%), and utilities (-2.1%) sectors continue to lag.

WTI crude futures settled today's session up $0.68 (+1.8%) to $38.92/bbl.