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Mega-caps power large-cap indices to record highs

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ReturntoSender Member Level  Monday, 12/28/20 04:20:38 PM
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Mega-caps power large-cap indices to record highs
28-Dec-20 16:15 ET
Dow +204.10 at 30403.91, Nasdaq +94.69 at 12899.43, S&P +32.30 at 3735.36


[BRIEFING.COM] The large-cap indices set intraday and closing record highs on Monday after President Trump signed the $900 billion stimulus and omnibus spending bill. The S&P 500 (+0.9%), Nasdaq Composite (+0.7%), and Dow Jones Industrial Average (+0.7%) posted respectable gains, while the Russell 2000 (-0.4%) closed lower after opening at an all-time high.

The market was particularly pleased with the president's signature because it put an end to the speculation of a pocket veto, which would have further delayed the bills. On a related note, the House was expected to vote today on increasing the stimulus checks to $2000, but it's unlikely to receive the 60 votes needed to pass in the Senate.

Early in the day, it seemed like the market was going to rehash the recovery script in which the leadership roles are bestowed to the cyclical, value, and small-cap stocks, but the market quickly defaulted to its main cast of mega-cap characters on no specific news catalysts.

Apple (AAPL 136.69, +4.72, +3.6%), Amazon (AMZN 3283.96, +111.27, +3.5%), and Facebook (FB 277.00, +9.60, +3.6%), to name a few, rose about 3.5% on slightly above-average volume. Accordingly, the communication services (+1.9%), consumer discretionary (+1.5%), and information technology (+1.2%) sectors, which are home to the mega-caps, advanced more than 1.0%.

On the downside, the energy (-0.5%) and materials (-0.4%) sectors fell into negative territory after being up more than 1.0% to start the session. A reversal in oil prices ($47.64, -0.68, -1.4%) weighed on sentiment in the energy space.

As noted, trading volume wasn't out of the ordinary for the mega-caps, suggesting investors either played it safe heading into the final days of the year and/or they rotated out of recent winners and into these mega-cap names. Interestingly, recent IPO stocks, which were high-flyers and not the "safest" stocks, saw noticeable weakness today.

U.S. Treasuries finished near their flat lines after starting the session with modest losses. The 2-yr yield was flat at 0.12%, and the 10-yr yield increased one basis point to 0.93%. The U.S. Dollar Index was little changed at 90.32.

Investors did not receive any economic data on Monday. Looking ahead, investors will receive the S&P Case-Shiller Home Price Index for October on Tuesday.

Nasdaq Composite +43.8% YTD
Russell 2000 +19.7% YTD
S&P 500 +15.6% YTD
Dow Jones Industrial Average +6.5% YTD

Market Snapshot
Dow 30403.91 +204.10 (0.68%)
Nasdaq 12899.43 +94.69 (0.74%)
SP 500 3735.36 +32.30 (0.87%)
10-yr Note +1/32 0.928
NYSE Adv 1663 Dec 1492 Vol 734.4 mln
Nasdaq Adv 1958 Dec 1803 Vol 5.0 bln

Industry Watch
Strong: Information Technology, Consumer Discretionary, Communication Services
Weak: Energy, Materials

Moving the Market

-- Major indices set all-time highs in mostly broad-based advance

-- President Trump signs the $900 billion stimulus bill and government funding bill

-- Mega-caps outperform

WTI crude futures settle below $48 per barrel
28-Dec-20 15:30 ET
Dow +234.67 at 30434.48, Nasdaq +119.71 at 12924.45, S&P +35.44 at 3738.50

[BRIEFING.COM] The S&P 500 is trading at session highs with a 1.0% gain. The Russell 2000 continues to underperform with a 0.2% gain.

One last look at the S&P 500 sectors shows the communication services (+2.0%), consumer discretionary (+1.7%), and information technology (+1.4%) sectors still the only sectors up more than 1.0%. The energy (-0.6%) and materials (-0.1%) sectors are trading modestly lower.

WTI crude futures settled lower by 1.4%, or $0.68, to $47.64/bbl. Oil prices were positive in overnight action and its reversal weighed on the energy stocks today.

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