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S&P 500, Nasdaq, and Dow close at record highs
12-Feb-21 16:15 ET
Dow +27.70 at 31458.40, Nasdaq +69.70 at 14095.49, S&P +18.45 at 3934.83

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

[BRIEFING.COM] The S&P 500 (+0.5%), Nasdaq Composite (+0.5%), and Dow Jones Industrial Average (+0.1%) closed at record highs on Friday, thanks to a strong finish ahead of a three-day weekend. The Russell 2000 increased 0.2%.

The economic reopening narrative shined throughout the session. Cyclical sectors outperformed, WTI crude futures ($59.47/bbl, +1.24, +2.1%) settled close to $60 per barrel, and the yield on the 10-yr Treasury note rose four basis points to 1.20% amid increased selling interest.

The higher oil prices and Treasury yields contributed to the relative strength in the S&P 500 energy (+1.4%) and financials (+1.0%) sectors, which were joined by the materials (+1.0%), industrials (+0.7%), and health care (+0.8%) sectors atop the standings. The latter benefited from a 12% earnings-driven gain in Illumina (ILMN 504.76, +53.54, +11.9%).

On the downside, the utilities (-0.8%) and real estate (-0.1%) sectors lagged in negative territory. Walt Disney (DIS 187.67, -3.24, -1.7%) weighed on the communication services sector (+0.1%) despite reporting positive earnings results and strong subscriber numbers.

Shares of NVIDIA (NVDA 598.45, -11.58, -1.9%) fell 2% after Bloomberg reported that Alphabet's (GOOG 2104.11, +8.22, +0.4%) Google, Microsoft (MSFT 244.99, +0.50, +0.2%), and Qualcomm (QCOM 147.98, +2.42, +1.7%) want antitrust officials to intervene in NVIDA's deal to purchase Arm Holdings. NVDA was one of the few decliners in the Philadelphia Semiconductor Index (+1.2%).

In other developments, the Senate is reportedly planning to fast-track the stimulus bill past individual committees, meaning it should reach the floor for a vote a bit sooner than previously expected. Separately, Charles Schwab (SCHW 58.19, +2.26, +4.0%) reported a 75% m/m increase in its total number of brokerage accounts.

The 2-yr yield decreased one basis point to 0.10%. The U.S. Dollar Index increased 0.1% to 90.46. The CBOE Volatility Index fell 6.0% to 19.97.

Reviewing Friday's economic data:

The preliminary February reading of the University of Michigan Index of Consumer Sentiment fell to 76.2 (Briefing.com consensus 80.8) from the final reading of 79.0 in January.
The key takeaway from the report is that the February drop was owed to lower expectations among households with incomes below $75,000.

Looking ahead, investors will receive the Empire State Manufacturing Survey for February and Net Long-Term TIC Flows for December when the market reopens on Tuesday. The market will be closed on Monday for Washington's Birthday.

Russell 2000 +15.9% YTD
Nasdaq Composite +9.4% YTD
S&P 500 +4.8% YTD
Dow Jones Industrial Average +2.8% YTD

Market Snapshot
Dow 31458.40 +27.70 (0.09%)
Nasdaq 14095.49 +69.70 (0.50%)
SP 500 3934.83 +18.45 (0.47%)
10-yr Note +2/32 1.139
NYSE Adv 1765 Dec 1421 Vol 831.0 mln
Nasdaq Adv 2197 Dec 1764 Vol 7.3 bln

Industry Watch
Strong: Energy, Financials, Materials, Industrials, Health Care
Weak: Real Estate, Utilities

Moving the Market

-- S&P 500, Nasdaq, and Dow close at record highs in strong finish ahead of three-day weekend

-- Relative strength in cyclical stocks, Treasury yields and oil prices rise

WTI crude futures settle close to $60 per barrel
12-Feb-21 15:30 ET
Dow -40.93 at 31389.77, Nasdaq +11.96 at 14037.75, S&P +5.68 at 3922.06

[BRIEFING.COM] The S&P 500 continues to hover with a 0.1% gain, while the Russell 2000 trades lower by 0.1%.

One last look at the S&P 500 sectors shows energy (+1.0%), financials (+0.7%), industrials (+0.5%), and health care (+0.5%) outperforming, while the utilities (-1.0%), real estate (-0.5%), and consumer discretionary (-0.4%) sectors underperform in the red.

WTI crude futures settled higher by 2.1%, or $1.24, to $59.47/bbl.