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Dow ekes out closing record high
29-Mar-21 16:15 ET
Dow +98.89 at 33171.77, Nasdaq -79.08 at 13059.67, S&P -3.36 at 3971.18

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

[BRIEFING.COM] The Dow Jones Industrial Average (+0.3%) closed at fresh record highs on Monday after starting the session modestly lower, while the S&P 500 (-0.1%) and Nasdaq Composite (-0.6%) finished with modest declines. The Russell 2000 closed at session lows with a sharp 2.8% decline, as small-caps remained subject to profit-taking interest.

There was a cautious demeanor in the morning as investors digested some liquidation news. Specifically, Credit Suisse (CS 11.39, -1.48, -11.5%) and Nomura (NMR 5.68, -0.93, -14.1%) warned of potential substantial losses after one of their clients, reportedly Archegos Capital Management, defaulted on margin calls and was forced to sell more than $20 billion in stock last week.

The news highlighted the leveraged, speculative trading in the market right now and stirred some concerns about a contagion effect, although many strategists talked down contagion risks. The S&P 500 financials sector (-0.9%) was one of the weakest performers today, with quarter-end rebalancing as another possible influence.

The energy (-1.3%), information technology (-0.5%), and consumer discretionary (-0.4%) sectors also closed lower, as did high-beta stocks within the ARK Innovation ETF (ARKK 111.17, -2.80, -2.5%) and the Philadelphia Semiconductor Index (-1.7%). They closed off session lows, though.

On the upside, the utilities (+1.1%), communication services (+1.0%), and consumer staples (+1.0%) sectors rose at least 1.0% to provide offsetting support for the benchmark index. Within the industrials sector (unch), Boeing (BA 250.52, +5.65, +2.3%) rose 2% after Southwest Air (LUV 60.96, -0.33, -0.5%) agreed to 100 firm orders of the 737 MAX 7.

The Nasdaq almost turned positive intraday after being down 1.3%, but a turnaround in long-term interest rates may have impeded the rebound bid. The 10-yr yield, which was trading at 1.64% overnight, finished six basis points higher at 1.72%.

The 2-yr yield was unchanged at 0.14%. The U.S. Dollar Index increased 0.2% to 92.93. WTI crude futures increased 0.9%, or $0.56, to $61.55/bbl. On a related note, the Ever Given was refloated on the Suez Canal.

Separately, President Biden is expected to announce an infrastructure spending plan on Wednesday. In addition, the White House press secretary said that the administration will seek another stimulus bill after passing the infrastructure plan.

Investors did not receive any notable economic data on Monday. Looking ahead to Tuesday, investors will receive the Conference Board's Consumer Confidence Index for March, the FHA Housing Price Index for January, and the S&P Case-Shiller Home Price Index for January.

Russell 2000 +9.3% YTD
Dow Jones Industrial Average +8.4% YTD
S&P 500 +5.7% YTD
Nasdaq Composite +1.3% YTD

WTI crude futures settle higher but oil stocks lag
29-Mar-21 15:25 ET
Dow +153.70 at 33226.58, Nasdaq -65.65 at 13073.10, S&P +3.46 at 3978.00

[BRIEFING.COM] The S&P 500 is trading back in the green with a 0.1% gain, while the Russell 2000 remains deep in the red with a 2.3% decline. The small-cap index is getting hit by profit-taking interest and is now up 9.9% this quarter, versus a 5.9% quarterly gain in the S&P 500.

One last look at the S&P sectors shows utilities (+1.2%), communication services (+1.2%), consumer staples (+0.9%), and health care (+0.5%) leading the advance, while the information technology (-0.6%), financials (-0.5%), and energy (-0.6%) sectors are restraining the broader advance.

WTI crude futures settled higher by 0.9%, or $0.56, to $61.55/bbl.