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S&P 500 sets new all-time high but closes slightly lower
06-Apr-21 16:20 ET
Dow -96.95 at 33430.24, Nasdaq -7.21 at 13698.41, S&P -3.97 at 4073.94

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

[BRIEFING.COM] The S&P 500 eked out an intraday record high on Tuesday, but it closed lower by 0.1% in a lackluster session. The Nasdaq Composite (-0.1%), Dow Jones Industrial Average (-0.3%), and Russell 2000 (-0.3%) accompanied the benchmark index in negative territory with small declines.

Most sectors in the S&P 500 traded within their flat lines throughout the session amid no new macro catalysts, suggesting a bit of consolidation activity. The utilities (+0.5%), consumer discretionary (+0.3%), and consumer staples (+0.3%) sectors outperformed in positive territory. The information technology (-0.4%) and health care (-0.4%) sectors were influential laggards.

Despite little buying conviction, bullish investors cited the lack of meaningful profit-taking interest as a constructive development. The Philadelphia Semiconductor Index (-1.2%), however, did see late-day weakness following an FY24 guidance view shared by Applied Materials (AMAT 139.54, -3.51, -2.5%) at its Investor Day.

One supportive factor for risk sentiment was the decline in long-term interest rates. Demand for Treasuries might have been partially rooted in a view that economic growth rates could peak in the next few quarters. On a related note, the IMF raised its 2021 global economic growth forecast to 6% from 5.5%.

The 10-yr yield decreased six basis points to 1.66%. The 2-yr yield decreased one basis point to 0.16%. The U.S. Dollar Index decreased 0.3% to 92.30. WTI crude futures rebounded 1.1%, or $0.65, to $59.34/bbl after sliding 4% yesterday.

Shares of Illumina (ILMN 414.84, +30.30, +7.9%) rose 8% after the biotechnology company issued upside Q1 and FY21 revenue guidance due to an observation that its core business is exceptionally strong and growing ahead of expectations.

Separately, President Biden reportedly moved up the deadline for all adults to be eligible for a COVID-19 vaccine to April 19 from May 1. This was non-market moving news, unlike the first announcement of the May 1 deadline, presumably because most states already have plans in place to make all adults eligible by April 19.

Tuesday's economic data was limited to the JOLTs - Job Openings report, which showed job openings increase to 7.367 million in February from a revised 7.099 million in January (from 6.917 million). On Wednesday, investors will receive the Trade Balance for February, Consumer Credit for February, the FOMC Minutes from the March 16-17 meeting, and the weekly MBA Mortgage Applications Index.

Russell 2000 +14.4% YTD
Dow Jones Industrial Average +9.2% YTD
S&P 500 +8.5% YTD
Nasdaq Composite +6.3% YTD

Crude futures rebound modestly
06-Apr-21 15:30 ET
Dow -105.54 at 33421.65, Nasdaq +19.87 at 13725.49, S&P -2.17 at 4075.74

[BRIEFING.COM] The S&P 500 is trading relatively unchanged, but any positive finish would be good for a record closing high.

One last look at the sector performances shows consumer discretionary (+0.6%) and consumer staples (+0.4%) outperforming in positive territory; conversely, the health care (-0.3%), financials (-0.3%), and industrials (-0.3%) sectors lag with modest declines.

WTI crude futures settled higher by 1.1%, or $0.65, to $59.34/bbl after declining 4.4% yesterday.