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S&P 500 ekes out another closing record high
07-Apr-21 16:15 ET
Dow +16.02 at 33446.26, Nasdaq -9.54 at 13688.87, S&P +6.02 at 4079.96

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

[BRIEFING.COM] The S&P 500 (+0.2%) eked out a closing record high on Wednesday in another narrow trading session that reflected consolidation activity. The Nasdaq Composite (-0.1%) and Dow Jones Industrial Average (+0.1%) finished within 0.1% of their flat lines, while the Russell 2000 underperformed with a 1.6% decline.

One of the bigger headlines today came out of JPMorgan Chase (JPM 154.93, +2.39, +1.6%) CEO Jamie Dimon's annual shareholder letter. Mr. Dimon said that an economic boom could easily run into 2023 but also cautioned about the "the not-unreasonable possibility that an increase in inflation will not be just temporary."

Jamie Dimon is one of the more influential voices in the market, but his words didn't appear to strike much trading conviction today. The cyclical materials (-1.8%) and industrials (-0.4%) sectors finished as laggards, and the 10-yr Treasury note yield was unchanged at 1.65%.

Declining issues also outnumbered advancing issues at the NYSE and Nasdaq, but JPM, Amazon (AMZN 3279.39, +55.57, +1.7%), and the mega-caps within the information technology (+0.5%) and communication services (+0.7%) sectors provided influential support.

The market saw a brief uptick after the FOMC Minutes from the March 16-17 meeting highlighted the known view that it would likely take some more time until substantial further progress toward the Fed's maximum-employment and price-stability goals are realized. This view suggested that the current accommodative monetary policy will remain appropriate until the Fed signals otherwise.

Prior to the minutes, Dallas Fed President Kaplan said the Fed can start withdrawing emergency measures once the country has moved on from the pandemic. Note, Mr. Kaplan won't be a voting FOMC participant until 2023.

In other developments, President Biden said he is open to compromising on the $2.3 trillion infrastructure package, consumer credit increased by $27.6 billion in February -- its largest increase since November 2017, and the CDC will reportedly allow U.S. cruises to resume operations by mid-summer with restrictions.

The 2-yr yield was unchanged at 0.16%. The U.S. Dollar Index increased 0.1% to 92.41. WTI crude futures increased 0.6%, or $0.37, to $59.71/bbl.

Reviewing Wednesday's economic data:

The February Trade Balance report showed a widening in the deficit to $71.1 billion (Briefing.com consensus -$70.5 billion) from an upwardly revised -$67.8 billion (from -$68.2 billion) in January. The widening was the result of exports being $5.0 billion less than January exports, and imports being $1.7 billion less than January imports.
The key takeaway from the report is that the impact of the semiconductor shortage was apparent in the $3.4 billion decrease in imports of automotive vehicles, parts, and engines.
Consumer credit increased by $27.6 bln in February after increasing by an upwardly revised $0.1 bln (from -$1.3 bln) in January. This was the largest monthly increase in consumer credit since November 2017.
The key takeaway from the report is that revolving credit expanded for only the second time in the last 12 months and was the largest increase in revolving credit since July 2019.
The weekly MBA Mortgage Applications Index fell 5.1% following a 2.2% decline in the prior week.

Looking ahead, investors will receive the weekly Initial and Continuing Claims report on Thursday.

Russell 2000 +12.6% YTD
Dow Jones Industrial Average +9.3% YTD
S&P 500 +8.6% YTD
Nasdaq Composite +6.2% YTD

WTI crude futures settle in the green
07-Apr-21 15:30 ET
Dow -40.46 at 33389.78, Nasdaq -22.51 at 13675.90, S&P -0.01 at 4073.93

[BRIEFING.COM] The S&P 500 is trading at its flat line and is a few points short of a record closing high.

One last look at the sector performances shows materials (-1.8%), industrials (-0.6%), and health care (-0.5%) underperforming the benchmark index, while the communication services (+0.6%), information technology (+0.4%), and energy (+0.4%) sectors outperform in positive territory.

WTI crude futures settled higher by 0.6%, or $0.37, to $59.71/bbl.