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Stock Market Update

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

Market Snapshot
Dow 33981.57 -61.92 (-0.18%)
Nasdaq 14138.80 +121.97 (0.87%)
SP 500 4187.62 +7.45 (0.18%)
10-yr Note -22/32 1.570
NYSE Adv 2044 Dec 1230 Vol 813.4 mln
Nasdaq Adv 2823 Dec 1368 Vol 4.4 bln

Industry Watch
Strong: Financials, Industrials, Energy, Materials, Consumer Discretionary
Weak: Health Care, Utilities, Consumer Staples

Moving the Market

-- Tight-ranged session ahead of busy week of events

-- Cautiously optimistic

-- Mixed sector performances

S&P 500 and Nasdaq set new highs in front of busy news week
26-Apr-21 16:15 ET
Dow -61.92 at 33981.57, Nasdaq +121.97 at 14138.80, S&P +7.45 at 4187.62

[BRIEFING.COM] The S&P 500 (+0.2%) eked out an intraday record high on Monday, as investors appeared cautiously optimistic for this week's big slate of events. The Nasdaq Composite (+0.9%) and Russell 2000 (+1.2%) outperformed, with the Nasdaq closing at a record high, while the Dow Jones Industrial Average decreased 0.2%.

Advancing issues had a clear advantage over declining issues at the NYSE and Nasdaq, but the gains were relatively modest at the large-cap level as no sector in the S&P 500 advanced more than 1.0%. The biggest gains were scored in the small-cap, micro-cap, and cryptocurrency spheres, signaling enhanced retail sentiment.

Within the S&P 500, the consumer discretionary (+0.6%), information technology (+0.6%), and energy (+0.6%) sectors were the top performers. The consumer staples (-1.2%), utilities (-0.6%), health care (-0.4%), and industrials (-0.3%) sectors lagged in negative territory.

Amazon (AMZN 3409.00, +69.12, +2.0%) was an influential gainer in the Nasdaq, and consumer discretionary sector, amid speculation that the company could announce a stock split when it reports earnings on Thursday. Shares of Tesla (TSLA 738.20, +8.80, +1.2%) rose modestly ahead of its earnings report after today's close.

Aside from the biggest week in earnings this season, the market has GDP/inflation data, the Fed's policy meeting, and President Biden's congressional speech on its calendar. The president is expected to outline his "American Families Plan" on Wednesday.

In the Treasury market, the 10-yr yield settled unchanged at 1.57% after touching 1.60% in the morning. Buying interest increased after the release of the durable goods orders report, which showed a smaller-than-expected 0.5% m/m increase in total orders for March (Briefing.com consensus +2.0%).

The 2-yr yield increased two basis points to 0.17%. The U.S. Dollar Index was little changed at 90.82. WTI crude futures increased 0.3%, or $0.19, to $61.96/bbl.

Reviewing Monday's economic data:

Total durable goods orders rose 0.5% month-over-month in March (Briefing.com consensus 2.0%) following an upwardly revised 0.9% decline (from -1.1%) in February. Orders, excluding transportation, jumped 1.6%, in-line with the Briefing.com consensus estimate, after declining an upwardly revised 0.3% (from -0.9%) in February.
The key takeaway from the report is that business spending bounced back after the February downturn. That was seen in the 0.9% increase in nondefense capital goods orders, excluding aircraft.

Looking ahead, investors will receive the Conference Board's Consumer Confidence Index for April, the FHFA Housing Price Index for February, and the S&P Case-Shiller Home Price Index for February on Tuesday.

Russell 2000 +16.4% YTD
S&P 500 +11.5% YTD
Dow Jones Industrial Average +11.0% YTD
Nasdaq Composite +9.7% YTD

Energy stocks outperforming despite lower oil prices
26-Apr-21 15:25 ET
Dow -10.20 at 34033.29, Nasdaq +133.29 at 14150.12, S&P +12.78 at 4192.95

[BRIEFING.COM] The S&P 500 continues to trade higher by 0.3% and is vying for intraday and closing record highs.

One last look at the sector performances shows consumer staples (-1.1%) as the only sector up or down more than 1.0%. The energy (+0.9%), consumer discretionary (+0.7%), and information technology (+0.6%) sectors outperform with modest gains.

WTI crude futures settled lower by 0.3%, or $0.19, to $61.96/bbl.