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Market Snapshot

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

Dow 33876.97 +586.89 (1.76%)
Nasdaq 14141.48 +111.10 (0.79%)
SP 500 4224.79 +58.34 (1.40%)
10-yr Note -5/32 1.496
NYSE Adv 2400 Dec 818 Vol 1.0 bln
Nasdaq Adv 2380 Dec 1787 Vol 4.4 bln

Industry Watch
Strong: Materials, Energy, Industrials, Financials
Weak: Consumer Discretionary

Moving the Market

-- Value/cyclical stocks lead broad-based rally

-- S&P 500 bounces back above its 50-day moving average (4183)

Market kicks off summer with a rebound rally
21-Jun-21 16:15 ET
Dow +586.89 at 33876.97, Nasdaq +111.10 at 14141.48, S&P +58.34 at 4224.79

[BRIEFING.COM] The S&P 500 rose 1.4% on Monday in a rebound rally led by the value/cyclical stocks. The Dow Jones Industrial Average (+1.8%) and Russell 2000 (+2.2%) outpaced the benchmark index following poor performances last week, while the Nasdaq Composite (+0.8%) gained 0.8%.

The market really gained traction early in the session after the S&P 500 reclaimed its 50-day moving average (4184), which has acted as a strong measure of support over the past 14 months. Given this observation, and the lack of market-moving news, the bullish price action likely fed onto itself and stirred a fear of missing out on a technically-driven rally.

All 11 S&P 500 sectors and all 30 Dow components finished in positive territory, with the biggest gains scored in the cyclical sectors that sold off last week -- energy (+4.3%), financials (+2.3%), industrials (+2.2%), and materials (+2.1%). The consumer discretionary sector (+0.5%) increased the least with a modest gain.

Bank stocks showed notable strength, as the Treasury yield curve unwound some of last Friday's flattening activity. The SPDR S&P Bank ETF (KBE 51.46, +1.77, +3.6%) gained 3.6% after declining 7.6% in the prior two sessions.

The 10-yr yield increased three basis points to 1.48%, while the 2-yr yield decreased one basis point to 0.25%. The U.S. Dollar Index declined 0.4% to 91.86, providing some relief for commodities like WTI crude ($73.64/bbl, +1.97, +2.8%) and copper ($4.184/lb, +0.03, +0.6%).

Apple (AAPL 132.30, +1.84, +1.4%) and Microsoft (MSFT 262.63, +3.20, +1.2%) stealthily advanced more 1.0%, with MSFT setting record highs in the process. Semiconductor companies NVIDIA (NVDA 737.09, -8.46, -1.1%) and Advanced Micro Devices (AMD 82.59, -2.06, -2.4%) struggled on reports that retail prices have declined sharply in Europe.

Mid-cap companies FIGS (FIGS 42.61, +6.21, +17.1%) and ZipRecruiter (ZIP 23.51, +2.25, +10.6%) rallied on positive-minded analyst recommendations.

Investors did not receive any economic data on Monday. Looking ahead, investors will receive Existing Home Sales for May on Tuesday.

Russell 2000 +15.8% YTD
S&P 500 +12.5% YTD
Dow Jones Industrial Average +10.7% YTD
Nasdaq Composite +9.7% YTD

Crude futures settle sharply higher
21-Jun-21 15:20 ET
Dow +578.92 at 33869.00, Nasdaq +97.93 at 14128.31, S&P +55.29 at 4221.74

[BRIEFING.COM] The S&P 500 continues to trade higher by 1.3% in a mostly broad-based advance.

One last look at the S&P 500 sectors shows energy (+4.4%) way out in the lead with a 4.4% gain, followed by 2% gains in financials (+2.2%), industrials (+2.1%), and materials (+2.0%). The consumer discretionary sector continues to underperform with a 0.5% gain.

WTI crude futures settled higher by 2.8%, or $1.97, to $73.64/bbl.