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Market Snapshot

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

Dow 35101.85 -106.66 (-0.30%)
Nasdaq 17277.74 +2442.00 (16.46%)
SP 500 4432.35 -4.17 (-0.09%)
10-yr Note +23/32 1.284
NYSE Adv 1231 Dec 2015 Vol 736.6 mln
Nasdaq Adv 2059 Dec 2253 Vol 4.1 bln

Industry Watch
Strong: Health Care, Consumer Staples, Financials
Weak: Energy, Real Estate, Information Technology

Moving the Market

-- Mixed session that lacked trading conviction

-- Growth concerns lingered as oil and copper prices continued to weaken

-- Treasury yields turned around and settled higher

S&P 500 closes slightly lower amid lack of conviction
09-Aug-21 16:20 ET
Dow -106.66 at 35101.85, Nasdaq +2442.00 at 17277.74, S&P -4.17 at 4432.35

[BRIEFING.COM] The S&P 500 decreased 0.1% on Monday in a mixed, and tight-ranged, session that lacked conviction. The Dow Jones Industrial Average (-0.3%) and Russell 2000 (-0.6%) joined the benchmark index in negative territory, while the Nasdaq Composite increased 0.2%.

There weren't that many new macro developments, which might have explained the 15-point range in the S&P 500 as investors preferred to wait for key inflation data later this week. Seven of the 11 S&P 500 sectors closed lower, although the energy sector (-1.5%) was the only sector that lost more than 1.0%.

Energy stocks succumbed to weaker oil prices ($66.55/bbl, -1.73, -2.5%), which along with copper prices ($4.29/lb, -0.07, -1.3%) reflected lingering growth concerns attributed to the Delta variant. Media reports continued to discuss the spread of the variant and the measures that governments and businesses are taking to contain its spread.

The Treasury market, meanwhile, didn't reflect increased growth concerns since the 10-yr yield settled three basis points higher at 1.32% after touching 1.27% intraday. The financials sector (+0.3%) benefited from the positive turnaround and was accompanied by the health care (+0.4%) and consumer staples (+0.3%) sectors atop the leaderboard.

Looking at individual movers, Moderna (MRNA 484.47, +70.75, +17.1%) surged 17% amid positive momentum, Tesla (TSLA 713.76, +14.66, +2.1%) rose 2% after receiving an upgrade to Buy from Hold at Jefferies, Coinbase (COIN 280.47, +22.21, +8.6%) followed cryptocurrencies higher, and Tyson Foods (TSN 77.30, +6.18, +8.7%) rose 9% following its earnings report.

In M&A news, Sanderson Farms (SAFM 195.88, +13.51, +7.4%) agreed to be acquired by Cargill and Continental Grain Company for $4.5 billion, or $203/share, in cash. Golden Nugget Online Gaming (GNOG 18.50, +6.23, +50.8%) agreed to be acquired by DraftKings (DKNG 52.36, +0.77, +1.5%) in an all-stock transaction valued at $1.56 billion.

Separately, the $1 trillion bipartisan infrastructure bill is expected to pass the Senate as soon as tonight, although House Speaker Pelosi reaffirmed she won't bring the bill to a House vote unless the $3.5 trillion budget reconciliation bill is passed.

The 2-yr yield was unchanged at 0.20%. The U.S. Dollar Index increased 0.2% to 92.98.

Monday's economic data was limited to the JOLTS report for June, which showed job openings increase to a record-high of 10.073 million from a revised 9.483 million (from 9.209 million) in May. Looking ahead, investors will receive preliminary Q2 Productivity and Unit Labor Costs and the NFIB Small Business Optimism Index for July on Tuesday.

S&P 500 +18.1% YTD
Nasdaq Composite +15.1% YTD
Dow Jones Industrial Average +15.0% YTD
Russell 2000 +13.2% YTD

Crude futures settle below $67 per barrel
09-Aug-21 15:30 ET
Dow -98.74 at 35109.77, Nasdaq +31.05 at 14866.79, S&P -3.79 at 4432.73

[BRIEFING.COM] The S&P 500 is down 0.1% and could miss out on another record close. Any positive finish would be a record for the benchmark index.

One last look at the sectors performances shows energy (-1.2%), utilities (-0.6%), and real estate (-0.5%) leading the market lower, while the financials (+0.5%), consumer staples (+0.3%), and health care (+0.3%) sectors trade higher.

WTI crude futures settled lower by 2.5%, or $1.73, to $66.55/bbl amid lingering demand concerns.