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Market Snapshot

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

Dow 35741.15 +64.13 (0.18%)
Nasdaq 15226.70 +136.51 (0.90%)
SP 500 4566.48 +21.58 (0.47%)
10-yr Note 0/32 1.632
NYSE Adv 2083 Dec 1222 Vol 805.5 mln
Nasdaq Adv 2917 Dec 1683 Vol 5.6 bln

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

Moving the Market

-- S&P 500 and Dow hit all-time highs

-- Infrastructure optimism

-- Tesla (TSLA) soars 14% to over $1.0 trillion market capitalization

-- Calmer Treasury market

Market grinds out new record highs
25-Oct-21 16:20 ET
Dow +64.13 at 35741.15, Nasdaq +136.51 at 15226.70, S&P +21.58 at 4566.48

[BRIEFING.COM] The S&P 500 (+0.5%) and Dow Jones Industrial Average (+0.2%) set intraday and closing record highs on Monday, as the market continued to benefit from positive momentum in front of a big week for earnings. The Nasdaq Composite (+0.9%) and Russell 2000 (+0.9%) outperformed with roughly 1% gains.

Risk sentiment today was aided by news that Democrats could reach an agreement on their social spending package this week (setting up a vote on the $1 trillion bipartisan infrastructure bill), Tesla (TSLA 1024.86, +115.18, +12.7%) reaching a $1 trillion market capitalization on bullish news, and a calmer Treasury market.

After a shaky start, the S&P 500 ground higher throughout the day, leaving nine of the 11 S&P 500 sectors in positive territory on a closing basis. The consumer discretionary (+2.1%) and energy (+1.5%) led the advance with solid gains, while the financials (-0.1%) and utilities (-0.4%) sectors closed slightly lower.

Back to Tesla, the stock rose 13% amid the following developments: 1) Hertz Global (HTZZ 27.17, +2.48, +10.0%) announced an agreement to purchase 100,000 Tesla vehicles, 2) reports indicated that the Long Range versions of its Model X and S cars have increased by $5,000, and 3) Morgan Stanley raised its price target on the stock to $1200 from $900.

In other inflation news, Kimberly-Clark (KMB 130.05, -2.99, -2.3%) said it would continue to pass higher costs to customers, and Walt Disney (DIS 172.14, +2.59, +1.5%) is reportedly raising ticket prices for Disneyland. Kimberly-Clark lowered its full-year guidance, which weighed on its stock price.

WTI crude futures, meanwhile, tagged $85.00 per barrel early in the day before turning around and settling lower by 0.1%, or $0.04, to $83.73/bbl. Natural gas futures jumped 12.0% to $5.88/MMBtu.

In the Treasury market, shorter-dated Treasury yields paced the decline. The 2-yr yield decreased four basis points to 0.43%, and the 10-yr yield decreased two basis points to 1.64%. The U.S. Dollar Index increased 0.2% to 93.83.

Separately, PayPal (PYPL 246.88, +6.48, +2.7%) said it's not pursuing an acquisition of Pinterest (PINS 50.68, -7.38, -12.7%) right now. Facebook (FB 328.69, +4.08, +1.3%) increased 1% in front of its earnings report after the close.

Investors did not receive any economic data on Monday. Looking ahead to Tuesday, investors will receive the Conference Board's Consumer Confidence Index for October, New Home Sales for September, the FHFA Housing Price Index for August, and the S&P Case-Shiller Home Price Index for August.

S&P 500 +21.6% YTD
Nasdaq Composite +18.1% YTD
Russell 2000 +17.1% YTD
Dow Jones Industrial Average +16.8% YTD

Crude futures tag $85 then turn around
25-Oct-21 15:25 ET
Dow +44.24 at 35721.26, Nasdaq +142.14 at 15232.33, S&P +20.30 at 4565.20

[BRIEFING.COM] The S&P 500 is up 0.4% to trade slightly off prior highs but is still on track to close at a record high.

One last look at the sector perspectives shows consumer discretionary (+2.0%), energy (+1.4%), and materials (+1.1%) outperforming with gains over 1.0%. The utilities (-0.4%), financials (-0.2%), and consumer staples (-0.1%) sectors underperform with modest declines.

WTI crude futures settled lower by 0.1%, or $0.04, to $83.73/bbl after trading above $85.00 per barrel earlier in the day.