Market Snapshot
briefing.com
Dow 35365.44 -532.20 (-1.48%)
Nasdaq 15169.67 -10.75 (-0.07%)
SP 500 4620.64 -48.03 (-1.03%)
10-yr Note +3/32 1.388
NYSE Adv 1366 Dec 1889 Vol 3.5 bln
Nasdaq Adv 2407 Dec 1991 Vol 7.4 bln
Industry Watch
Strong: Real Estate
Weak: Financials, Energy, Industrials, Consumer Staples, Utilities
Moving the Market
-- Large-cap indices close lower amid growth concerns, technical factors
-- S&P 500 found technical support at 50-day moving average (4604)
-- Treasury yield curve flattens
S&P 500 falls 1% in broad-based decline
17-Dec-21 16:20 ET
Dow -532.20 at 35365.44, Nasdaq -10.75 at 15169.67, S&P -48.03 at 4620.64
[BRIEFING.COM] The S&P 500 fell 1.0% on this quadruple witching-options expiration Friday, as the market was influenced by growth concerns and technical factors. The Dow Jones Industrial Average fell 1.5%, while the Nasdaq Composite decreased just 0.1% and the Russell 2000 gained 1.0%.
The COVID-19 situation seemed to weigh on the market with sporting events continuing to get postponed, President Biden warning of "winter of severe illness and death" for those unvaccinated against COVID-19, and former FDA Commissioner Gottlieb suggesting that businesses in New York might voluntarily close for a few weeks due to surging cases.
All 11 S&P 500 sectors closed lower, led by the cyclical financials (-2.3%), energy (-2.3%), and industrials (-1.7%) sectors; the Treasury yield curve flattened amid increased demand for longer-dated maturities; and oil prices ($70.93, -1.43, -2.0%) settled sharply lower. The real estate sector (-0.3%) declined the least.
Technical factors were most evident in the S&P 500, which found support at its 50-day moving average (4604) after it dipped below the level in the morning. The mega-caps lifted the benchmark index off those lows, as investors presumably saw their recent declines as a good buying opportunity.
Similarly, small-caps and retail stocks saw some relief after lagging in recent weeks, benefiting from rotation-minded activity. The Russell 2000 and SPDR S&P Retail ETF (XRT 87.99, +0.45, +0.5%) both entered the session in correction territory, or down more than 10.0% from recent highs.
Oracle (ORCL 96.61, -6.61, -6.4%) saw no relief after The Wall Street Journal reported that the company is in discussions to acquire Cerner (CERN 89.77, +10.28, +12.9%) for as much as $30 billion. ORCL shares fell 6% while CERN shares rose 13%.
Rivian (RIVN 97.70, -11.17, -10.3%) dropped 10% after missing EPS estimates while FedEx (FDX 250.32, +11.80, +5.0%) rose 5% on pleasing earnings news. FedEx also authorized a new $5 billion share repurchase program.
Recapping the price action in the Treasury market, the 2-yr yield increased three basis points to 0.64% while the 10-yr yield decreased two basis points to 1.40%. The U.S. Dollar Index gained 0.7% to 96.68.
Investors did not receive any economic data on Friday. Looking ahead, the Conference Board will release its Leading Economic Index for November on Monday.
S&P 500 +23.0% YTD
Nasdaq Composite +17.7% YTD
Dow Jones Industrial Average +15.6% YTD
Russell 2000 +10.1% YTD
Crude futures fall 2%
17-Dec-21 15:30 ET
Dow -419.25 at 35478.39, Nasdaq +19.88 at 15200.30, S&P -33.17 at 4635.50
[BRIEFING.COM] The S&P 500 is down 0.7% and on track to end the week with a 1.6% decline.
One last look at the sectors shows financials (-1.9%), materials (-1.9%), and industrials (-1.1%) down more than 1.0% while the real estate sector (+0.2%) is the only sector trading higher.
WTI crude futures settled lower by 2.0%, or $1.43, to $70.93/bbl.
