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Market Snapshot

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

Dow 34552.99 -201.94 (-0.58%)
Nasdaq 13838.46 -55.38 (-0.40%)
SP 500 4461.18 -1.94 (-0.04%)
10-yr Note -1 12/32 2.315
NYSE Adv 1279 Dec 1956 Vol 1.10 bln
Nasdaq Adv 1733 Dec 2791 Vol 5.59 bln

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

Moving the Market

S&P 500 finding resistance near 200-day moving average

Crude oil rising again: EU may block imports of Russian oil

S&P 500 Finds Resistance Near 200-Day Average
21-Mar-22 16:15 ET
Dow -201.94 at 34552.99, Nasdaq -55.38 at 13838.46, S&P -1.94 at 4461.18

[BRIEFING.COM] The stock market began the week on a shaky note, causing the S&P 500 (-0.04%) to snap its four-day streak that lifted the benchmark index to a one-month high last week. The S&P 500 ended ahead of the Nasdaq (-0.4%) and Dow (-0.6%).

The S&P 500 flashed a modest gain in early trade that pushed the index above its 200-day moving average (4472), but that area served as resistance today while the 50-day moving average (4428) offered a measure of support to the benchmark index. The S&P returned into negative territory in the early afternoon after Fed Chairman Powell said that the FOMC could raise rates by more than 25 bps on one or multiple occasions this year.

Six sectors finished the day in negative territory with communication services (-0.7%) and consumer discretionary (-0.8%) showing the biggest losses while commodity-linked energy (+3.8%) and materials (+0.9%) outperformed throughout the day.

The communication services sector was pressured by losses in almost all components with Meta Platforms (FB 211.49, -5.00, -2.3%) pacing the weakness after a Russian court charged the company with extremism and banned access to Facebook and Instagram from Russia.

In the discretionary sector, Home Depot (HD 329.37, -11.37, -3.3%) pulled back after recording five consecutive gains while NIKE (NKE 130.19, -1.05, -0.8%) snapped a four-day streak ahead of tonight's release of quarterly results.

On the upside, the energy sector outperformed throughout the day thanks to strong support from crude oil, which climbed $7.18, or 7.0%, to $110.21/bbl amid continued speculation about an EU ban on Russian oil imports.

Steel names contributed to strength in the materials sector after Australia banned exports of aluminum to Russia. Nucor (NUE 142.75, +6.59, +4.8%) rallied to a fresh record while fertilizer stocks also outperformed notably with CF Industries (CF 101.31, +6.06, +6.4%) reaching a new record high.

In other corporate news, Boeing (BA 185.90, -6.93, -3.6%) fell to levels from Wednesday after a 737-800 jet manufactured by the company crashed in China, killing all 132 occupants.

Treasuries retreated throughout the day, sending the 10-yr yield higher by 17 bps to 2.32%, a level not seen since May 2019. The market will not receive any data tomorrow.

Dow Jones Industrial Average -4.9% YTD
S&P 500 -6.4% YTD
Russell 2000 -8.0% YTD
Nasdaq Composite -11.6% YTD

Energy Remains Ahead
21-Mar-22 15:25 ET
Dow -275.45 at 34479.48, Nasdaq -107.31 at 13786.53, S&P -13.17 at 4449.95

[BRIEFING.COM] The S&P 500 trades lower by 0.3% with 30 minutes remaining in the session.

The benchmark index held a modest gain in early trade, but it has not been able to defend that gain, due in part to a warning from Fed Chair Powell that the FOMC could raise rates by more than 25 bps on one or multiple occasions this year.

Eight sectors trade with losses with communication services (-1.2%) and consumer discretionary (-1.0%) leading the retreat. Meanwhile, the energy sector has extended its lead and is now up 4.1%. On a related note, crude oil climbed $7.18, or 7.0%, to $110.21/bbl.