Stocks declined as market wraps, S&P and the Dow pulled back from record levels
Investors are staying low-key and are waiting for the reports from the blue chip companies coming out later this week. Since the Dow and S&P hit record levels last week, investors await for the fine print for valuation assurance. These reports will indicate the reflect the much awaited economic revival and will show if they met expectations or not.
As for the major index futures, the Dow, S&P, and NASDAQ futures all stayed above the green line ranging from 0.10% to less than 0.20%, which reflects the capability to recover some loses on the next session. Today, all three indexes suffered loses with S&P and the Dow pulling back from the records they had last Friday.
The Dow Jones Industrial Average lost more than 120 points or 0.36% closing at 34,078. This ended the Dow’s three-day winning streak, but is still considered consolidation of its current position.
Here’s an overview of today’s market movements;
• The Dow Jones Industrial Average lost 0.36% and now at 34,078
• S&P 500 Index dropped 0.53% and currently at 4,163
• NASDAQ Composite Index crashed at 13,914.77 after slipping 0.98%
• Yield on 10 Year Treasury now at 1.6010%
• Gold slumped $9.60 or 0.54% which is now at $1,770.60 an ounce
• Crude up by $0.30 or 0.48% and ended at $63.43 per barrel
S&P 500 Index dropped to 4,163 after losing 22.21 points or 0.53%. S&P’s technology shares dragged them down from record levels, with Tesla contributing the most with their shares losing value due to the incident where their electric car (which appears to be driven by ‘no one’) crashed and killed two passengers. This is considered their biggest drop in the last 4 weeks.
The high growth shares, NASDAQ Composite Index, also slumped by a bit short of 140 points or less than 1%. The 10 Year Treasury yield went up by 2.8 basis points which is now at 1.6010%. As for commodities, Gold lost almost $10 in value or a bit over 0.50% while Crude increased by almost 0.50%.
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