Nasdaq outperformed together with most Tech giants closing Stock Market higher
Tech stocks had been affected by the continuous rise of 10-year Treasury yields for the last 7 weeks, but is now gaining grounds again as bond prices increase.
NASDAQ led the market by gaining 1.23% or 162.31 points, closing at 13,378. Though NASDAQ futures have dropped by 0.18% at 13,048.50, it was expected since they have been majorly affected by the Treasury yield increase for the past few weeks.
The Dow Jones Industrial Average index rose 103.23 points or 0.3%, landing at 32,731 at market close. The Dow futures are as steady as they claim, gaining 0.12% ending at 32,657.
S&P 500 upped by 0.7% or 27.49 closing at 3,940.59. S&P futures also gained 0.06% at 3,932.25. Seven out of their eleven sectors ended green and the most bountiful ones are still Tech stocks.
Investors continues to observe eyeing bond markets as prices drop in the U.S. interest rates are minimized in accordance to the FOMC announcement. 10-year Treasury notes gained a bit as the yield dropped from 1.729% to 1.682%. Yields tend to drop when bond prices increase.
Meanwhile, prices for Gold, Silver and crude oil took a dip in today’s session. Gold prices dropped by 0.23% to 1,734.10. Silver slipped by 0.15% to 25.73. Crude is also down by 0.13% to 61.47.
As for the international market, Stoxx Europe 600 gained 0.2% after COVID-19 vaccines tested safe and almost 80% effective based on clinical trials done is U.S. China’s Shanghai also ticked up by 1.1%. on the other hand, Japan’s Nikkei 225 fell by 2.1% and Hong Kong’s Han Sheng slipped by 0.4%.
For a quicker view, here’s the summary:
• NASDAQ rose 1.63% ending at 13,378
• The Dow Jones Industrial Average gained 0.3% closing at 32,731
• S&P 500 increased by 0.7% ending with 3,940.59
• Gold slipped down to 1,734.10
• Silver dipped to 25.73
• Crude price deflated to 61.47
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