US Stock Market Indices Continue Uptrend, Close at Record Highs

2021-6-29 10:03

Coinspeaker
US Stock Market Indices Continue Uptrend, Close at Record Highs

Tech-influenced Nasdaq Composite (INDEXNASDAQ: .IXIC) surged by 0.98 % to close at an all-time high of 14,500.51 whereas S&P 500 also ticked up to 0.23% for its third-straight record close. The Dow Jones Industrial Average (INDEXDJX: .DJI) came under intense pressure by energy and transport stocks diving by 150.57 points to 34,283.27 and wiping off its previous gains in the process. Let’s dive deeper into the US stock market movements.

Stocks that Influenced the Indices Stock

Shares of tech companies continue to be in pole position giving support to the market. Semiconductor stocks topped the list on Monday, with NVIDIA Corporation (NASDAQ: NVDA) rising 5% and Broadcom Inc (NASDAQ: AVGO) climbing beyond 2%. Apple Inc (NASDAQ: AAPL) and Salesforce.com Inc (NYSE: CRM) also added more than 1% each.

Facebook Inc (NASDAQ: FB) also saw its share stocks rise even as the US Federal Court dismissed the antitrust case brought against the company by the US Federal Trade Commission and several state attorneys general. The shares jumped by more than 4%. The result was that Facebook closed Monday with a market cap above $1 trillion.

On the other hand, following the announcement of the regulators that the aerospace giant, Boeing, would not receive certification for its long-range aircraft till mid-to-late 2023, Boeing Co (NYSE: BA) shares started to fall. The shares of the company weighed down Dow even as shares fell by more than 3%.

Chief Investment Officer at Bryn Mawr Trust, Jeff Mills, notes that tech companies would continue to be the driver of cyclical stocks.
 “I think if you look in financials, which are a really good example, I think that became a crowded trade. I think we’ve had a room clearing out there, so to speak,” Mills said. “On the flip side, you look at the Amazons of the world, and a lot of those charts have gone sideways for the better part of six months.”

Monday’s session gains’ resulted from the retreat of Treasure yields across most maturities, with the benchmark 10-year Treasury yield sliding to about 1.48%. Also, more investors have entered into the pool signifying the restoration of confidence in the market. Many had previously felt the inflation of about 3.4% according to the Commerce Department was a major economic threat. Now the investors know it is a temporary uptick, and are pitching in again.

At the sector level of the US Stock Market, the Energy sector performed worst and Financials are lagging. Utilities and Staples stocks which are high dividend yields are leading to outperformance due to rate maths.

The session’s gains came as a culmination of Wall Street’s best week in months as investors grew more confident the current inflation in the US is not a sustained economic threat, but a temporary uptick.

The S&P 500 finished the week at a record high, while the Nasdaq added 2.35% in the five days.

Other news from the business sphere can be found here.

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US Stock Market Indices Continue Uptrend, Close at Record Highs

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