Nasdaq, S&P 500 hit record highs; Microsoft

Nasdaq, S&P 500 hit record highs; Microsoft

The S&P 500 ended lower and the Nasdaq fell deep into negative territory on Monday after both previously hit record highs since the announcement of a second term for Federal Reserve Chairman Jerome Powell.

The Dow Jones Industrial Average ended slightly higher.  Climbing Treasury yields kept tech stocks largely lower, with holdouts including Microsoft and Apple, which many investors view as relatively safe, giving gains late in the session.

After gaining more than 3% earlier in the day, Apple ended 0.3%, its highest closing level ever. JPMorgan flagged potential improvements in iPhone 13 supply in the coming months.

Microsoft is down about 1% after growing about 2% earlier.

"The market is nervous. We know we have Powell, but that doesn't help the inflation issue," said Dennis Dick, a trader at Bright Trading LLC.  "Under the hood, the development technology got hit all day, and then eventually all the technology got hit."  Powell's nomination was welcomed by many investors in hopes of no major changes at the Fed as it guides the economy through recovery from the pandemic.  The central bank is set to return to pre-pandemic policy by the end of 2022.

The White House said Fed Governor Lyle Brainard, the other top candidate for the job, would be vice president.

"The market is like a prediction. ... 

While Brainard may have been a good choice, the markets would not know what to expect, although the general consensus was that it meant lower rates in the long run,” said Randy, managing director of trading and derivatives at Charles Schwab in Austin. Said Frederick. Texas.

(Photo: Bloomberg)

• Dow Jones Industrial Average closed 0.05% higher at 35,619.25 points • The S&P 500 closed down 0.32% at 4,682.94

• The Nasdaq Composite fell 1.26% to 15,854.76

The S&P 500 Bank Index rose 2%, tracking growth in Treasury yields as investors tightened policy through the first half of 2022. Wells Fargo & Company rose more than 3% and was one of Wall Street’s strongest banks.

Futures contracts linked to the Fed’s policy rate indicated that money markets now expect the US central bank to raise interest rates by 25 basis points by next June from previous estimates in July.

The Dow Jones Industrial Average ended 0.05% higher at 35,619.25, while the S&P 500 lost 0.32% to 4,682.94.

The Nasdaq Composite fell 1.26% to end at 15,854.76.

Jerome Powell (left) and Lyle Brainard

Jerome Powell (left) and Lyle Brainard

ALSO READ: US President Joe Biden hires Jerome Powell to lead the Fed for a second term

The S&P 500 Value Index climbed 0.6%, firmly trailing the S&P 500 Growth Index’s 1% dip.

In expanded business, Zoom Video Communications jumped 6% after the video-conferencing company posted quarterly revenue that beat expectations.

Investors were looking forward to several economic data this week, including IHS business activity readings, personal consumption spending and minutes from the Fed’s latest meeting.

In Monday’s session, Amazon fell 2.8% and Alphabet fell 1.8%, both weighing heavily on the Nasdaq.

Tesla Inc CEO Elon Musk tweeted that the Model S Plaid gained 1.7% after arriving in China “probably” around March. The stock has nearly recovered from a massive sell-off earlier this month that began after Musk voted on Twitter users about whether he should sell some of his shares in the electric carmaker.

Activision Blizzard slipped 0.3% after a media report that the video game publisher’s chief executive, Bobby Kotick, would consider leaving if it couldn’t quickly address concerns about company culture.

The S&P 500 is now up about 25% in 2021, while the Nasdaq is up 23%.

A decline in the number of issues moving beyond the 1.28-to-1 ratio on the NYSE; On the Nasdaq, the 1.76-to-1 ratio favored the downside.

The S&P 500 posted 52 new 52-week highs and 11 new lows; The Nasdaq Composite recorded 138 new highs and 507 new lows.

Volume on US exchanges stood at 11.6 billion shares, compared to an average of 11.1 billion for the full session over the past 20 trading days.

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