Big Tech was revived as bond yields retreated
Stocks kicked off the week with a win, and leading the charge was the previously battered tech sector. High-profile giants such as Tesla (TSLA), Microsoft (MSFT), and Apple (AAPL) soared after the 10-year Treasury yield tumbled to 1.68%, which helped qualm fears about valuations. Sentiment was also boosted by the accelerated pace of vaccine programs in the U.S., and AstraZeneca's (AZN) encouraging trial results for its Covid-19 vaccine.
As a result, the Dow jumped 103 points, while the S&P 500 and the Nasdaq notched modest gains as well. Elsewhere, Wall Street's "fear gauge," the Cboe Volatility Index (VIX), fell to an annual low for its ninth loss in 10 sessions.
Continue reading for more on today's market, including:
- Catch up on the biggest moves from cannabis stocks.
- Draftkings stock soared to new highs after an analyst note.
- Plus, what's left for one real estate stock; more on JetBlue's convertible debt deal; and why options traders blasted PEP.
The Dow Jones Industrial Average (DJI - 32,731.20) rose 103.2 points, or 0.3% today. Intel (INTC) topped the list of Dow components with a 2.9% rise, while JPMorgan (JPM) fell 2.7% to pace the laggards.
Meanwhile, the S&P 500 Index (SPX - 3,940.59) gained 27.5 points, or 0.7% for the day. The Nasdaq Composite (IXIC - 13,377.54) added 162.3 points, or 1.2% for the day.
Lastly, the Cboe Volatility Index (VIX - 18.88) fell 2.1 points, or 9.9%, on the day.
- Don't worry if you haven't received your stimulus payment yet, another batch of checks will hit bank accounts this week. (CNBC)
- Vaccine production is ramping up, and the U.S. vaccine program will be boosted as a result. (MarketWatch)
- After a huge 2020, can Walker & Dunlop stock continue to thrive?
- A convertible debt deal sent this airline stock lower.
- Option traders piled on PEP after an analyst upgrade.
There were no earnings of note today.
Oil Reverses From Last Week's Selloff
After selling off sharply last week, oil prices kicked off Monday with a win. Investors are hopeful that economic recovery efforts will lead to a pick-up in demand later this year. Still, renewed lockdown measures in Europe put pressure on black gold, hindering further gains. In response, May-dated crude added 12 cents, or 0.2%, to settle at $61.56 per barrel.
Gold prices fell today, as the U.S. dollar's rally took a breather. Bigger losses were kept in check by retreating Treasury yields, but what little respite was offered failed to bring more appeal to the yellow metal. As a result, April-dated gold shed on $3.60, or 0.2%, to settle at $1,738.10 an ounce.