Markets
Here are today’s market moves:
S&P 500 down 0.1% to 4,073.94
Dow Jones down 0.29% to 33,430.24
Nasdaq down 0.05% to 13,698.38
Bitcoin: $58,194
US10Y: 1.658%
Gold: $1,743
What Happened?
On Tuesday, the S&P 500 and Dow Jones fell slightly on low volume, a day after the two indexes hit record highs.
Markets have climbed to record highs in recent days as vaccinations accelerate in the U.S. and trillions of dollars of stimulus enter the economy.
The International Monetary Fund expects the world economy to grow by 6% this year, an upgrade from its previous forecast of 5.5%. That would be the strongest growth since 1980.
Why the upgrade? The economy is expected to rebound more quickly thanks to aggressive spending by advanced economies and vaccinations of hundreds of millions of people.
Tech stocks are starting to regain strength. Concerns that rising Treasury yields would bring the tech rally to an end haven’t exactly panned out.
What Else?
This Week
Tuesday: Earnings expected from Paychex.
Wednesday: Earnings expected from Lamb Weston.
Thursday: Earnings expected from Levi Strauss, Constellation Brands, and Conagra Brands; Weekly jobless claims.
Friday: Earnings expected from JinkoSolar.