Here are today’s market moves:
S&P 500 up 0.13% to 3,881.37
Dow Jones up 0.05% to 31,537.35
Nasdaq down 0.50% to 13,465.20
Gold: $1,805
Bitcoin: $48,701
US10Y: 1.348%
What Happened?
U.S. stocks ended a volatile session relatively flat after a bounce back in shares of tech companies and reassuring comments from Federal Reserve Chairman Jerome Powell.
The S&P 500 fell as much as 1.8% earlier in the day but managed to close the day up 0.13%. The Nasdaq fell as much as 4% but managed to bounce back – it closed the day down 0.50%
A sharp rise in treasury yields in recent days has turned investors away from riskier assets, such as stocks. The higher treasury yields rise, the more attractive government bonds become and the less attractive riskier assets become.
Federal Reserve Chair Jerome Powell gave investors confidence by saying that the Fed was nowhere close to pulling back on its support for the economy.
Some investors are adjusting their portfolios by taking money out of growth stocks and moving into companies that will benefit from the reopening of the economy.
What Else?
This Week
Monday: Earnings expected from Palo Alto Networks.
Tuesday: Earnings expected from Home Depot and Square; Jerome Powell to testify before the Senate Banking Committee.
Wednesday: Earnings expected from Lowe's and Nvidia; Jerome Powell to testify before the House Financial Services Committee.
Thursday: Earnings expected from Airbnb, Best Buy, Domino's, HP, Salesforce, and Wayfair; Weekly jobless claims.
Friday: Earnings expected from Foot Locker.