Here are today’s market moves:
S&P 500 down 0.11% to 3,911.23
Dow Jones down 0.032% to 31,375.83
Nasdaq up 0.14% to 14,007.70
Gold: $1,836
Bitcoin: $47,251
US10Y: 1.155%
What Happened?
U.S. stocks were mixed on Tuesday, indicating that the major indexes may cool down after reaching record highs. The S&P 500 and Dow Jones both closed the day slightly down after reaching record highs earlier in the day.
Analysts said markets are taking a breather after a huge run up in stocks and commodities so far in 2021.
The recent rally has been driven by expectations of a massive $1.9 trillion coronavirus stimulus package, which could add support to the economic rebound.
On Monday, Democrats in the House proposed legislation to give $1,400 stimulus checks to individuals making up to $75,000 and households making up to $150,000.
Some economists worry that too much stimulus could lead to problems down the road, such as hyperinflation. Inflation expectations are near their highest level since 2013.
The Biden administration, however, has made it clear that the risk of doing too little outweighs the risk of doing too much.
Around 10% of Americans have received at least one COVID-19 vaccination shot.
What Else?
This Week
Monday: Earnings expected from Chegg and Hasbro.
Tuesday: Earnings expected from Cisco, Canopy Growth, DuPont, Lyft, and Twitter.
Wednesday: Earnings expected from Coca-Cola, GM, Uber, Under Armour, and Zynga; Federal Reserve Chair Jerome Powell to speak on a webinar; The U.S. consumer price index released.
Thursday: Weekly jobless claims; Earnings expected from AstraZeneca, Cloudflare, Datadog, Disney, Kellog’s, Kraft Heinz, and PepsiCo.
Friday: Earnings expected from Dominion Energy.