Here are today’s market moves:
S&P 500 down 0.16% to 3,962.71
Dow Jones down 0.39% to 32,825.95
Nasdaq up 0.088% to 13,471.57
Gold: $1,731
Bitcoin: $56,240
US10Y: 1.623%
What Happened?
Major U.S. stock indexes fell on Tuesday, as an early rally in tech shares lost momentum ahead of the closing bell.
The S&P 500 and the Dow Jones both closed slightly in the red. The Nasdaq finished the day up 0.088%, after having been up as much as 1.2% earlier in the day.
A selloff in U.S. Treasurys has pushed yields higher in recent weeks, making bonds more appealing to investors and making shares in tech and other fast-growing companies less attractive.
The Fed’s two-day meeting began Tuesday. Investors are keeping a close eye on the Fed to see whether it will address the recent rise in bond yields. Fed Chair Jerome Powell is likely to reiterate his steady policy stance tomorrow.
The S&P 500 has hit new highs in recent months as a result of loose monetary policy, progress on Covid-19 vaccinations, and a $1.9 trillion stimulus package.
Investors are confident that the major spending by the U.S. government will fuel an acceleration in economic growth and corporate profits in 2021.
109 million Americans, or 32% of the population, have received at least one vaccine dose so far.
What Else?
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This Week
Monday: Earnings expected from H&M.
Tuesday: Earnings expected from Coupa and Volkswagen.
Wednesday: Earnings expected from Lennar; Fed policy meeting – Jerome Powell is likely to reiterate his no-tightening policy stance.
Thursday: Earnings expected from Dollar General, FedEx, and Nike; Weekly jobless claims.
Friday: Earnings expected from BRP.