Here are today’s market moves:
S&P 500 down 0.06% to 3,913.10
Dow Jones down 0.71% to 32,627.97
Nasdaq up 0.76% to 13,215.24
Gold: $1,743
Bitcoin: $58,793
US10Y: 1.728%
Oil: $61.41
What Happened?
Stock indexes finished the week with modest declines. The S&P 500 is down 0.77% on the week, while the Dow is down 0.46%. The Nasdaq finished the week down 0.79%, although it did manage to pare some of its losses today.
The Federal Reserve said today that it will not extend a pandemic-crisis rule that had allowed banks to relax capital levels. Bank shares fell sharply following the news.
Visa shares fell 6.2% after the Department of Justice said that it is investigating the company for anticompetitive practices.
Investors put in a record $56.8 billion into stock-market funds as stimulus checks came in.
Markets have been volatile this week, with investors trying to figure out whether improved economic prospects might mean that interest rates will climb sooner than expected.
The Federal Reserve has made it clear that they intend to keep interest rates near zero at least through 2023 despite concerns about rising inflation. Some investors just aren’t convinced.
What Else?
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.