Here are today’s market moves:
S&P 500 up 0.70% to 3,940.59
Dow Jones up 0.32% to 32,731.20
Nasdaq up 1.23% to 13,377.54
Gold: $1,739
Bitcoin: $53,848
US10Y: 1.686%
Oil: $61.31
What Happened?
Stocks rallied on Monday as technology stocks recovered from a recent selloff triggered by rising bond yields.
The S&P 500 and Dow Jones are sitting near record highs.
Apple, Microsoft and Tesla all gained more than 2% on Monday as 10-year Treasury yields fell to 1.68%, from 1.73% on Friday.
Some investors expect bond yields to continue to rise as the economy starts to open up. This would pose a threat to tech stocks, which are particularly sensitive to changes in bond yields.
According to Citadel, retail traders now account for 25% of trading activity in the stock market.
GameStop, or shall we say GameStonk, will release its first earnings report tomorrow since the reddit-fueled frenzy.
What Else?
This Week
Tuesday: Earnings expected from Adobe and GameStop; Fed Chair Jerome Powell and Treasury Secretary Janet Yellen to testify to the House Financial Services Committee on their pandemic response.
Wednesday: Earnings expected from General Mills, KB Home, and Tencent.
Thursday: Earnings expected from Darden Restaurants; Weekly jobless claims.
Friday: February U.S. personal income and spending data released.