Indexes closed lower while volume soared on quadruple-witching Friday. Only the Russell 2000 was able to end the day with gains.
Better than expected Retail Sales data help the Consumer Discretionary sector advance to the top of the sector list. However, rising Treasury Yields subdued other sectors and sent three of the four major indexes to losses for the day.
Stocks rose on Wednesday after Crude Oil supplies signaled much higher demand than expected. That boosted the Energy sector by more than 3.5%, and the improved optimism drove broad gains across the market.
US Treasury Yields slid after the morning’s consumer price index data added more confusion to the economic picture. Is lower than expected inflation a good thing or a bad thing? What does it mean for Fed monetary policy? The unanswered questions equate to risk for investors, sending them to safer bets.
The OPEC Monthly Report provided a positive outlook for the economy, stating that oil demand would exceed pre-pandemic levels next year. That sent oil futures and the Energy sector higher and turned investors more optimistic on value stocks and the re-opening trade.
Markets reacted on fears of a slowing economy while demand remains higher than supply in several parts of the economy, and indicators show continued inflation for producers. The day marks the fourth straight session of declines for equities.
Indexes declined today after a volatile day for bonds. Yields were rising in the early morning before a robust 30y Bond auction sent yields lower. Jobless claims data released in the morning hit another pandemic low, boosting the economic outlook but raising expectations for the Fed to start tapering bond repurchasing.
Investors were cautious on Wednesday, sending indexes lower over fears of a slowing economy. Defensive sectors led the day.
Markets closed the day with mixed results as investors worried about a slowing economy and uncertainty around when the Fed would start bond tapering. Big Tech was viewed as the safe bet, helping keep the growth sectors and the Nasdaq positive for the day.
Investors rushed to safety in big tech today after payroll growth data came in much lower than expected. The result was losses across most sectors and indexes, but enough gains in tech mega-caps for the Nasdaq to end the day higher.