Stock Market Today: Tech Throttled as Treasury Yields Continue Climb

How’d the inventory market do immediately? The answer is a bit difficult, and closely relies on which main blue-chip index you hitch your wagon to.

The S&P 500 closed with a 0.8% loss to three,876, whereas the tech-heavy Nasdaq Composite slumped for a fifth consecutive day, by 2.5% to 13,533 … however the Dow Jones Industrial Common managed to claw out a 0.1% achieve, to 31,521.

It is a continuation of a development that has emerged over the previous couple of weeks amid a pointy rise in rates of interest; greater charges on bonds can weigh on the enchantment of shares broadly, however particularly on the growthy however extraordinarily costly tech sector, the place costlier borrowing will trim margins. Apple (AAPL) declined 3.0%. Tesla (TSLA) plunged 8.6%.

On the flip facet, financial stocks continued to leap, as greater charges assist banks and insurers pad their backside line. Monday’s greatest performances got here from the energy sector, nonetheless, as Texas’s latest climate woes are anticipated to hinder oil and gasoline provides for weeks. U.S. crude oil futures jumped 3.8% to $61.49 per barrel, lifting shares equivalent to Exxon Mobil (XOM, +3.7%) and Chevron (CVX, +2.7%).

Different motion within the inventory market immediately:

• The small-cap Russell 2000 completed 0.7% decrease, to 2,251.
• Gold futures rallied 1.7% to complete the day at $1,808.40 per ounce.
• Bitcoin costs swung fairly a bit. After ending at $55,371 on Friday afternoon, they briefly eclipsed $58,000 this weekend earlier than peeling again. Costs then dipped to as little as $50,623 in Monday buying and selling earlier than ending at $54,009. (Bitcoin trades 24 hours a day; costs reported listed below are as of 4 p.m. every buying and selling day.)

Extra New Shares Are on the Approach

Whereas buyers could have misplaced some urge for food for costly tech shares, they’re clearly nonetheless hungry for the novel and new. 2021 has seen voracious demand for preliminary public choices (IPOs), together with Bumble (BMBL), Affirm (AFRM) and Petco (WOOF) – and extra are on the best way.

Prior to now few days, a number of high-profile firms have thrown their hats into the ring by submitting S-1s with the SEC, together with Coupang (South Korea’s second-largest on-line retailer) and crafts retailer Jo-Ann Shops.

Should you’re inquisitive about these and different potential choices on the 2021 horizon, take a look at our frequently updated list of the year’s hottest upcoming IPOs. A number of of the businesses on our unique watch record have already gone public; presently, we’re taking a look at a dozen firms that ought to pull off IPOs by 12 months’s finish. We break down every firm: what they do, after they’re anticipated to supply up shares, and the way a lot every firm might be valued at.

Kyle Woodley was lengthy Bitcoin as of this writing.