How was the stock market today? The answer is a bit complicated and depends strongly on which major blue-chip index you connect your car to.
The S&P 500 closed with a 0.8% loss to 3,876, while the technical heavy Nasdaq Composite fell for a fifth day in a row, by 2.5% to 13,533 … but Dow Jones Industrial Average managed to scratch out 0.1% get, to 31,521.
It is a continuation of a trend that has emerged in recent weeks amid a sharp rise in interest rates. Higher bond yields may weigh heavily on equities, but especially on the growth but extremely expensive technology sector, where more expensive borrowing will reduce margins. Apple (AAPL) decreased by 3.0%. Tesla (TSLA) decreased by 8.6%.
In the back, financial shares continued to jump, as higher interest rates help banks and insurance companies lose ground. Monday’s best performances came from the energy sectorhowever, as Texas’ latest weather problems are expected to hamper oil and gas supplies for several weeks. US crude oil futures jumped 3.8% to $ 61.49 a barrel and lifted stocks that Exxon Mobile (XOM, + 3.7%) and Chevron (CVX(+ 2.7%).
Other measures in the stock market today:
- Small cap Russell 2000 ended 0.7% lower at 2,251.
- Gold futures collected 1.7% to end the day at $ 1,808.40 per ounce.
- Bitcoin prices fluctuated a lot. After finishing at $ 55,371 on Friday afternoon, they briefly darkened $ 58,000 this weekend before peeling back. Prices then dropped to as low as $ 50,623 in Monday’s trading before closing at $ 54,009. (Bitcoin trades 24 hours a day; prices reported here are from 4pm every trading day.)
More new shares are on the way
While investors may have lost some appetite for expensive technical stocks, they are apparently still hungry for the novel and the new one. 2021 has seen a voracious demand for IPOs, Including Bumble (BMBL), Confirm (AFRM) and Petco (WEFT) – and more is on the way.
In recent days, several high-profile companies have thrown their hats in the ring by filing S-1s with the SEC, including Coupang (South Korea’s second largest online retailer) and craft retailers Jo-Ann Stores.
If you are curious about these and other potential deals on the 2021 horizon, check out ours frequently updated list of the year’s hottest upcoming IPOs. Several of the companies on our original watch list have already become public; We are currently looking at a dozen companies that should deduct IPOs at the turn of the year. We divide each company: what they do, when they are expected to offer shares and how much each company will be valued at.
Kyle Woodley was long Bitcoin as of this writing.
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