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Dow Jones closed higher on Monday, September 27, pulled up by gains in financial and energy stocks, while Nasdaq Composite and S&P 500 retreated as losses in technology shares deepened.
The S&P 500 fell 0.28% to 4,443.11. The Dow Jones rose 0.21% to 34,869.37. The NASDAQ Composite fell 0.52% to 14,969.97, and the small-cap Russell 2000 was up 1.46% to 2,281.00.
Investors kept away from growth stocks. Instead, they appeared to have turned their focus on value and cyclical stocks after the Federal Reserve’s economic assessment last week.
The central bank gave a tentative timeline of November for stimulus withdrawal and a rate hike by next year after the end of their two-day monthly meeting last Wednesday.
Meanwhile, the US Census Bureau said on Monday that orders for durable goods exceeded the pre-covid levels in August. Orders for manufactured durable goods rose by 1.8% to US$263.5 billion in August, after increasing 0.5% in July, signaling a rise in business investment and consumer spending.
Global Market recovers all losses
Energy and financial stocks were the biggest gainers on S&P 500 index Monday. Technology and healthcare stocks were the laggards. Six of the 11 index segments stayed in the positive territory.
Gores Guggenheim, Inc. (GGPI) stock jumped more than 5% in intraday trading after news that Swedish EV maker Polestar is planning to go public through a merger with GGPI. According to people familiar with the matter, the deal value is likely around US$21 billion.
Shares of Red Cat Holdings, Inc. (RCAT) soared more than 48% after announcing that its subsidiary Skypersonic Inc has secured a five-year contract from NASA.
Facebook Inc. (FB) said on Monday that it paused the development of its Instagram Kids feature following concerns over its impact on children. The new feature provides for ad-free viewing and parental supervision, the company said. The FB stock was up 0.32% in intraday trading.
In the healthcare sector, Moderna Inc. (MRNA) fell 4.89%, BioNTech SE (BNTX) fell 6.93%, and Pfizer Inc. (PFE) declined 0.77%. In addition, Agilent Technologies (A) and Abbot Laboratories (ABT) plunged 3.31% and 2.83%, respectively.
In the technology sector, Accenture plc (ACN) plummeted 1.32%, Adobe Inc. (ADBE) fell 2.94%, and Salesforce.com Inc. (CRM) fell 2.14%. Apple Inc. (AAPL) and Microsoft Corp. (MSFT) ticked down 1.03% and 1.86%, respectively.
In energy stocks, Exxon Mobil Corporation (XOM) gained 3.21%, Chevron Corporation (CVX) rose 2.20%, and ConocoPhillips (COP) rose 2.32%. EOG Resources, Inc. (EOG) and Kinder Morgan, Inc. (KMI) advanced 4.49% and 3.24%, respectively.
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Futures & Commodities
Gold futures were down 0.11% to US$1,749.85 per ounce. Silver increased by 0.95% to US$22.637 per ounce, while copper fell 0.14% to US$4.2797.
Brent oil futures increased by 1.81% to US$78.63 per barrel and WTI crude was up 1.93% to US$75.41.
Bond Market
The 30-year Treasury bond yields was up 0.69% to 2.001, while the 10-year bond yields rose 1.91% to 1.489.
US Dollar Futures Index increased by 0.09% to US$93.415.
