Dow, S&P 500 close at record highs as senate passes infra bill

August 10, 2021 02:32 PM PDT | By Sanjeeb Baruah

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Dow, S&P 500 close at record highs as senate passes infra bill — Image source: Copyright © 2021 Kalkine Media Pty Ltd.

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Dow Jones Industrial Average and the S&P 500 index closed at all-time highs on Tuesday, August 10, as investors laid bets on economy-sensitive stocks amid excitement over the US$1 trillion infrastructure spending bill passed by the US Senate in a bipartisan vote.

The S&P 500 was up 0.10% to 4,436.75. The Dow Jones gained 0.46% to 35,264.67. The NASDAQ Composite fell 0.49% to 14,788.09, and the small-cap Russell 2000 was up 0.20% to 2,239.36.

The infra bill, passed in a 69-to-30 vote, will pave the way for the government to allocate critical resources for building roads, bridges, railway tracks, and other infrastructure projects. The lawmakers from both sides of the political divide had debated the bill for over several weeks.

Meanwhile, the government said that covid hospitalization cases rose to a six-month high over the weekend, with around 100,000 infections reported on an average for three days in a row. The grim covid outlook may have dampened the spirits of the growth stock investors. The tech-heavy NASDAQ saw a lacklustre session amid the latest covid update.

Energy and industrial stocks were the top movers on the S&P 500 index, whose seven of the eleven segments stayed in the green zone. Technology and communication stocks declined.

Meme stock AMC Entertainment Holdings Inc. (AMC) fell 5.86% in intraday trading despite a strong Q2 earnings report on Tuesday. Its revenue for the June quarter surged 2253% YoY to US$444.7 million, much above Wall Street’s expectations.

Canadian Pacific Railway (CP) said that it raised its offer for US rail company Kansas City Southern by US$2 billion to US$27 billion. However, the value is still lower than its rival Canadian National Railway's offer of US$29 billion. CP stock fell by 0.80%, while KSU surged by 7.39% after the news.

The stock of SmileDirectClub (SDC) declined 24.27% a day after reporting its Q2 earnings. Its revenue jumped around 61% to US$174.18 million in the quarter, lower than the average analysts' estimates.

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In industrial stocks, Honeywell International Inc. (HON) gained 1.45%, Union Pacific Corporation (UNP) rose 0.83%, and The Boeing Company (BA) increased by 1.34%. Deere & Company (DE) and Caterpillar Inc. (CAT) advanced 1.81% and 2.38%, respectively.

In the energy sector, Exxon Mobil Corporation (XOM) rose by 1.73%, Chevron Corporation (CVX) gained 1.72%, and BP plc (BP) rose 2.31%. Enbridge Inc. (ENB) and ConocoPhillips (COP) advanced by 1.47% and 2.07%, respectively.

In technology stocks, NVIDIA Corp (NVDA) fell 1.63%, Microsoft Corp (MSFT) declined 0.82%, and Adobe Inc. (ADBE) fell 1.32%. In addition, Salesforce.com Inc. (CRM) and Shopify Inc. (SHOP) dropped 2.40% and 1.32%, respectively.

In the crypto world, stocks of Coinbase Global Inc. (COIN) declined 3.50%, Bitcoin (BTC) plunged 1.82%, and Ethereum (ETH) declined 0.85%.

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Top Gainers

Top performers on S&P 500 included Nucor Corp (9.58%), Kansas City Southern (7.47%), Sysco Corp (6.52%), APA Corp (US) (6.42%). On NASDAQ, top performers were Fulcrum Therapeutics Inc (125.33%), Mediaco Holding Inc (36.30%), Exagen Inc (24.59%), Orphazyme A/S (24.58%). On Dow Jones, Caterpillar Inc (2.48%), Walmart Inc (2.13%), Dow Inc (2.10%), Walgreens Boots Alliance Inc (2.09%) were the leaders.

Top Losers

Top laggards on S&P 500 included Moderna Inc (-5.72%), Micron Technology Inc (-5.36%), ABIOMED Inc (-4.02%), Teleflex Inc (-3.95%). On NASDAQ, Katapult Holdings Inc (-56.22%), Impel Neuropharma Inc (-25.87%), China XD Plastics Co Ltd (-24.76%), SmileDirectClub Inc (-24.18%). On Dow Jones, Salesforce.Com Inc (-2.38%), Visa Inc (-0.80%), American Express Co (-0.76%), and Microsoft Corp (-0.66%) were the laggards.

Volume Movers

Top volume movers were Apple Inc (16.79M), Pfizer Inc (14.13M), Advanced Micro Devices Inc (13.60M), Bank of America Corp (11.83M), Micron Technology Inc (9.16M), Wells Fargo & Co (8.27M), Fulcrum Therapeutics Inc (13.76M), Fuelcell Energy Inc (10.43M), Zynga Inc (6.18M), Microsoft Corp (5.10M).

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Futures & Commodities

Gold futures were up 0.19% to US$1,729.85 per ounce. Silver increased by 0.23% to US$23.323 per ounce, while copper rose 1.36% to US$4.3477.

Brent oil futures increased by 0.04% to US$70.83 per barrel and WTI crude was up 3.04% to US$68.50.

Bond Market

The 30-year Treasury bond yields was up 2.07% to 2.001, while the 10-year bond yields rose 2.82% to 1.354.

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