S&P 500, Nasdaq hit record highs after tech, energy stocks rally

August 23, 2021 02:43 PM PDT | By Sanjeeb Baruah

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S&P 500, Nasdaq hit record highs after tech, energy stocks rally — Image source: Copyright © 2021 Kalkine Media Pty Ltd.

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Benchmark US indices closed at record highs on Monday, August 23, pulled up by gains in technology and energy segments as investors turned their focus on riskier assets amid hopes of a faster economic recovery.

The S&P 500 was up 0.85% to 4,479.53. The Dow Jones rose 0.61% to 35,335.71. The NASDAQ Composite gained 1.55% to 14,942.65, and the small-cap Russell 2000 was up 1.88% to 2,208.30.

Investors’ spirits were lifted by the news of FDA approval to a new Pfizer-BioNTech vaccine that could help curb delta infections. The drug is suitable for people aged 16 years and above. After the news, Pfizer Inc. (PFE) and BioNTech SE (BNTX) stocks surged 2.82% and 9.01%, respectively.

Technology, energy, and consumer discretionary stocks were among the top movers on Monday. Eight of the 11 sectors of the S&P 500 stayed in the green. Utility and real-estate stocks trailed.

The JD.com Inc. (JD) stock rose 2.92% after the company reported its Q2 earnings. Its revenue rose by 26.2% YoY to RMB253.80 billion. Its adjusted earnings were RMB4.63 billion.

Ride-hailing firms Uber Technologies Inc. (UBER) and Lyft Inc. (LYFT) rose 2.47% and 2.42%, respectively, after a California judge stayed a ballot measure that obstructed drivers' right to be accepted as workers of the companies. The court declared a California rule unconstitutional.

The stocks of Canada-based immuno-oncology company Trillium Therapeutics (TRIL) jumped 189.49% in intraday trading after Pfizer agreed to acquire the company for around US$2.3 billion.

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US auto giant General Motors Co. (GM) stock fell 1.10% after the company said the expanded recall of its Chevrolet Bolt EVs would cost it around US$1 billion.

In technology stocks, Apple Inc. (AAPL) rose 1.23%, Taiwan Semiconductor Manufacturing Company Limited (TSM) rose 2.64%, and NVIDIA Corporation (NVDA) gained 5.38%. ASML Holdings N.V. (ASML) and Adobe Inc. (ADBE) surged 2.91% and 1.65%, respectively.

In energy stocks, Exxon Mobil Corporation (XOM) rose 4.15%, Chevron Corporation (CVX) increased by 2.66%, and PetroChina Company Limited (PTR) gained 3.99%. TotalEnergies SE (TTE) and BP p.l.c. gained 2.10% and 3.05%, respectively.

In the utility sector, NextEra Energy Inc. (NEE) plunged 1.90%, Duke Energy Corporation (DUK) declined by 1.13%, and The Southern Company (SO) fell 0.77%. Dominion Energy Inc. (D) and Xcel Energy Inc. (XEL) ticked down 1.12% and 1.89%, respectively.

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Top Gainers

Top performers on S&P 500 included APA Corp (US) (7.59%), Moderna Inc (7.55%), Occidental Petroleum Corp (6.92%), Xilinx Inc (6.41%). On NASDAQ, top performers were Trillium Therapeutics Inc (188.83%), Vivos Therapeutics Inc (53.65%), GreenPro Capital Corp (34.23%), Canoo Inc (31.81%). On Dow Jones, Boeing Co (3.16%), Chevron Corp (2.58%), Intel Corp (2.35%), Caterpillar Inc (2.05%) were the leaders.

Top Losers

Top laggards on S&P 500 included Cboe Global Markets Inc (-2.62%), Rollins Inc (-2.42%), Pool Corp (-2.37%), Xcel Energy Inc (-2.29%). On NASDAQ, Regencell Bioscience Holdings Ltd (-28.29%), MarketWise Inc (-16.69%), Staffing 360 Solutions Inc (-13.02%), Flora Growth Corp (-12.15%). On Dow Jones, UnitedHealth Group Inc (-1.01%), Walmart Inc (-0.66%), Travelers Companies Inc (-0.58%), Procter & Gamble Co (-0.51%) were the laggards.

Volume Movers

Top volume movers were Pfizer Inc (14.21M), Apple Inc (12.12M), Ford Motor Co (12.01M), NVIDIA Corp (10.11M), Bank of America Corp (9.72M), Advanced Micro Devices Inc (9.52M), Vivos Therapeutics Inc (21.67M), Xeris Pharmaceuticals Inc (8.58M), Trillium Therapeutics Inc (8.45M), GreenPro Capital Corp (7.95M).

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Futures & Commodities

Gold futures were up 1.33% to US$1,807.80 per ounce. Silver increased by 2.29% to US$23.642 per ounce, while copper rose 2.05% to US$4.2220.

Brent oil futures increased by 5.41% to US$68.25 per barrel and WTI crude was up 5.41% to US$65.50.

Bond Market

The 30-year Treasury bond yields was up 0.06% to 1.874, while the 10-year bond yields fell 0.40% to 1.255.

US Dollar Futures Index decreased by 0.55% to US$92.990.

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