S&P 500, NASDAQ make record closes as tech stocks rally

The S&P 500 and the tech-heavy NASDAQ Composite closed at record highs on Monday, June 28, providing a strong headstart to the week as investors waited for a new set of economic data and a critical OPEC meeting this week whose outcome might sway the international oil prices.

The S&P 500 was up 0.23% to 4,290.61. The Dow Jones shed 0.44% to 34,283.27. The NASDAQ Composite rose 0.98% to 14,500.51, and the small-cap Russell 2000 was down 0.52% to 2,322.34.

The labor department is expected to release its June employment data this week. The labor market has been improving by leaps and bounds in recent months. Still, investors and economists would be keen to know the progress in June for measuring the overall gains in the economy. Despite a skewed demand and supply balance, consumer spending has been strong, helping a swift recovery.

The blue-chip index had seen another record close last Friday after President Joe Biden sealed a bipartisan infrastructure spending deal amounting to US$1.2 trillion. Utility and tech stocks were the biggest gainers, while financial and energy shares retreated in Monday’s session.

The Intellia Therapeutics (NTLA) stock jumped more than 47% after reporting positive results of its phase 1 trial of its gene-editing treatment.

Stocks of two other healthcare companies, CRISPR Therapeutics (CRSP) and Editas Medicine (EDIT), which are also involved in gene-editing technology, surged 6.58% and 5.35%, respectively.

Meanwhile, Micron Technology (MU) and Walgreens (WBA) were expected to release their quarterly earnings reports on Wednesday and Thursday, respectively.

Shares of Biogen Inc. (BIIB) declined 2.71% after concerns were raised over the high prices of its new Alzheimer's drug, Aduhelm, recently approved by the FDA. The treatment would cost US$56,000 a year.

Boeing Co (BA) stock shed 3.57% after the Federal Aviation Administration (FAA) informed the company that its certification for the 777 X jets for commercial service might not come until mid-2023.

Chinese automobile maker NIO Inc. (NIO) stock jumped 9.94%, while Ford Motor Co (F), General Motors Co (GM), and Volkswagen AG (VWAGY) decline 1.51%, 2.46% and 2.31%, respectively. On the other hand, EV maker Tesla Inc. (TSLA) stocks advanced 2.54%.

The tech segment provided the biggest boost to NASDAQ and S&P 500 in Monday’s session. Apple Inc. (AAPL) stock rose 1.28%, Microsoft Corp (MSFT) increased by 1.06%, while Facebook, Inc. (FB) jumped 4.79%. Nvidia Corp (NVDA) and ASML Holdings (ASML) gained 5.28% and 2.30%, respectively. Adobe Inc. stock advanced 1.45%.

In the financial sector, Mastercard Incorporated (MA) decreased by 3.21%, PayPal Holdings, Inc. (PYPL) rose 1.33%, Visa Inc. (V) shed 1.53%, while Wells Fargo & Company (WFC) declined 1.56%.

Oil and gas company Exxon Mobil Corp shed 2.89%. Chevron Corporation (CVX) and Royal Dutch Shell Plc (RDS-A) declined 3.30% and 3.99%, while Enbridge Inc. ticked down 1.17%. The energy stocks declined ahead of a crucial meeting of the OPEC countries next Thursday, in which the grouping is likely to discuss the easing of supply cuts amid rising oil prices in recent weeks.

In the crypto world, Coinbase Global (COIN) advanced 9.42%, Bitcoin (BTC) and Ethereum (ETH) rose 4.93% and 16.65%, respectively.

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Top Gainers

Top performers on S&P 500 included Enphase Energy Inc (7.38%), ETSY Inc (7.36%), NRG Energy Inc (6.11%), NVIDIA Corp (5.01%). On NASDAQ, top performers were Marin Software Inc (96.85%), QAD Inc (79.98%), Intellia Therapeutics Inc (50.21%), Auddia Inc (43.66%). On Dow Jones, Intel Corp (2.81%), Microsoft Corp (1.40%), Apple Inc (1.25%), Salesforce.Com Inc (1.12%) were the leaders.

Top Losers

Top laggards on S&P 500 included Carnival Corp (-7.04%), Royal Caribbean Cruises Ltd (-6.47%), Norwegian Cruise Line Holdings Ltd (-6.09%), Nov Inc (-6.00%). On NASDAQ, Exelixis Inc (-23.06%), Kiromic Biopharma Inc (-20.10%), Meta Materials Inc (-19.60%), Oblong Inc (-17.93%). On Dow Jones, Boeing Co (-3.39%), Chevron Corp (-3.08%), American Express Co (-2.76%), Travelers Companies Inc (-1.50%) were the laggards.

Volume Movers

Top volume movers were Apple Inc (16.38M), Ford Motor Co (15.59M), General Electric Co (11.47M), Carnival Corp (10.16M), American Airlines Group Inc (8.68M), Bank of America Corp (8.38M), ViacomCBS Inc (8.05M), Marin Software Inc (39.67M), ContextLogic Inc (25.80M), Sundial Growers Inc (11.65M), SoFi Technologies Inc (9.48M), Li Auto Inc (8.33M).

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Futures & Commodities

Gold futures were up 0.06% to US$1,778.80 per ounce. Silver increased 0.44% to US$26.203 per ounce, while copper fell 0.25% to US$4.2787.

Brent oil was down 1.75% to US$74.06 per barrel and WTI crude decreased 1.70% to US$72.79.

Bond Market

The 30-year Treasury bond yields was down 3.31% to 2.097, while the 10-year bond yields decreased 3.54% to 1.482.

US Dollar Futures Index rose 0.05% to US$91.888.