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Benchmark US indices closed higher on Monday, March 28, as Tesla, Inc (TSLA) sharp gains nullified losses in the financial and energy stocks. The shares of TSLA surged 8.03% in intraday trading after the EV maker said that it would request investors' approval at its annual meeting for increasing its number of shares to enable a stock split.
The S&P 500 was down 0.04% to 4,461.18. The Dow Jones Industrial Average decreased by 0.58% to 34,552.99. The NASDAQ Composite Index fell 0.40% to 13,838.46, and the small-cap Russell 2000 was down 0.97% to 2,065.94.
The energy stocks retreated after the oil prices declined sharply, as the increasing Covid-19 infections have raised concerns over weaker fuel demand in China. Shanghai imposed strict pandemic restrictions amid a surge in Covid-19 cases.
Meanwhile, a sell-off in the bond market seemed to be resumed on March 28. Both US 30-Year bond yield and 10-year bond yield declined over 2% and 1%, respectively, indicating that the investors have shrugged off concerns over Fed's hawkish stance in the prior week.
The consumer discretionary and real estate sector were the top percentage gainers on the S&P 500 index on Monday. Seven of the eleven critical sectors of the S&P 500 index stayed in the positive territory, with the energy and financial sectors as the bottom movers.
Meanwhile, US President Joe Biden submitted a US$5.79 trillion budget plan on Monday to Congress that proposed tax hikes on billionaires and corporations while requesting a record spending for the Defense Department and the Justice Department.
The 2023 federal budget features a new "Billionaires Minimum Tax", a 20% income tax for the top 0.01% earners and households worth more than US$100 million.
In individual stocks, the stocks of Apple Inc. (AAPL) traded flat in the intraday trading session, following a report that the company plans to trim its iPhone and AirPod production as the increasing inflation weighed on demand for the consumer electronics products. Apple reportedly cut its iPhone SE production by 20%.
The shares of Poly, formerly Plantronics, Inc. (POLY), jumped 51.53% in intraday trading after HP Inc. (HPQ) announced a definitive agreement to acquire Poly in an all-cash transaction for US$40 per share. The HPQ stock tumbled 3.06% on Monday.
In the consumer discretionary sector, Amazon.com, Inc. (AMZN) gained 2.05%, Alibaba Group Holding Limited (BABA) rose 1.14%, and Lululemon Athletica Inc. (LULU) surged 3.09%. Nio Inc. (NIO) and eBay Inc. (EBAY) advanced 5.10% and 1.45%, respectively.
In real estate stocks, Prologis, Inc. (PLD) increased by 1.77%, American Tower Corporation (AMT) grew by 1.49%, and Crow Castle International Corp. (CCI) jumped by 1.48%. Public Storage (PSA) and Equinix, Inc. (EQIX) ticked up 2.28% and 2.53%, respectively.
In the energy sector, Exxon Mobil Corporation (XOM) decreased by 2.67%, Chevron Corporation (CVX) fell 1.77%, and Shell plc (SHEL) tumbled 2.45%. PetroChina Company Limited (PTR) and ConocoPhillips (COP) declined 1.85% and 3.18%, respectively.
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Futures & Commodities
Gold futures were down 1.69% to US$1,921.25 per ounce. Silver decreased by 2.38% to US$25.005 per ounce, while copper rose 0.53% to US$4.7237.
Brent oil futures decreased by 9.14% to US$106.64 per barrel and WTI crude was down 9.25% to US$103.36.
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Bond Market
The 30-year Treasury bond yields were down 2.25% to 2.545, while the 10-year bond yields fell 1.24% to 2.462.
US Dollar Futures Index increased by 0.28% to US$99.100.
