Breaking News
LAST CHANCE for Cyber Monday SALE: Up to 54% off InvestingPro! Register here
Investing Pro 0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

S&P 500 slips but closes near record level

EconomyApr 06, 2021 04:25PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. FILE PHOTO: A U.S flag is seen on the New York Stock Exchange in the Manhattan borough of New York City

By Chuck Mikolajczak

NEW YORK (Reuters) -The S&P 500 slipped on Tuesday but stayed near closing record highs posted in consecutive sessions, as investors weighed more strong U.S. economic data against nervousness about upcoming quarterly earnings reports.

U.S. job openings rose in February to a two-year high while hiring picked up. The data came on the heels of Friday's strong payrolls report and a report on Monday showing activity in the service sector climbed to a record high in March.

The International Monetary Fund raised its global growth forecast to 6% this year from 5.5%, a rate not seen since the 1970s.

But with an upcoming earnings season expected to show S&P profit growth of 24.2% from a year earlier, according to Refintiv data, investors may be waiting to see how strong the results will actually be.

"The big unanswered question is how open the economy is right now and how many people are out there," said Stephen Massocca, Senior Vice President at Wedbush Securities in San Francisco.

"These security prices are reflecting an anticipation that the economy is going to get back to normal sooner rather than later and it is not exactly clear where we are in that process."

Unofficially, the Dow Jones Industrial Average fell 96.35 points, or 0.29%, to 33,430.84, the S&P 500 lost 4.09 points, or 0.10%, to 4,073.82 and the Nasdaq Composite dropped 7.21 points, or 0.05%, to 13,698.38.

Gains on Wall Street were muted, with the Dow slightly lower a day after a rally sent it and the S&P 500 to record highs. Investors were assessing the staying power of gains in economically sensitive sectors such as industrials and materials that have been leading the charge higher.

Shares of many economically sensitive companies are classified as value stocks. But growth, which includes many stocks in the technology and communication services sectors, has shown signs of life.

Large U.S. fiscal and monetary stimulus measures and a swift rollout of vaccines have pushed the S&P 500 and Dow to record levels, with the CBOE volatility index retreating to pre-pandemic lows.

Still, some investors remain worried about the possibility of rising inflation and proposals for higher taxes. In addition, other countries continue to have difficulty containing the coronavirus. Canadian Prime Minister Justin Trudeau said on Tuesday the country is facing a very serious third wave.

Snap Inc (NYSE:SNAP) jumped 5.12% after Atlantic Equities upgraded its rating on the photo-messaging app owner's shares to "overweight" from "neutral".

Norwegian Cruise Line (NYSE:NCLH) Holdings Ltd added 4.61% as it said it would begin sailing outside the United States from the Caribbean and Greek Isles in July, restarting trips after a year-long hiatus brought on by the pandemic.

S&P 500 slips but closes near record level
 

Related Articles

Asian Stocks Up as Omicron Fears Subside
Asian Stocks Up as Omicron Fears Subside By Investing.com - Nov 29, 2021

By Gina Lee Investing.com – Asia Pacific stocks were mostly up on Tuesday morning, ending November on a high note as Chinese data indicated improved factory activity. China’s...

Asia share markets rebound from virus-led sell-off
Asia share markets rebound from virus-led sell-off By Reuters - Nov 29, 2021

By Scott Murdoch HONG KONG (Reuters) - Asian share markets were trading in positive territory on Tuesday as investors became cautiously optimistic the new Omicron variant might...

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (4)
Casador Del Oso
Casador Del Oso Apr 06, 2021 1:38PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Recovery/Rebound hopes have been baked into the market for months mow. When will this lemon be squeezed dry?
Farting Joe
Farting Joe Apr 06, 2021 1:04PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
vaccine, stimulus 1, .. stimulus #345, rebound lol, Pulitzer prize lol
perplexed76 .
perplexed76 . Apr 06, 2021 12:55PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
the same set of old mantras
Atlantic Coast Money
Atlantic Coast Money Apr 06, 2021 9:10AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
“Hopes” again?! LOL. Just pull the rug and reset so we can buy at reasonabld valuations. Turn the lights off in the stock market casino. Let’s go.
Joel Hauser
Joel Hauser Apr 06, 2021 9:10AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
He missed the opporunity to buy on dips.Hate to break it to but you won't see below 30k,3.8k,13.4k levels for a long long time not until 2027/28.
Jon Bal
Jon Bal Apr 06, 2021 9:10AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
no way...every $ gained is another .50 i can margin
Peter ONeill
Peter ONeill Apr 06, 2021 9:10AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Joel Hauser  The Nasdaq looked overvalued at 9,700 pre-pandemic (now just under 13,700) & Dow looked overvalued at 30,000 (now over 33,400). THE ONLY thing which has made them both rise constantly in the past 12 months isn't productivity/growth.... but Federal Debt / Stimulus in the Trillions flooding the market. Same for cryptocurrency, EV shares, NTF and SPACs China trade war + large inflation + interest rates increasing + huge global debt + more covid variants + higher corporate taxes to pay for even more stimulus = US equity markets are AT LEAST 20% overvalued.  Companies will have to increase their profits by 40%+ to justify their highly inflated PE Ratios over historic norms.  The market might continue rising with even more stimulus flooding the market...but sooner or later a massive correction is due if profits do not increase in tandem to meet currently overstretched values - which my guess is perhaps earnings in Q4 2021 or Q1 2022.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email