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Tech stocks send Nasdaq to fresh record close, boost S&P

Stock Markets Sep 01, 2021 07:32PM ET
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2/2 © Reuters. FILE PHOTO: A trader works on the floor at the New York Stock Exchange (NYSE) in Manhattan, New York City, U.S., August 20, 2021. REUTERS/Andrew Kelly 2/2
 
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By David French

(Reuters) - The Nasdaq closed Wednesday at a record high, and the S&P 500 rose but just missed a fresh peak, as September kicked off with renewed buying of technology stocks and private payrolls data, which supported the case for dovish monetary policy.

Technology stocks, which tend to benefit from a low-rate environment, finished higher. Apple Inc (NASDAQ:AAPL) rose 0.4% to its second-highest close, and Facebook Inc (NASDAQ:FB), Amazon.com Inc (NASDAQ:AMZN) and Google-owner Alphabet (NASDAQ:GOOGL) Inc all advanced between 0.2% and 0.7%.

Utilities and real estate - sectors considered as bond-proxies or defensive - were the top performers.

"Given there's going to be some choppiness in the economic recovery because of COVID, people will look for where they can find the best future growth potential," said Chris Graff, co-chief investment officer at RMB Capital.

Wall Street's main indexes have hit record highs recently, with the benchmark S&P 500 notching seven straight monthly gains as investors shrugged off risks around a rise in new coronavirus infections and hoped for the Fed to remain dovish in its policy stance.

Each new data release though is viewed by investors through the prism of whether it could push the Fed to taper sooner rather than later.

A report by ADP, published ahead of the U.S. government's more comprehensive employment report on Friday, showed private employers hired far fewer workers than expected in August.

Another set of data on Wednesday showed U.S. manufacturing activity unexpectedly picked up in August amid strong order growth, but a measure of factory employment dropped to a nine-month low, likely as workers remained scarce.

"We've got the jobs report on Friday, but what's become more important is the job openings report next week and the CPI release after that, so a lot about employment and inflation in the next couple of weeks which will reset people's expectations for tapering and interest rates," Graff added.

The Dow Jones Industrial Average fell 48.2 points, or 0.14%, to 35,312.53, the S&P 500 gained 1.41 points, or 0.03%, to 4,524.09 and the Nasdaq Composite added 50.15 points, or 0.33%, to 15,309.38.

Falling 1.5% on the day, and down for the third straight session, was the energy index.

Crude prices were flat after OPEC and its allies agreed to stick to their existing policy of gradual output increases. However, the full extent of damage to U.S. energy infrastructure from Hurricane Ida is still being established [O/R]

More than 80% of oil and gas production in the Gulf of Mexico remains offline, while analysts have warned that restarting Louisiana refineries shut by the storm could take weeks and cost operators tens of millions of dollars in lost revenue.

PBF Energy (NYSE:PBF) Inc, whose 190,000 barrel-per-day Chalmette, Louisiana, refinery lost power following the storm, slumped 6.8% on Wednesday, taking its losses this week to 11.2%.

Volume on U.S. exchanges was 9.81 billion shares, compared with the 8.99 billion average for the full session over the last 20 trading days.

The S&P 500 posted 55 new 52-week highs and no new lows; the Nasdaq Composite recorded 131 new highs and 17 new lows.

Tech stocks send Nasdaq to fresh record close, boost S&P
 

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Comments (11)
Al Gore
Al Gore Sep 01, 2021 7:43PM ET
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keep printing and bringing in all that FOMO poor people money then crash and buy up all their life savings
Klaus Weyers
Klaus Weyers Sep 01, 2021 7:20PM ET
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big drop coming.. stay or get short..
jemin An
jemin An Sep 01, 2021 6:11PM ET
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Nasdaq is nothing better than chinese twisted market. What a manipulated ugly Nasdaq.
Ricardo Diogo
Rcd72 Sep 01, 2021 2:38PM ET
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Fed buying to leave shopping bags for the tax payers...
Mitchel Pioneer
Mitchel Pioneer Sep 01, 2021 1:56PM ET
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Fraudulent, criminally manipulated joke.  Love the way the DOW "rallies" out of a loss, and the "buying" magically stops just as it goes green. Assume the position for the labor day weekend America.
Steven ML
Steven ML Sep 01, 2021 1:41PM ET
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This market will soon resemble a huge whoopee cushion
Ronald Warren
Ronald Warren Sep 01, 2021 1:02PM ET
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This reminds me of the fall of 2018. Tech crashed around the 20th of October. The Tuesday following options expiration. It paid large. However, at the time puts were cheaper. I'll have to shop around. HDGE is still pretty reasonable.
Jacob Steinschlag
Jacob Steinschlag Sep 01, 2021 1:02PM ET
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I am short on AAPL and MSFT. Both trading 100% over fair value already. They've never been that expensive compared to their fundamentals before.
Theo Ross
Theo Ross Sep 01, 2021 12:07PM ET
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Financial articles are a joke. I am a young trader, but still, almost every articles I've read this year were wrong. Even in the end of the days, they struggle to explains why it went up or down. Whatever..
Ayo Abass
Ayo Abass Sep 01, 2021 12:07PM ET
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Speculation moves the market, once FED or HNI, or Institutions/firm, "above-the-market-expectation" hits the media.... stock reacts either Northwards or southward
Stan Smith
Stan Smith Sep 01, 2021 11:49AM ET
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This is getting unsightly
Rul Buz
Rul Buz Sep 01, 2021 9:55AM ET
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I want market to go up but at this point its just dangerous i dont feel comfortable investing these extremely overvalued prices we need a correction.
Edward Chong
Edward Chong Sep 01, 2021 9:55AM ET
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well say that is the way for this mkt.
Ayo Abass
Ayo Abass Sep 01, 2021 9:55AM ET
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so what do you mean by "chasing the momentum with strict stop loss"
 
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