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S&P 500 Ekes Out Gain as Tech Rally Offset by Wobble in Energy

Stock MarketsJul 14, 2021 04:32PM ET
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© Reuters.

By Yasin Ebrahim

Investing.com – The S&P 500 eked out a small gain Wednesday as an Apple-led rally in tech was kept in check by losses in energy and financial stocks as Federal Reserve Chairman Jerome Powell backed the Fed's accommodative monetary policy stance.   

S&P 500 added 0.12%, the Dow Jones Industrial Average gained 0.13%, or 44 points, the Nasdaq fell 0.22%.

Powell didn't deviate from his recent remarks before Congress on Wednesday, as the Fed chair continued to view the factors pushing up inflation as temporary, and reiterated the central bank's commitment to keep the easy monetary policy measures in place to support job gains.  There is still long a way to achieve "substantial further progress" on maximum unemployment, Powell said in prepared remarks to the House Financial Services Committee.

The remarks arrive against further signs that price pressures are building as producer inflation surprised to the upside.

Producer Price Index rose 1.0% on the month, above economists expectations of 0.5%.  

The inflation numbers “have been higher than expected and hoped for, but they're actually still consistent with what we've been talking about,” Powell said in his semi-annual testimony before the House Financial Services Committee. “[I]t's just the perfect storm of high demand and low supply, and it should pass.”

The somewhat dovish remarks kept U.S. bond yields low, exacerbating concerns that banks will struggle to generate meaningful returns on their loan products in a low-rate environment.

Wells Fargo (NYSE:WFC) and Citigroup (NYSE:C) reported quarterly results that beat on the top and bottom lines, while Bank of America (NYSE:BAC) missed on the bottom line, sending its share price down 3%.

Energy, however, led the decliners  as oil prices fell sharply amid ongoing struggles between OPEC and its allies to reach a consensus on production levels.

UAE Energy Minister Suhail Al Mazrouei said Wednesday that an agreement had not been reached yet with OPEC+ on an extension of an oil supply deal. The news cooled earlier reports that the major oil producing nations were inching closer to a deal, and overshadowed positive data showing weekly U.S. crude supplies fell by 7.9 barrels last week.

Tech, however, supported the broader market, led by rally in Apple (NASDAQ:AAPL) on a Bloomberg reports that the tech giant is ramping its iPhone production by 20% amid expectations for a jump in demand.

Other large cap tech stocks including Amazon.com (NASDAQ:AMZN), Google-parent Alphabet (NASDAQ:GOOGL), and Microsoft (NASDAQ:MSFT were also in the green. While Facebook (NASDAQ:FB) ended lower.

In political news, General Motors (NYSE:GM) fell 1% after warning owners of the 2017-2019 Bolt electric vehicle not to park their autos inside or charge them unattended overnight after two of the vehicles caught fire.    

S&P 500 Ekes Out Gain as Tech Rally Offset by Wobble in Energy
 

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Comments (3)
Jacob Steinschlag
Jacob Steinschlag Jul 14, 2021 6:18PM ET
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wobble in Energy? the whole market is selling off and all money is flowing into aapl, calling for a major correction of that stock and nasdaq in general.
Frederick Ngai
Frederick Ngai Jul 14, 2021 6:18PM ET
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the question is, when?
Meru Pet
Meru Pet Jul 14, 2021 6:18PM ET
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Apple is not that expensive if the results are here to stay... and you have your answer...
New Jazenevd
New Jazenevd Jul 14, 2021 4:56PM ET
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Fake factors pushing up inflation are temporary, can be shuffled and reused later. The real factor, money printing, is permanent: fake media will not tell it.
Jokers R Us
Jokers R Us Jul 14, 2021 4:56PM ET
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buy gold, silver, and dividend stocks.
New Jazenevd
New Jazenevd Jul 14, 2021 4:56PM ET
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Jokers R Us  Mining stocks, in general, present better deal in inflationary environment than metals.
Meru Pet
Meru Pet Jul 14, 2021 4:56PM ET
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I don't find gold miners very reactive, recently
New Jazenevd
New Jazenevd Jul 14, 2021 4:56PM ET
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Meru Pet  My reply said “mining stocks”, it does not necessarily mean “gold miners”.
Meru Pet
Meru Pet Jul 14, 2021 4:56PM ET
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New Jazenevd  ok thats more clear...
Pen Fifteen Club
Pen Fifteen Club Jul 14, 2021 4:53PM ET
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How stupid can the author of this be to make the headline 'S&P 500 Ekes Out Gain as Tech Rally Offset by Wobble in Energy'.  These headlines are even funnier than the incessant positive spins given by this rag of a website.
Meru Pet
Meru Pet Jul 14, 2021 4:53PM ET
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can you make money by just following the medias. If yes, enjoy, if no you are wrong...
 
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