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S&P 500, Nasdaq Hit Record Highs as Tech Bulls March On

Stock MarketsJun 14, 2021 04:17PM ET
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© Reuters.

By Yasin Ebrahim

Investing.com – The S&P 500 and Nasdaq closed at all-time highs Monday as tech made a strong start to the week despite some on Wall Street warning of a hawkish surprise from the Federal Reserve later this week.  

The S&P 500 rose 0.18%, to close at a record high of 4,255.15. The Dow Jones Industrial Average was down 0.25%, or 85 points, and the Nasdaq Composite was up 0.74% to close a record high of 14,174.14.

The Federal Open Market Committee kicks off its two-day meeting on Tuesday, against fresh worries that the central bank could be behind the curve on inflation. 

"Given the shift in the mix of inflation from transitory towards sustainable, the risk of a hawkish tilt within the FOMC has increased," Morgan Stanley (NYSE:MS) said in a note.

The fall in rates leading up to the FOMC meeting suggests investors are dismissing inflation as transitory, just "at the time when the sustainability of inflation looks more viable," Morgan Stanley added.  

Treasury yields ended higher on the day, but that didn't spell doom and gloom for highly-valued technology stocks, which tend to be less attractive in rising rate environments.  

Google-parent Alphabet (NASDAQ:GOOGL), Microsoft (NASDAQ:MSFT), Apple (NASDAQ:AAPL),  Amazon.com (NASDAQ:AMZN) and Facebook (NASDAQ:FB) traded sharply higher.

Cyclicals including industrials, energy, and financials were not having a good day.

Financials slipped more than 1%, paced by a drop in banking stocks after JPMorgan's chief executive Jamie Dimon warned the that pandemic-led boom in trading revenue for JPMorgan could be nearing an end.

Fixed-income trading revenue JPMorgan will be just above $6 billion in the second quarter, Dimon said Monday at a Morgan Stanley virtual conference.

JPMorgan Chase & Co (NYSE:JPM), Citigroup (NYSE:C) and Goldman Sachs Group (NYSE:GS) were down more than 1%.

Energy, meanwhile, failed to capitalize on a jump in oil prices toward 32-month highs amid losses in Baker Hughes (NYSE:BKR), Schlumberger (NYSE:SLB) and Hess (NYSE:HES).

In other news, Lordstown Motors (NASDAQ:RIDE) fell 19% after Steve Burns and Julio Rodriguez resigned as the company's chief executive officer and chief financial officer, respectively.

S&P 500, Nasdaq Hit Record Highs as Tech Bulls March On
 

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Comments (10)
Patrick Turner
Patrick Turner Jun 14, 2021 7:34PM ET
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Check your math! S&P went UP 18 bp not down.
John Shiels
John Shiels Jun 14, 2021 6:41PM ET
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This is like a very used car with a bad paint job, looks ok at night from a distance.
Rob Fordham
Rob Fordham Jun 14, 2021 6:41PM ET
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I dont know man right now my gains look good to me
Jouni Matero
Jouni Matero Jun 14, 2021 6:41PM ET
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Rob happy happy joyjoy, come on!!
Ali koo
Ali koo Jun 14, 2021 5:39PM ET
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I want to use this investing. com
Daniel Morel
Daniel Morel Jun 14, 2021 5:05PM ET
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Maybe you are not aware but the global economy is re-opening and you news tech to support - Procter & Gamble or Coca Cola are not going to lead that recovery - i am tires of hearing “value stocks” and “cyclical” for the past two years and still tech is moving ahead
Rob Fordham
Rob Fordham Jun 14, 2021 5:05PM ET
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Yep dont forget banks all gone nowhere like amazon msft nvda etc are going anywhere please
Alexander Stinson
Alexander Stinson Jun 14, 2021 4:56PM ET
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scam market
Rob Fordham
Rob Fordham Jun 14, 2021 4:56PM ET
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Sounds like someone missed the run
Tim Richards
Tim Richards Jun 14, 2021 4:43PM ET
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Your 1st two paragraphs contradict each other. Which is correct with regard to S&P 500?
Matthew Cully
Matthew Cully Jun 14, 2021 4:43PM ET
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it finished up 0.18%
Joey Joey
Joey Joey Jun 14, 2021 4:43PM ET
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scam
Tim Richards
Tim Richards Jun 14, 2021 4:43PM ET
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Your 1st two paragraphs contradict each other. Which is correct with regard to S&P 500?
justin namon
justin namon Jun 14, 2021 4:32PM ET
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Algo pumps are brutal
Jouni Matero
Jouni Matero Jun 14, 2021 4:28PM ET
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Tech bots you mean..
 
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