Closing Stock Market SummaryThe S&P 500 (unch) finished flat on Monday as the market continued to consolidate near record highs. The Nasdaq Composite (unch) and Dow Jones Industrial Average (unch) also closed little changed, while the Russell 2000 fell 0.5%.
Seven of the 11 S&P 500 sectors closed higher, led by the lightly-weighted utilities (+1.3%) and energy (+0.8%) sectors. Conversely, the health care (-0.6%), materials (-0.5%), and information technology (-0.1%) sectors underperformed in negative territory.
There wasn't any specific catalyst driving the action, although there was some curve-steepening activity in Treasuries following the release of the Empire State Manufacturing Survey, which jumped to 30.9 in November (Briefing.com consensus 20.3) from 19.8 in October.
The 2-yr yield decreased one basis point to 0.52%, while the 10-yr yield rose four basis points to 1.62%. The U.S. Dollar Index rose 0.4% to 95.54. WTI crude futures were unchanged at $80.85/bbl.
The manufacturing survey was a warm-up for tomorrow's release of the Retail Sales report for October. Later in the week, reports indicated that President Biden could nominate a Fed chair and that the CBO plans to release a complete cost estimate for the Build Back Better Act by Friday.
On a related note, President Biden was preparing to sign the $1.2 trillion bipartisan infrastructure bill after the market close.
Shares of Boeing (BA 233.09, +12.13, +5.5%), meanwhile, rose 5.5% after the company received an order for two Boeing 777 freighters from Emirates. Rivian (RIVN 149.36, +19.41, +14.9%) stayed hot and extended its post-IPO gain to over 90%.
Looking ahead, investors will receive Retail Sales for October, Industrial Production and Capacity Utilization, the NAHB Housing Market Index for November, Import and Export Prices for October, Business Inventories for September, and Net Long-Term TIC Flows for September.
- S&P 500 +24.7% YTD
- Nasdaq Composite +23.0% YTD
- Russell 2000 +21.6% YTD
- Dow Jones Industrial Average +17.9% YTD