Closing Stock Market Summary
The major indices started the day with gains thanks in part to carryover momentum after recent upside moves. The initial buying activity quickly faded, however, leading the major to trade in mixed fashion through most of the session. Ultimately, the S&P 500 closed little changed from Friday.
The market was lacking directional catalysts today as participants looked ahead to the release of the April Producer Price Index at 8:30 ET tomorrow. The April Consumer Price Index will be released Wednesday at 8:30 ET.
This week's calendar also features earnings results from Dow components Home Depot (HD 340.96, -5.47, -1.6%), Cisco (CSCO 48.68, +0.62, +1.3%), and Walmart (WMT 60.41, -0.07, -0.1%).
Today's docket included the New York Fed's latest Survey of Consumer Expectations, which showed an increase in year-ahead inflation expectations to 3.3% from 3.0%. The Treasury market didn't react much to the report. The 10-yr note yield settled two basis points lower at 4.48% and the 2-yr note yield settled one basis point lower at 4.86%. The price action in Treasuries acted as support for equities, which also had a muted reaction to the report.
Some stocks closed with outsized gains today despite the muted index-level action. Shares of GameStop (GME 30.45, +12.99, +74.4%) surged following the first X post by "Roaring Kitty" in three years. Other stocks like Beyond Inc (BYON 19.79, +2.93, +17.4%), Koss Corp (KOSS 4.37, +1.17, +36.7%), and AMC Entertainment (AMC 5.19, +2.28, +78.4%) also benefitted from speculative buying interest.
- S&P 500:+9.5% YTD
- Nasdaq Composite: +9.2% YTD
- S&P Midcap 400: +7.5% YTD
- Dow Jones Industrial Average: +4.6% YTD
- Russell 2000: +1.7% YTD