Closing Stock Market Summary
The stock market closed this winning week on a mixed note. The Nasdaq Composite (+0.2%) settled at a fresh all-time high, boosted by mega cap components, while the S&P 500 (-0.1%) and Dow Jones Industrial Average (-0.8%) closed with losses.
NVIDIA (NVDA 942.89, +28.54, +3.1%) was among the influential winners from the mega cap space after UBS raised their NVDA target to $1100 from $800. Apple (APPL 172.28, +0.91, +0.5%), Amazon.com (AMZN 178.87, +0.72, +0.4%), Meta Platforms (META 509.58, +1.82, +0.4%), and Alphabet (GOOG 151.77, +3.03, +2.0%) also acted as support for the broader market.
This price action propelled the S&P 500 information technology (+0.5%) and communication services (+0.9%) sectors to the top of the leaderboard today.
Meanwhile, shares of lululemon athletica (LULU 403.19, -75.65, -15.8%) and NIKE (NKE 93.86, -6.96, -6.9%), which were the worst performers in the S&P 500 today, registered sharp declines after disappointing guidance.
Tesla (TSLA 170.83, -1.99, -1.2%) was another notable laggard after lowering production at its China plant amid slowing EV sales, according to Bloomberg.
Losses in the aforementioned stocks contributed to the underperformance of the S&P 500 consumer discretionary sector, which logged a 0.6% decline. The real estate (-1.2%) and financial (-1.2%) sectors also underperformed the broader market.
Meanwhile, FedEx (FDX 284.32, +19.47, +7.4%) was the top performing stock in the S&P 500 today after reporting better than expected earnings and authorizing a new $5 billion share repurchase program.
Small cap stocks lagged the broader market, leading the Russell 2000 to close down 1.3%. The loss in the small cap index was related to weakness in regional bank shares, which also drove the SPDR Regional Banking ETF (KRE) to trade down 2.2%.
Treasuries settled with gains today and this week. The 2-yr note yield declined three basis points today, and 12 basis points this week, to 4.60%. The 10-yr note yield fell five basis points today, and eight basis points this week, to 4.22%.
- S&P 500:+9.7% YTD
- Nasdaq Composite: +9.4% YTD
- S&P Midcap 400: +7.5% YTD
- Dow Jones Industrial Average: +4.7% YTD
- Russell 2000: +2.2% YTD
Looking ahead, Monday's economic calendar features:
- February New Home Sales (consensus 680,000; prior 661,000) at 10:00 ET
There was no U.S. economic data of note today.