Closing Stock Market Summary
The stock market closed with gains, which leaves the S&P 500 at a fresh all-time high. Carryover upward momentum following last week's pleasing finish acted as support for the market today, along with a drop in Treasury yields.
The 2-yr note yield declined three basis points today to 4.38% and the 10-yr note yield fell five basis points to 4.09%.
Market participants were also waiting on key events this week, including a pick up in earnings reporting and some potentially market-moving economic data. The first reading of Q4 GDP will be released on Thursday, and the December Personal Income and Spending report will be released on Friday, which features the Fed's preferred inflation measure in the form of the PCE Price Indexes.
Today's gains were more broad-based compared to last week, which featured the outperformance of tech stocks. Advancers had a 7-to-2 lead over decliners at the NYSE and a better than 2-to-1 lead at the Nasdaq. The Invesco S&P 500 Equal Weight ETF (RSP) gained 0.5% versus a 0.2% gain in the market-cap weighted S&P 500.
Meanwhile, losses in Meta Platforms (META 381.78, -1.67, -0.4%), Amazon.com (AMZN 154.78, -0.56, -0.4%), Microsoft (MSFT 396.51, -2.16, -0.5%), and Alphabet (GOOG 147.71, -0.26, -0.2%), likely tied to profit-taking activity after a strong start to the year, limited index performance somewhat. Tesla (TSLA 208.80, -3.39, -1.6%) was another influential laggard, but shares are down 16.0% for year.
Gains in Apple (AAPL 193.89, +2.33, +1.2%) and NVIDIA (NVDA 596.54, +1.63, +0.3%) provided some offsetting support to the broader market, and propelled the S&P 500 information technology sector (+0.4%) toward the top of the leaderboard today.
Other top performing sectors included industrials (+0.7%), real estate (+0.4%), and financials (+0.4%). The consumer discretionary sector (-0.5%) saw the steepest decline due to losses in AMZN and TSLA.
Separately, shares of Archer-Daniels (ADM 51.69, -16.50, -24.2%) plunged today after news that its Nutrition segment accounting practices are being reviewed, and its CFO was placed on leave.
- S&P 500: +1.7%
- Nasdaq Composite: +2.3%
- Dow Jones Industrial Average: +0.8%
- S&P Midcap 400: -0.4%
- Russell 2000: -2.2%
Reviewing today's economic data:
- December Leading Economic Index -0.1% (Briefing.com consensus -0.3%); Prior -0.5%
Looking ahead, there is no US economic data of note on Tuesday.