Market Recap: S&P 500, Nasdaq close at new highs buoyed by Apple's record close

Moomoo Recap US joined discussion · Jul 8, 2021 08:42

Market Recap: S&P 500, Nasdaq close at new highs buoyed by Apple's record close

Hey moomooers,
Good evening. Here is the latest Market Recap for you.

The S&P 500 index and Nasdaq Composite posted fresh closing record highs Wednesday, after the Federal Reserve released minutes from its June policy meeting.

Stocks to watch: $Apple (AAPL.US)$, $DiDi Global (Delisted) (DIDI.US)$, $AMC Entertainment (AMC.US)$, $Beyond Meat (BYND.US)$, etc.

Market Snapshot

The S&P 500
index and Nasdaq Composite posted fresh closing record highs Wednesday after the Federal Reserve released minutes from its June policy meeting, which some market participants viewed as dovish, particularly when it comes to the progress still needed on the economic recovery.

But several Fed officials also pointed to a tightening of monetary policy potentially happening sooner than expected as the economy recovers from the pandemic, even if no move to taper asset purchases seems imminent.

$Dow Jones Industrial Average (.DJI.US)$rose 104.42 points, or 0.3%, about 0.3% shy of a record. $S&P 500 Index (.SPX.US)$climbed 14.59 points, or 0.3%, to a new all-time high 4,358.13. $Nasdaq Composite Index (.IXIC.US)$advanced 1.42 points, less than 0.1%, to 14,665.06, also eking out a record.

Source: moomoo

Futures contracts tied to the major U.S. stock indexes were little changed after both the S&P 500 and Nasdaq Composite closed at records.

Source: Bloomberg

What to drove the market?

Fed's mixed attitude toward monetary policies

Investors were focused on how soon extremely supportive monetary policies might begin to be scaled back by the Federal Reserve after the release of its mid-June rate-setting meeting minutes.

Several Fed officials said conditions may be ripe to taper the central bank's large-scale asset purchases sooner than expected, starting first with fewer monthly mortgage bond purchases.

Strong labor data to a record

A Labor Department report Wednesday showed job openings in the U.S. rose to a record 9.21 million in May, reflecting a rising demand for labor as the economy fully reopens and businesses scramble to keep up with soaring sales for their goods and service.

Even so, concerns about the recovery have been reflected, at least partly, in a recent slump in longer-dated bond yields.

What stocks to watch

$Apple (AAPL.US)$
Shares of Apple posted their first record close since January and wrapped up their seventh-straight trading day of gains Wednesday.

Shares of Apple climbed for the seventh trading day in a row, marking their longest winning streak in about three months. Shares are up 8.6% over the past seven sessions.

Bank shares were mixed, with $Goldman Sachs (GS.US)$stock ending 0.6% lower and those of $JPMorgan (JPM.US)$advancing 0.1%, as investors consider the possibility of lower bond yields hurting the financial sector's profitability.

Chinese technology companies listed on U.S. markets also have emerged as a concern under stricter supervision.

$DiDi Global (Delisted) (DIDI.US)$
Didi fell 4.6% Wednesday, after tumbling 19.6% on Tuesday in the wake of last week's New York IPO.

$AMC Entertainment (AMC.US)$
AMC has dropped 9.8% afterdropping 3.9% on Tuesday. That sets it up for a fourth straight loss, which would be the longest losing streak since April.

$Beyond Meat (BYND.US)$
Shares of the plant-based meat-substitute maker fell 3.6% after CRFA downgraded the equity to a hold rating from a buy rating. CFRA said in its downgrade of the stock that it sees a more “balanced” risk/reward in the current market environment.

Read more:
Wall Street Today: Apple shares surge to record high as rally picks up steam
Apple stock notches first record close since January

Source: Dow Jones, CNBC

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