We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. By pressing "Accept All" or closing out of this banner, you consent to the use of all cookies and similar technologies and the sharing of information they collect with third parties. You can reject marketing cookies by pressing "Deny Optional," but we still use essential, performance, and functional cookies. In addition, whether you "Accept All," Deny Optional," click the X or otherwise continue to use the site, you accept our Privacy Policy and Terms of Service, revised from time to time.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Benchmarks closed in the red on Monday as inflation jitters moved investors away from stocks sensitive to economic reopening.
The Dow Jones Industrial Average (DJI) fell 34.94 points, or 0.1%, to close at 34,742.82 and the S&P 500 slipped 44.17 points, or 1%, to close at 4,188.43. The Nasdaq Composite Index closed at 13,401.86, shedding 350.38 points, or 2.6%. The fear-gauge CBOE Volatility Index (VIX) increased 17.8%, to close at 19.66. Declining issues outnumbered advancing ones for 1.88-to-1 ratio on the NYSE, while a 3.24-to-1 ratio on the Nasdaq favored decliners.
How Did the Benchmarks Perform?
The Dow ended in the red for the first time in six sessions after topping the 35,000 milestone, hitting an intraday peak at 35,091.56. The decline in technology and other growth stocks also pushed the S&P 500 and the Nasdaq into the negative territory. Of the 11 major sectors of the broader index, six closed in the red, with technology shedding 2.5%, followed by a more than 1.9% decline in the consumer discretionary and communication services sectors, on Monday.
The Nasdaq’s 2.6% drop was mostly due to investors dumping heavy-weight technology stocks. Shares of Facebook, Inc. , Microsoft Corporation (MSFT - Free Report) and Netflix, Inc. (NFLX - Free Report) closed 4.1%, 2.1%, and 3.4% lower, respectively, while Apple Inc. (AAPL - Free Report) and Alphabet Inc. (GOOGL - Free Report) shed 2.6% on Monday. The tech-laden indexes highest losers were Pinduoduo Inc. (PDD - Free Report) and Align Technology, Inc. (ALGN - Free Report) that closed 9.1% and 7.3% lower, respectively. Electric car maker Tesla, Inc. (TSLA - Free Report) also fell 6.4%.
On Monday, the S&P 500 posted 223 new 52-week highs and no new lows, while the Nasdaq Composite recorded 208 new highs and 148 new lows. A total of 10.97 billion shares were traded yesterday, higher than the last 20-session average of 10.20 billion.
Inflation Jitters Push Benchmarks to the Red
Major indexes took a hit on Monday as inflation fears spooked investors away from growth stocks, which stand to benefit the most from the great reopening. The resurgence in demand is clashing with the supply of basic materials, which is strained and created inflation worries. Last week investors overlooked weaker-than-expected April jobs reportand opted for growth and technology stocks as the poor reports eased concerns about the Federal Reserve’s monetary policy change.
Inflation worries and sharp sell-off in technology stocks pushed investors toward safe-havens like utilities and consumer staples that emerged as the biggest gainers. The sell-off also weighed on investor sentiment and there was a significant drop in energy, financials and industrials sectors.
Bitcoin, Like the Internet Itself, Could Change Everything
Blockchain and cryptocurrency has sparked one of the most exciting discussion topics of a generation. Some call it the “Internet of Money” and predict it could change the way money works forever. If true, it could do to banks what Netflix did to Blockbuster and Amazon did to Sears. Experts agree we’re still in the early stages of this technology, and as it grows, it will create several investing opportunities.
Zacks’ has just revealed 3 companies that can help investors capitalize on the explosive profit potential of Bitcoin and the other cryptocurrencies with significantly less volatility than buying them directly.
Image: Bigstock
Stock Market News for May 11, 2021
Benchmarks closed in the red on Monday as inflation jitters moved investors away from stocks sensitive to economic reopening.
The Dow Jones Industrial Average (DJI) fell 34.94 points, or 0.1%, to close at 34,742.82 and the S&P 500 slipped 44.17 points, or 1%, to close at 4,188.43. The Nasdaq Composite Index closed at 13,401.86, shedding 350.38 points, or 2.6%. The fear-gauge CBOE Volatility Index (VIX) increased 17.8%, to close at 19.66. Declining issues outnumbered advancing ones for 1.88-to-1 ratio on the NYSE, while a 3.24-to-1 ratio on the Nasdaq favored decliners.
How Did the Benchmarks Perform?
The Dow ended in the red for the first time in six sessions after topping the 35,000 milestone, hitting an intraday peak at 35,091.56. The decline in technology and other growth stocks also pushed the S&P 500 and the Nasdaq into the negative territory. Of the 11 major sectors of the broader index, six closed in the red, with technology shedding 2.5%, followed by a more than 1.9% decline in the consumer discretionary and communication services sectors, on Monday.
Among the Dow’s highest decliners were, Intel Corporation (INTC - Free Report) and Visa Inc. (V - Free Report) that closed more than 2.7% lower for the session. Visa carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The Nasdaq’s 2.6% drop was mostly due to investors dumping heavy-weight technology stocks. Shares of Facebook, Inc. , Microsoft Corporation (MSFT - Free Report) and Netflix, Inc. (NFLX - Free Report) closed 4.1%, 2.1%, and 3.4% lower, respectively, while Apple Inc. (AAPL - Free Report) and Alphabet Inc. (GOOGL - Free Report) shed 2.6% on Monday. The tech-laden indexes highest losers were Pinduoduo Inc. (PDD - Free Report) and Align Technology, Inc. (ALGN - Free Report) that closed 9.1% and 7.3% lower, respectively. Electric car maker Tesla, Inc. (TSLA - Free Report) also fell 6.4%.
On Monday, the S&P 500 posted 223 new 52-week highs and no new lows, while the Nasdaq Composite recorded 208 new highs and 148 new lows. A total of 10.97 billion shares were traded yesterday, higher than the last 20-session average of 10.20 billion.
Inflation Jitters Push Benchmarks to the Red
Major indexes took a hit on Monday as inflation fears spooked investors away from growth stocks, which stand to benefit the most from the great reopening. The resurgence in demand is clashing with the supply of basic materials, which is strained and created inflation worries. Last week investors overlooked weaker-than-expected April jobs reportand opted for growth and technology stocks as the poor reports eased concerns about the Federal Reserve’s monetary policy change.
Inflation worries and sharp sell-off in technology stocks pushed investors toward safe-havens like utilities and consumer staples that emerged as the biggest gainers. The sell-off also weighed on investor sentiment and there was a significant drop in energy, financials and industrials sectors.
Bitcoin, Like the Internet Itself, Could Change Everything
Blockchain and cryptocurrency has sparked one of the most exciting discussion topics of a generation. Some call it the “Internet of Money” and predict it could change the way money works forever. If true, it could do to banks what Netflix did to Blockbuster and Amazon did to Sears. Experts agree we’re still in the early stages of this technology, and as it grows, it will create several investing opportunities.
Zacks’ has just revealed 3 companies that can help investors capitalize on the explosive profit potential of Bitcoin and the other cryptocurrencies with significantly less volatility than buying them directly.
See 3 crypto-related stocks now >>