Feb. 26, 2021
Good evening everyone! Welcome to a new episode of “Stocks Today”, explaining what forces moved the stocks in the U.S. equity market today (Friday, February 26, 2021).
Both the S&P 500 and the Dow Jones closed negative today, down respectively 0.48% and 1.50%. The Nasdaq closed positive instead, up 0.56%.
Why did the stock market move today?
As treasury yields kept on rising today, investors seemed to still carry second thoughts on the valuation of stocks from the technology sector. A shift away from the tech-sector might also have been caused by expectations of a return to pre-pandemic normal in the near future. However, as higher interest rates could influence the cost of borrowing, such worries also pulled down stocks from traditional sectors today.
Stock of the day
After posting their first quarterly earnings as a publicly traded company, with a quarterly revenue of $859 million beating the expected $748 million, shares in Airbnb (NASDAQ: ABNB) jumped more than 13% today.
That’s all for this Friday’s stock market update. Stay tuned to receive your daily update!