June 7, 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 (Monday, June 7, 2021).
Both the S&P 500 and the Dow Jones closed negative, down respectively 0.08% and 0.36%, whereas the Nasdaq closed up 0.49% today.
Why did the stock market move today?
During the weekend U.S. Treasury Secretary Janet Yellen pointed out that higher interest rates actually represent a positive aspect for society as President Biden will go ahead with the infrastructure plan even if this will contribute to inflation and higher interest rates.
Although higher interests are typically a negative factor for high growth companies, shares from the technology sector saw a rebound upwards today as the yield on the U.S. 10y Treasury Notes dropped today.
Stock of the day
Shares in Clover (NASDAQ: CLOV) closed up 32% during the day and more than 8% in the after hours as the company gained traction in the Reddit – Wallstreetbets community.
That’s all for this Monday’s stock market update. Stay tuned to receive your daily update!