Mar. 8, 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, March 8, 2021).
Stocks from the tech-sector carried both the S&P 500 and the Nasdaq in negative field today. While the two indexes closed down respectively 0.54% and 2.41%, the Dow Jones closed positive today, up 0.97%.
Why did the stock market move today?
The Nasdaq’s recent performance officially meets the requirements to be defined as a correction, while a rotation is taking place in the stock market. With yields on 10 years treasury bonds rising and reaching 1.6%, many investors seemed convinced to move towards value stocks with lower multiples as well as stocks from traditional sectors that have the most to recover after the pandemic.
Stock of the day
Rare example of a company that could benefit both from the end of lockdowns and from a stay-at-home scenario (Disney +), shares in Disney (NYSE: DIS) jumped 6.27% today and reached a new all-time high.
That’s all for this Monday’s stock market update. Stay tuned to receive your daily update!