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Benchmarks closed mixed on Monday as investors focused on quarter-end corporate earnings results and discussions surrounding the bipartisan infrastructure bill. The Nasdaq and the S&P 500 hit all-time highs boosted by a rally in tech stocks led by Facebook that topped a market cap above $1 trillion for the first time after a federal court dismissed the Federal Trade Commission’s antitrust lawsuit yesterday. However, the Dow closed in the negative territory weighed down by the decline in energy and transportation stocks.
How Did the Benchmarks Perform?
The Dow Jones Industrial Average (DJI) fell 150.57 points, or 0.4%, to close at 34,283.27. The blue-chip index was weighed down by a steep decline in energy and transportation stocks. Its heavy-weight, The Boeing Company (BA - Free Report) declined 3.4% on Monday after regulators reported that the company is not likely to receive certification for its long-range aircraft until mid-to-late 2023. Shares of Chevron Corporation (CVX - Free Report) and American Express Company (AXP - Free Report) also closed at least 2.8% lower for the session. All the three stocks carry a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The S&P 500 added 9.91 points, or 0.2%, to close at 4,290.61, beginning the week with another record high close and touching an intraday record of 4,292.14. Of the 11 major sectors of the broader index, seven ended in the green, with the technology sector leading the rally with 1.1% gain. However, gains were capped by a 3.3% decline in the energy sector.
The Nasdaq Composite Index closed at a record high of 14,500.51, adding 140.12 points, or 1%, after hitting an all-time intraday peak at 14,505.19. Tech and chip stocks lead the Nasdaq to its new all-time high led by a 4.2% rise in shares of Facebook, Inc. . Its biggest gainer was NVIDIA Corporation (NVDA - Free Report) that closed 5% higher for the session, followed by Peloton Interactive, Inc. (PTON - Free Report) , NetEase, Inc. (NTES - Free Report) and Marvell Technology, Inc. (MRVL - Free Report) .
On Monday, the fear-gauge CBOE Volatility Index (VIX) increased 0.9%, to close at 15.76. Declining issues outnumbered advancing ones for 1.38-to-1 ratio on the NYSE, while a 1.09-to-1 ratio on the Nasdaq favored decliners. The S&P 500 posted 36 new 52-week highs and no new lows, while the Nasdaq Composite recorded 100 new highs and 31 new lows. A total of 9.55 billion shares were traded yesterday, lower than the last 20-session average of 11.17 billion.
Facebook Hits $1 Trillion Post Antitrust Lawsuit Dismissal
Shares of Facebook jumped 4.2% on Monday after the US federal court dismissed the antitrust complaint filed last December against the company by the Federal Trade Commission (FTC) and a coalition of attorneys general from 48 states and territories. The lawsuits against Facebook targeted Facebook’s two major acquisitions, Instagram and WhatsApp, and could lead to divesting these businesses. The news lifted the social-media company’s market capitalization above $1 trillion for the first time.
The FTC failed to prove its main contention that Facebook holds a monopoly in the American personal social networking market. While the court completely dismissed the parallel case from the state attorneys general, quoting that there was a long delay between the acquisitions and the 2020 case filing was unprecedented on a state level, the ruling is not necessarily the end of the case. The court has left open the possibility that FTC could file an amended complaint and continue the litigation.
Bipartisan Infrastructure Bill Revitalized
On Monday, investors kept a close watch on discussions surrounding the massive infrastructure bill, that a bipartisan group of lawmakers closed on last Thursday after weeks of negotiation. The bill will include $579 billion in new spending to improve America’s transportation, roads, bridges and broadband. Traders saw uncertainties surrounding the bill after a statement created an impression that President Joe Biden was issuing a veto threat. However, Biden clarified on Saturday that he doesn’t plan to veto the legislation, even if it comes without a separate reconciliation bill which was favored by Democrats. U.S. Senator Rob Portman on Sunday reported that the Republicans have agreed that the bipartisan infrastructure deal can move forward.
+1,500% Growth: One of 2021’s Most Exciting Investment Opportunities
In addition to the stocks you read about above, would you like to see Zacks’ top picks to capitalize on the Internet of Things (IoT)? It is one of the fastest-growing technologies in history, with an estimated 77 billion devices to be connected by 2025. That works out to 127 new devices per second.
Zacks has released a special report to help you capitalize on the Internet of Things’s exponential growth. It reveals 4 under-the-radar stocks that could be some of the most profitable holdings in your portfolio in 2021 and beyond.
Image: Bigstock
Stock Market News for Jun 29, 2021
Benchmarks closed mixed on Monday as investors focused on quarter-end corporate earnings results and discussions surrounding the bipartisan infrastructure bill. The Nasdaq and the S&P 500 hit all-time highs boosted by a rally in tech stocks led by Facebook that topped a market cap above $1 trillion for the first time after a federal court dismissed the Federal Trade Commission’s antitrust lawsuit yesterday. However, the Dow closed in the negative territory weighed down by the decline in energy and transportation stocks.
How Did the Benchmarks Perform?
The Dow Jones Industrial Average (DJI) fell 150.57 points, or 0.4%, to close at 34,283.27. The blue-chip index was weighed down by a steep decline in energy and transportation stocks. Its heavy-weight, The Boeing Company (BA - Free Report) declined 3.4% on Monday after regulators reported that the company is not likely to receive certification for its long-range aircraft until mid-to-late 2023. Shares of Chevron Corporation (CVX - Free Report) and American Express Company (AXP - Free Report) also closed at least 2.8% lower for the session. All the three stocks carry a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The S&P 500 added 9.91 points, or 0.2%, to close at 4,290.61, beginning the week with another record high close and touching an intraday record of 4,292.14. Of the 11 major sectors of the broader index, seven ended in the green, with the technology sector leading the rally with 1.1% gain. However, gains were capped by a 3.3% decline in the energy sector.
The Nasdaq Composite Index closed at a record high of 14,500.51, adding 140.12 points, or 1%, after hitting an all-time intraday peak at 14,505.19. Tech and chip stocks lead the Nasdaq to its new all-time high led by a 4.2% rise in shares of Facebook, Inc. . Its biggest gainer was NVIDIA Corporation (NVDA - Free Report) that closed 5% higher for the session, followed by Peloton Interactive, Inc. (PTON - Free Report) , NetEase, Inc. (NTES - Free Report) and Marvell Technology, Inc. (MRVL - Free Report) .
On Monday, the fear-gauge CBOE Volatility Index (VIX) increased 0.9%, to close at 15.76. Declining issues outnumbered advancing ones for 1.38-to-1 ratio on the NYSE, while a 1.09-to-1 ratio on the Nasdaq favored decliners. The S&P 500 posted 36 new 52-week highs and no new lows, while the Nasdaq Composite recorded 100 new highs and 31 new lows. A total of 9.55 billion shares were traded yesterday, lower than the last 20-session average of 11.17 billion.
Facebook Hits $1 Trillion Post Antitrust Lawsuit Dismissal
Shares of Facebook jumped 4.2% on Monday after the US federal court dismissed the antitrust complaint filed last December against the company by the Federal Trade Commission (FTC) and a coalition of attorneys general from 48 states and territories. The lawsuits against Facebook targeted Facebook’s two major acquisitions, Instagram and WhatsApp, and could lead to divesting these businesses. The news lifted the social-media company’s market capitalization above $1 trillion for the first time.
The FTC failed to prove its main contention that Facebook holds a monopoly in the American personal social networking market. While the court completely dismissed the parallel case from the state attorneys general, quoting that there was a long delay between the acquisitions and the 2020 case filing was unprecedented on a state level, the ruling is not necessarily the end of the case. The court has left open the possibility that FTC could file an amended complaint and continue the litigation.
Bipartisan Infrastructure Bill Revitalized
On Monday, investors kept a close watch on discussions surrounding the massive infrastructure bill, that a bipartisan group of lawmakers closed on last Thursday after weeks of negotiation. The bill will include $579 billion in new spending to improve America’s transportation, roads, bridges and broadband. Traders saw uncertainties surrounding the bill after a statement created an impression that President Joe Biden was issuing a veto threat. However, Biden clarified on Saturday that he doesn’t plan to veto the legislation, even if it comes without a separate reconciliation bill which was favored by Democrats. U.S. Senator Rob Portman on Sunday reported that the Republicans have agreed that the bipartisan infrastructure deal can move forward.
+1,500% Growth: One of 2021’s Most Exciting Investment Opportunities
In addition to the stocks you read about above, would you like to see Zacks’ top picks to capitalize on the Internet of Things (IoT)? It is one of the fastest-growing technologies in history, with an estimated 77 billion devices to be connected by 2025. That works out to 127 new devices per second.
Zacks has released a special report to help you capitalize on the Internet of Things’s exponential growth. It reveals 4 under-the-radar stocks that could be some of the most profitable holdings in your portfolio in 2021 and beyond.
Click here to download this report FREE >>