The Dow 30 has set a new record high during today’s Hump Day session, as the blue-chip index extends its winning streak to six straight days. Ultimately, it gained just 90 points, +0.25%, after ticking down in the final minutes of regular trading from session highs. Led by Walgreens (WBA - Free Report) and Nike (NKE - Free Report) , at +1.6% and +1.4%, respectively, its modestly higher performance outpaced the other indexes on the day.
The S&P 500 also dipped in the final minutes before the closing bell off its daily highs, but managed to notch a new all-time high close of its own — the third time in the past four trading days. The broader index gained +0.14% Wednesday, led by a +10% jump from biopharma major Biogen (BIIB - Free Report) on reports that the company — which developed some of the most successful drugs to treat multiple sclerosis (MS), including Avonex, Tysabri and Tecfidera — may be sold to Korean conglomerate Samsung for more than $40 billion. Biogen’s market cap had been around $35 billion.
The Nasdaq closed slightly in the red today, -0.10%, as the tech-heavy index finds its equilibrium. As we’ve noted here recently, this will have been the first year in the past five that the Nasdaq underperformed the S&P; in fact, the cooling down of the index follows terrific growth in the previous two years: +35% in 2019 and +44% in 2020. The small-cap Russell 2000 added +0.12% on the day, but still trails its larger-cap index brethren year to date.
This morning, we saw a record headline in advance U.S. trade in goods deficit: -$97.8 billion, accelerating 17.5% from previous levels on an import/export imbalance made possible by very high domestic demand while global economies beg off a bit. Industrial supplies were +10% on the import side but -2.3% on exports, with consumer goods imports +4.5% and exports -2.1%. The U.S. goods gap for the year is currently $984.6 billion, on pace for the biggest domestic shortfall on record.
But nothing essentially has changed today. Market participants are looking for their opportunities where they exist; however, value plays look to have dried up during the past few sessions that account for the front end of the Santa Claus Rally. Until we see an augmentation to the overall economic narrative going into 2022, we expect to continue on with muted bullish sentiment overall.
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The Dow 30 has set a new record high during today’s Hump Day session, as the blue-chip index extends its winning streak to six straight days. Ultimately, it gained just 90 points, +0.25%, after ticking down in the final minutes of regular trading from session highs. Led by Walgreens (WBA - Free Report) and Nike (NKE - Free Report) , at +1.6% and +1.4%, respectively, its modestly higher performance outpaced the other indexes on the day.
The S&P 500 also dipped in the final minutes before the closing bell off its daily highs, but managed to notch a new all-time high close of its own — the third time in the past four trading days. The broader index gained +0.14% Wednesday, led by a +10% jump from biopharma major Biogen (BIIB - Free Report) on reports that the company — which developed some of the most successful drugs to treat multiple sclerosis (MS), including Avonex, Tysabri and Tecfidera — may be sold to Korean conglomerate Samsung for more than $40 billion. Biogen’s market cap had been around $35 billion.
The Nasdaq closed slightly in the red today, -0.10%, as the tech-heavy index finds its equilibrium. As we’ve noted here recently, this will have been the first year in the past five that the Nasdaq underperformed the S&P; in fact, the cooling down of the index follows terrific growth in the previous two years: +35% in 2019 and +44% in 2020. The small-cap Russell 2000 added +0.12% on the day, but still trails its larger-cap index brethren year to date.
This morning, we saw a record headline in advance U.S. trade in goods deficit: -$97.8 billion, accelerating 17.5% from previous levels on an import/export imbalance made possible by very high domestic demand while global economies beg off a bit. Industrial supplies were +10% on the import side but -2.3% on exports, with consumer goods imports +4.5% and exports -2.1%. The U.S. goods gap for the year is currently $984.6 billion, on pace for the biggest domestic shortfall on record.
But nothing essentially has changed today. Market participants are looking for their opportunities where they exist; however, value plays look to have dried up during the past few sessions that account for the front end of the Santa Claus Rally. Until we see an augmentation to the overall economic narrative going into 2022, we expect to continue on with muted bullish sentiment overall.
Questions or comments about this article and/or its author? Click here>>
Only $1 to See All Zacks' Buys and Sells
We're not kidding.
Several years ago, we shocked our members by offering them 30-day access to all our picks for the total sum of only $1. No obligation to spend another cent.
Thousands have taken advantage of this opportunity. Thousands did not - they thought there must be a catch. Yes, we do have a reason. We want you to get acquainted with our portfolio services like Surprise Trader, Stocks Under $10, Technology Innovators,and more, that closed 228 positions with double- and triple-digit gains in 2023 alone.
See Stocks Now >>
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