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Stock Market News for Apr 13, 2021

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Benchmarks closed in the red on Monday as investors focused on inflation data and the beginning of the first-quarter earnings season.

The Dow Jones Industrial Average (DJI) fell 55.20 points, or 0.2%, to close at 33,745.40 and the S&P 500 slid 0.81 points, or 0.02%, to close at 4,127.99. The Nasdaq Composite Index closed at 13,850.00, shedding 50.19 points, or 0.4%. The fear-gauge CBOE Volatility Index (VIX) increased 1.3%, to close at 16.91. Declining issues outnumbered advancing ones for 1.08-to-1 ratio on the NYSE, while a 1.84-to-1 ratio on the Nasdaq favored decliners.

How Did the Benchmarks Perform?

Of the 11 major sectors of the S&P 500, eight closed in the positive with the consumer discretionary and real estate sectors adding 0.6% on Monday. The broader index witnessed a 0.9% and 0.6% decline in the energy and communication services sectors, respectively.

The Dow was dropped from its record high last day, dragged by a 4.2% decline in shares of Intel Corporation (INTC - Free Report) and more than 1% decline in bigwigs like Apple Inc. (AAPL - Free Report) , The Boeing Company (BA - Free Report) , Chevron Corporation (CVX - Free Report) and salesforce.com, inc. (CRM - Free Report) .

The decline in major tech and semiconductor stocks pushed the tech-laden Nasdaq into the negative territory on Monday. Advanced Micro Devices, Inc. (AMD - Free Report) and Trip.com Group Limited TCOM closed more than 5% lower for the session, and Xilinx, Inc. (XLNX - Free Report) dropped 4.2%.

Overall, the S&P 500 posted 73 new 52-week highs and no new lows, while the Nasdaq Composite recorded 88 new highs and 81 new lows.A total of 9.0 billion shares were traded on Monday, lower than the last 20-session average of 11.6 billion.

Investors Await Inflation Report & Corporate Earnings

A series of economic data scheduled for release this week grabbed investors’ attention on Monday and gradually resulted in a dull trading day. Federal Reserve report and key economic data like consumer price index are expected to point at the inflation. Along with that, investors await first-quarter corporate earnings this week, beginning with major banks The Goldman Sachs Group, Inc. (GS - Free Report) , JPMorgan Chase & Co., (JPM - Free Report) and Wells Fargo & Company (WFC - Free Report) on Wednesday.

Goldman Sachs flaunts a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Earlier on Sunday, Federal Reserve Chair Jerome Powell on a CBS News interview said that the U.S. economy appears to be at an “inflection point” with expectations for faster growth in the months ahead. Powell also said that they want to see inflation move up to 2% and it will help the economy rebound in the second half of the year. Additionally, he also emphasized that the central bank will not be hiking rates this year and focus on ensuring that the labor market makes recovery.

Additionally, investors eye on President Joe Biden’sinfrastructure proposal. Biden will meet with a bipartisan group of lawmakers on Apr 19 to persuade Capitol Hill to back the $2 trillion package.

Stocks that Made Headline

Diamondback (FANG - Free Report) Gives Preliminary Update on Q1 Production

Diamondback Energy, Inc. (FANG - Free Report) recently issued a preliminary update on its first-quarter 2021 production and full-year guidance. The company’s first-quarter 2021 production of oil and natural gas averaged at 307,400 barrels of oil equivalent per day (Boe/d) with oil output of 184,200 barrels per day. (Read More)

Viper Energy (VNOM - Free Report) Sees Q1 Output Rise, Production Fall

Viper Energy Partners LP (VNOM - Free Report) recently announced first-quarter 2021 production and realized price of commodities. This preliminary data will give an insight into the partnership’s first-quarter earnings, scheduled to release on May 3. Moreover, the partnership bought back $13 million worth of common units in the quarter. (Read More)

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