If investors are sailors, they aren’t going too far or fast today on these super-placid waters. The three major market indexes spent this afternoon hovering near zero and finished the day -0.09% on the Dow, +0.02% on the S&P 500 and +0.31% on the Nasdaq. Only the small-cap Russell 2000, which has developed something of a habit of late beating the big indexes, finished +1.06% for the day.
This marks a three-day winning streak for the Nasdaq, tepid though it may be, and bringing the index to its highest point since the last day of April. The S&P looked like it might close at a new all-time high — it didn’t have a long road to travel — but still missed. Real Estate and Energy did find their way to record closing highs, offset by Utilities and Consumer Staples, among others.
Bitcoin fell 8% today following a news report this morning that the FBI had managed to recover most of the crypto ransom collected by hackers of Colonial Pipeline. Reportedly $2.3 million of the $5 million ransom was returned, causing holders of Bitcoin to think twice about the crypto’s anonymity. But the cryptocurrency itself wasn’t hacked; government agents cracked the password of the hackers’ Bitcoin wallet.
The latest JOLTS (Job Openings & Labor Turnover Survey) report for April blew away estimates this morning: 9.3 million job openings existed in the U.S. two months ago, a million more than expected — which itself would have been a record high since the founding of the survey in December 2020. It is the clearest illustration yet of demand for employees; we shall see if this extraordinary level job openings continue.
We’re still short meaningful market catalysts for trading activity, which has made the early part of this week rather directionless. Overall, it represents the late spring/early summer in the markets pretty accurately. And aside from tomorrow’s April Inventories, we don’t expect much impact from econ data until Consumer Price Inflation (CPI) for May hits the tape Thursday morning.
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More Stock News: This Is Bigger than the iPhone!
It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 77 billion devices by 2025, creating a $1.3 trillion market.
Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 4 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2022.
Click here for the 4 trades >>
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Super-Placid Trading Afternoon
If investors are sailors, they aren’t going too far or fast today on these super-placid waters. The three major market indexes spent this afternoon hovering near zero and finished the day -0.09% on the Dow, +0.02% on the S&P 500 and +0.31% on the Nasdaq. Only the small-cap Russell 2000, which has developed something of a habit of late beating the big indexes, finished +1.06% for the day.
This marks a three-day winning streak for the Nasdaq, tepid though it may be, and bringing the index to its highest point since the last day of April. The S&P looked like it might close at a new all-time high — it didn’t have a long road to travel — but still missed. Real Estate and Energy did find their way to record closing highs, offset by Utilities and Consumer Staples, among others.
Bitcoin fell 8% today following a news report this morning that the FBI had managed to recover most of the crypto ransom collected by hackers of Colonial Pipeline. Reportedly $2.3 million of the $5 million ransom was returned, causing holders of Bitcoin to think twice about the crypto’s anonymity. But the cryptocurrency itself wasn’t hacked; government agents cracked the password of the hackers’ Bitcoin wallet.
The latest JOLTS (Job Openings & Labor Turnover Survey) report for April blew away estimates this morning: 9.3 million job openings existed in the U.S. two months ago, a million more than expected — which itself would have been a record high since the founding of the survey in December 2020. It is the clearest illustration yet of demand for employees; we shall see if this extraordinary level job openings continue.
We’re still short meaningful market catalysts for trading activity, which has made the early part of this week rather directionless. Overall, it represents the late spring/early summer in the markets pretty accurately. And aside from tomorrow’s April Inventories, we don’t expect much impact from econ data until Consumer Price Inflation (CPI) for May hits the tape Thursday morning.
Questions or comments about this article and/or its author? Click here>>
More Stock News: This Is Bigger than the iPhone!
It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 77 billion devices by 2025, creating a $1.3 trillion market.
Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 4 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2022.
Click here for the 4 trades >>