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Wall Street closed mixed on Friday to end a choppy week. The Dow fell on concerns about the resurgence of COVID-19 infections. The S&P 500 also declined moderately as drop in crude oil prices put pressure on the index. However, the Nasdaq Composite advanced buoyed by a decline in government bond yields. For the week, the Nasdaq Composite and the S&P 500 finished in positive territory while the Dow ended in red.
How Did The Benchmarks Perform?
The Dow Jones Industrial Average (DJI) dropped 0.8% or 268.97 points to close at 35,601.98. Notably, 23 components of the 30-stock index ended in the red while 7 in green.
Meanwhile, the S&P 500 fell 0.1% to end at 4,697.96. Three out of eleven sectors of the benchmark index closed in positive territory and eight in red. The Energy Select Sector SPDR (XLE) and the Financials Select Sector SPDR (XLF) plummeted 3.9% and 1.1%, respectively.
On the other hand, the tech-heavy Nasdaq Composite finished at 16,057.44, gaining 0.4% due to strong performance by large-cap technology stocks. This marked the tech-laden index’s first closing high above the technical barrier of 16,000. In intraday trading, the index recorded a fresh all-time high of 16,121.12.
The fear-gauge CBOE Volatility Index (VIX) was up 1.8% to 17.91. A total of 10.68 billion shares were traded on Friday, lower than the last 20-session average of 11.12 billion. Decliners outnumbered advancers on the NYSE by a 1.55-to-1 ratio. On Nasdaq, a 1.22-to-1 ratio favored declining issues.
Concerns About the Resurgence of Coronavirus
Market participants remained concerned about the resurgence of various variant of the coronavirus in Europe. Austria has imposed a full lockdown for 20 days in order to control the rapid spread of COVID-19 infections. Germany has decided to impose stricter restrictions on nonvaccinated people and has hinted for a lockdown if situation get worse in near future. The U.K. is also suffering from a sudden spike in COVID-19 infections.
Investors are concerned that the same situation may repeat in the United States. The New York Times reported that the seven-day average new coronavirus cases rose to a six-week high of 94,669 on Nov 18.The daily case count reached more than 100,000 for a second straight day on Nov 18.
Apprehending a fall in demand due to economic restrictions, the prices of the U.S. crude the WTI for December delivery fell 3.7% to settle at $76.10 a barrel in New York Mercantile Exchange on the contract’s expiration day. The WTI crude price for January delivery dropped 3.2% to $75.94 a barrel. Meanwhile, the price of the global benchmark- the Brent crude for January delivery declined 2.9% to settle at $78.89 a barrel on ICE Futures Europe.
Fearing a ban on international restrictions, stocks prices of airlines operators and leisure-travel operators have declined along with crude oil producers. However, as investors shifted their funds to safe-haven government bond, the yields on U.S. Treasury Notes dropped. Consequently, shares of growth-oriented technology stocks increased.
FDA Approves COVID-19 Booster Shots
The FDA has authorized that all U.S. citizens above 18 years will be eligible for COVID-19 booster shot at least six months after they received their second dose. The FDA’s independent panel of vaccine scientists unanimously endorsed the decision.
Last week was a mixed one for Wall Street. The Dow fell 1.4% on concerns of the resurgence of coronavirus and higher inflation. The S&P 500 eked out a gain of 0.3% supported by the Biden administration’s new infrastructure spending law and the proposed social safety net and climate change bill. The Nasdaq Composite advanced 1.2% on lower yield on government bonds and strong third-quarter 2021 earnings results.
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Stock Market News for Nov 22, 2021
Wall Street closed mixed on Friday to end a choppy week. The Dow fell on concerns about the resurgence of COVID-19 infections. The S&P 500 also declined moderately as drop in crude oil prices put pressure on the index. However, the Nasdaq Composite advanced buoyed by a decline in government bond yields. For the week, the Nasdaq Composite and the S&P 500 finished in positive territory while the Dow ended in red.
How Did The Benchmarks Perform?
The Dow Jones Industrial Average (DJI) dropped 0.8% or 268.97 points to close at 35,601.98. Notably, 23 components of the 30-stock index ended in the red while 7 in green.
Meanwhile, the S&P 500 fell 0.1% to end at 4,697.96. Three out of eleven sectors of the benchmark index closed in positive territory and eight in red. The Energy Select Sector SPDR (XLE) and the Financials Select Sector SPDR (XLF) plummeted 3.9% and 1.1%, respectively.
On the other hand, the tech-heavy Nasdaq Composite finished at 16,057.44, gaining 0.4% due to strong performance by large-cap technology stocks. This marked the tech-laden index’s first closing high above the technical barrier of 16,000. In intraday trading, the index recorded a fresh all-time high of 16,121.12.
The fear-gauge CBOE Volatility Index (VIX) was up 1.8% to 17.91. A total of 10.68 billion shares were traded on Friday, lower than the last 20-session average of 11.12 billion. Decliners outnumbered advancers on the NYSE by a 1.55-to-1 ratio. On Nasdaq, a 1.22-to-1 ratio favored declining issues.
Concerns About the Resurgence of Coronavirus
Market participants remained concerned about the resurgence of various variant of the coronavirus in Europe. Austria has imposed a full lockdown for 20 days in order to control the rapid spread of COVID-19 infections. Germany has decided to impose stricter restrictions on nonvaccinated people and has hinted for a lockdown if situation get worse in near future. The U.K. is also suffering from a sudden spike in COVID-19 infections.
Investors are concerned that the same situation may repeat in the United States. The New York Times reported that the seven-day average new coronavirus cases rose to a six-week high of 94,669 on Nov 18.The daily case count reached more than 100,000 for a second straight day on Nov 18.
Apprehending a fall in demand due to economic restrictions, the prices of the U.S. crude the WTI for December delivery fell 3.7% to settle at $76.10 a barrel in New York Mercantile Exchange on the contract’s expiration day. The WTI crude price for January delivery dropped 3.2% to $75.94 a barrel. Meanwhile, the price of the global benchmark- the Brent crude for January delivery declined 2.9% to settle at $78.89 a barrel on ICE Futures Europe.
Fearing a ban on international restrictions, stocks prices of airlines operators and leisure-travel operators have declined along with crude oil producers. However, as investors shifted their funds to safe-haven government bond, the yields on U.S. Treasury Notes dropped. Consequently, shares of growth-oriented technology stocks increased.
FDA Approves COVID-19 Booster Shots
The FDA has authorized that all U.S. citizens above 18 years will be eligible for COVID-19 booster shot at least six months after they received their second dose. The FDA’s independent panel of vaccine scientists unanimously endorsed the decision.
At present, two booster shots are available. One from Pfizer Inc. (PFE - Free Report) and BioNTech SE (BNTX - Free Report) and the other from Moderna Inc. (MRNA - Free Report) . Consequently, shares of Moderna and BioNTech climbed 4.9% and 5.7%, respectively. Both stocks carry a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Weekly RoundUp
Last week was a mixed one for Wall Street. The Dow fell 1.4% on concerns of the resurgence of coronavirus and higher inflation. The S&P 500 eked out a gain of 0.3% supported by the Biden administration’s new infrastructure spending law and the proposed social safety net and climate change bill. The Nasdaq Composite advanced 1.2% on lower yield on government bonds and strong third-quarter 2021 earnings results.