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U.S. stocks closed mostly unchanged on Monday as investors shifted focus to key inflation readings, including the consumer price index report for April, scheduled for release later this week, and monitored the volatile trading in shares of regional banks. The Nasdaq managed to end in the green, while the Dow and S&P 500 ended in negative territory.
How Did The Benchmarks Perform?
The Dow Jones Industrial Average (DJI) lost 0.2% or 55.69 points to finish at 33,618.69 points to record its best single-day percentage gain since Jan 6.
The S&P 500 fell less than 0.1% or 1.87 points to close at 4,136.25 points. Communication services stocks were the biggest gainers, while real estate stocks were the worst performers.
The Communication Services Select Sector SPDR (XLC) gained 1.1%. The Real Estate Select Sector SPDR (XLRE) declined 0.7%. Eight of the 11 sectors of the benchmark index ended in negative territory.
The tech-heavy Nasdaq rose 0.2% or 21.5 points to end at 12,256.91 points.
The fear-gauge CBOE Volatility Index (VIX) was down 1,22% to 16.98. Decliners outnumbered advancers on the NYSE by a 1.14-to-1 ratio. On Nasdaq, a 1.07-to-1 ratio favored declining issues.
Rally Halts Ahead of Key Economic Data
Stocks struggled for direction for most of the day on Monday after closing last week at a high. Investors are now awaiting key inflation data scheduled for release later this week. This included the consumer price index report on Wednesday, followed by the producer price index reading on Thursday.
The reports will give investors an idea of how the Fed plans to go ahead with its interest rate hike policy.
Investors also weighed a quarterly Fed survey of senior loan officers that was released on Monday for signs of a credit crunch for the regional banks. The survey showed that the Fed’s aggressive rate hike policy is now resulting in a credit crunch.
Regional bank shares have been in the spotlight lately and Monday wasn’t any different. Bank shares rallied to begin a fresh week. Shares of PacWest Bancorp () rose 3.7% after surging 81.7% on Friday. Western Alliance Bancorporation ((WAL - Free Report) ) also gained 0.6%.
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Stock Market News for May 9, 2023
U.S. stocks closed mostly unchanged on Monday as investors shifted focus to key inflation readings, including the consumer price index report for April, scheduled for release later this week, and monitored the volatile trading in shares of regional banks. The Nasdaq managed to end in the green, while the Dow and S&P 500 ended in negative territory.
How Did The Benchmarks Perform?
The Dow Jones Industrial Average (DJI) lost 0.2% or 55.69 points to finish at 33,618.69 points to record its best single-day percentage gain since Jan 6.
The S&P 500 fell less than 0.1% or 1.87 points to close at 4,136.25 points. Communication services stocks were the biggest gainers, while real estate stocks were the worst performers.
The Communication Services Select Sector SPDR (XLC) gained 1.1%. The Real Estate Select Sector SPDR (XLRE) declined 0.7%. Eight of the 11 sectors of the benchmark index ended in negative territory.
The tech-heavy Nasdaq rose 0.2% or 21.5 points to end at 12,256.91 points.
The fear-gauge CBOE Volatility Index (VIX) was down 1,22% to 16.98. Decliners outnumbered advancers on the NYSE by a 1.14-to-1 ratio. On Nasdaq, a 1.07-to-1 ratio favored declining issues.
Rally Halts Ahead of Key Economic Data
Stocks struggled for direction for most of the day on Monday after closing last week at a high. Investors are now awaiting key inflation data scheduled for release later this week. This included the consumer price index report on Wednesday, followed by the producer price index reading on Thursday.
The reports will give investors an idea of how the Fed plans to go ahead with its interest rate hike policy.
Investors also weighed a quarterly Fed survey of senior loan officers that was released on Monday for signs of a credit crunch for the regional banks. The survey showed that the Fed’s aggressive rate hike policy is now resulting in a credit crunch.
Regional bank shares have been in the spotlight lately and Monday wasn’t any different. Bank shares rallied to begin a fresh week. Shares of PacWest Bancorp () rose 3.7% after surging 81.7% on Friday. Western Alliance Bancorporation ((WAL - Free Report) ) also gained 0.6%.
Shares of other big banks like JPMorgan Chase & Co. ((JPM - Free Report) ) and Wells Fargo & Company ((WFC - Free Report) ) also ended higher on Monday. JPMorgan Chase and Wells Fargo gained 0.2% and 1.2%, respectively. JPMorgan Chase has a Zacks Rank #2 (Buy). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
Also, shares of The Walt Disney Company ((DIS - Free Report) ) rose 2.4%. The company is scheduled to report its quarterly earnings on Wednesday.
No major economic data was released on Monday.