The Bear Traps Report founder and editor Larry McDonald provides insight into market and economic trends.
U.S. stock indexes ended mixed Monday as both the S&P 500 and Nasdaq Composite ticked to all-time highs.
The S&P 500 gained 0.43% and the Nasdaq advanced 0.9%, while the Dow Jones Industrial Average fell 55 points, or 0.16%. The selling pushed the Dow about 225 points below its own record peak.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 35360.73 | -39.11 | -0.11% |
| SP500 | S&P 500 | 4522.68 | -6.11 | -0.13% |
| I:COMP | NASDAQ COMPOSITE INDEX | 15259.235135 | -6.65 | -0.04% |
WALL STREET REACTS TO FED CHAIRMAN’S SPEECH ON TAPERING, RATE HIKES
In stocks, mega-cap tech names including Microsoft Corp., Apple Inc. and Alphabet Inc. were all flirting with record highs after investors cheered the likelihood that interest rates would remain near zero for the foreseeable future.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| MSFT | MICROSOFT CORP. | 301.88 | -1.71 | -0.56% |
| AAPL | APPLE, INC. | 151.83 | -1.29 | -0.84% |
| GOOGL | ALPHABET, INC. | 2,893.95 | +2.14 | +0.07% |
ExxonMobil Corp. and Marathon Petroleum Co. were among the oil companies in focus after 95% of oil and gas production in the Gulf of Mexico was halted due to Hurricane Ida, which made landfall in Louisiana as a Category 4 storm. West Texas Intermediate crude oil was trading down 33 cents at $68.41 a barrel while RBOB gasoline was up 4.17 cents at $2.3159 per gallon.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| XOM | EXXON MOBIL CORP. | 54.52 | -0.64 | -1.16% |
| MRO | MARATHON OIL CORP. | 11.75 | -0.01 | -0.09% |
Elsewhere, Affirm Holdings Inc. shares were on track for their best day ever after the “buy now, pay later” company said its service will be made available to some Amazon.com Inc. customers.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| AFRM | AFFIRM HOLDINGS | 96.34 | -3.25 | -3.26% |
| AMZN | AMAZON.COM, INC. | 3,470.79 | +49.22 | +1.44% |
Shares of satellite services provider Globalstar Inc. soared after a report said Apple’s new iPhone, which will likely debut in September, will have the ability to use satellite communications.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| GSAT | GLOBALSTAR INC. | 1.99 | -0.36 | -15.32% |
Meanwhile, an additional 1 million shots of Moderna Inc.’s COVID-19 vaccine were put on hold in Japan after more contaminated batches were discovered and two people died. In total, about 2.6 million doses of the vaccine have been suspended in the country.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| MRNA | MODERNA, INC. | 376.69 | +6.00 | +1.62% |
Zoom Video Communications Inc. and Cloudera In. are scheduled to report their quarterly results following Monday’s closing bell.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| ZM | ZOOM VIDEO COMMUNICATIONS, INC. | 289.50 | -58.00 | -16.69% |
| CLDR | CLOUDERA | 15.93 | +0.01 | +0.06% |
Overseas markets were broadly higher.
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In Europe, Britain’s FTSE 100 climbed 0.32% as Germany’s DAX 30 ticked up 0.28% and France’s CAC 30 rose 0.08%.
Japan’s Nikkei 225 paced the advance in Asia, rising 0.54% while Hong Kong’s Hang Seng index jumped 0.52% and China’s Shanghai Composite ticked up 0.17%.
