ECONOMIC SILUET: S&P 500, Dow end the week with records | Consumer sentiment dips

Jumat, 13 Agustus 2021

S&P 500, Dow end the week with records | Consumer sentiment dips | CDC national eviction ban

FRI, AUG 13, 2021

EVENING BRIEF

AS OF FRI, AUG 13, 2021 • 05:05 ET

DJIA		35515.38
		+0.04%	+15.53

S&P 500		4468.00
		+0.16%	+7.17

NASDAQ		14822.90
		+0.04%	+6.64

Most Active

DOW
NAME	LAST	CHG	%CHG
AAPL	149.10	+0.21	+0.14%
DIS	181.08	+1.79	+1.00%
MSFT	292.85	+3.04	+1.05%

S&P 500
NAME	LAST	CHG	%CHG
AMD	110.55	+4.05	+3.80%
AAPL	149.10	+0.21	+0.14%
F	13.59	-0.31	-2.23%

NASDAQ
NAME	LAST	CHG	%CHG
AMD	110.55	+4.05	+3.80%
AAPL	149.10	+0.21	+0.14%
MU	70.92	+0.67	+0.95%

EDITOR'S NOTE

The Dow Jones Industrial Average and the S&P 500 hit new records Friday, despite new consumer sentiment data that sent bond yields tumbling and pulled down stocks across several sectors.

The 30-stock Dow rose 15.53 points, closing at 35,515.38. The broad market index climbed 0.16% to end the trading session at 4,468.00. The tech-heavy Nasdaq Composite closed at 14,822.90, reflecting a gain of 0.04%.

Disney was among the stocks that led the Dow higher, ending the day up 1%. The media and entertainment giant reported blowout fiscal third-quarter results on Thursday afternoon. Salesforce was also 1.2% higher. Consumer staples and utilities pushed the S&P higher with Tyson Foods adding 2.3% and FirstEnergy up 0.8%.

Bond yields declined as fears about the delta variant and the reopening of the economy continued to spread. The 10-year Treasury yield dipped below 1.3% after the University of Michigan's consumer sentiment index fell to 70.2 in its preliminary August reading — its lowest level since 2011. Economists surveyed by Dow Jones expected a result of 81.3.

Bank stocks and recovery plays slid after the data was released. JPMorgan Chase, Bank of America, Wells Fargo and Regions Financial lost more than 1%. Boeing slumped 1.5%, while General Motors tumbled 1.7%. These companies are typically viewed as cyclical stocks whose performance is tied to the path of the economy.

Travel stocks pulled back, too. Carnival dipped 2.1%, while Royal Caribbean fell 1.8%. Norwegian Cruise Line declined about 3%. American Airlines lost 2.8%, and Delta Air Lines dropped 1.5%.

Next week, the Federal Open Market Committee will publish the minutes of its July policy meeting, in which the Federal Reserve left interest rates at 0-0.25%. Investors will likely scrutinize those minutes for clues on the central bank's plans for tapering its bond purchases.