March 31, 2023

DS Duke

Global Business In World

The S&P 500 notched another record high on Tuesday amid bullish economic data but retreated later in the session as Wall Street continued its recent period of low volatility.

The Dow Jones Industrials managed to hang onto gains of 9.02 points to 34,292.29,

The S&P 500 added 1.19 points to Monday’s record, registering at 4,291.80, and good enough for its fourth-straight record close.

The NASDAQ regained 27.83 points, to surpass Monday’s all-time high, at 14,528.33.

Semiconductor stocks gained strength later in the session, with Skyworks taking on 4.5{e5fab30bc1af2ab9862fe5c16f5be581fd243b6ad78468b48e940aadfb2b849d}, and Advanced Micro Devices climbing 2.8{e5fab30bc1af2ab9862fe5c16f5be581fd243b6ad78468b48e940aadfb2b849d}. General Electric boosted the industrials sector, rising over 1{e5fab30bc1af2ab9862fe5c16f5be581fd243b6ad78468b48e940aadfb2b849d} after Goldman Sachs named the stock a top idea.

The market has churned out a series of record highs in recent weeks, but the gains have been relatively modest and some strategists have pointed to weak market breadth, measured by the performance of average stocks and the number of individual names making new highs, as a potential area of concern.

Shares of Morgan Stanley jumped more than 3{e5fab30bc1af2ab9862fe5c16f5be581fd243b6ad78468b48e940aadfb2b849d} after the bank said it will double its quarterly dividend. The bank also announced a $12 billion stock buyback program. The announcement follows last week’s stress tests by the Federal Reserve, which all 23 major banks passed.

However, some other bank stocks gave up early gains and weighed on the broader indexes despite increasing their own payout plans.

With the market entering the final trading days of June and the second quarter, the S&P 500 is on track to register its fifth straight month of gains. The NASDAQ is pacing for its seventh positive month in the last eight. The Dow, however, is in the red for the month, and on track to snap a four-month winning streak.

Through Monday’s close, the S&P 500 was up 14{e5fab30bc1af2ab9862fe5c16f5be581fd243b6ad78468b48e940aadfb2b849d} and the Dow and NASDAQ were up 12{e5fab30bc1af2ab9862fe5c16f5be581fd243b6ad78468b48e940aadfb2b849d} so far for 2021.

Homebuilder stocks moved higher after S&P Case-Shiller said home prices rose more than 14{e5fab30bc1af2ab9862fe5c16f5be581fd243b6ad78468b48e940aadfb2b849d} in April compared to the prior year. Five U.S. cities, including Seattle, saw their largest annual increase on record. Shares of Lennar increased 1.7{e5fab30bc1af2ab9862fe5c16f5be581fd243b6ad78468b48e940aadfb2b849d}, and PulteGroup rose 2.7{e5fab30bc1af2ab9862fe5c16f5be581fd243b6ad78468b48e940aadfb2b849d}.

The Conference Board’s consumer confidence reading for June came in higher than expected, adding to the bullish readings about the economic recovery.

Prices for 10-Year Treasurys gained ground, lowering yields to Monday’s 1.48{e5fab30bc1af2ab9862fe5c16f5be581fd243b6ad78468b48e940aadfb2b849d}. Treasury prices and yields move in opposite directions.

Oil prices gained 50 cents to $73.41 U.S. a barrel.

Gold prices dumped $19.10 to $1,761.60 U.S. an ounce.

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