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Stock Market Mixed as S&P 500 Holds Steady After Record High

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Vintage camera with paper note on wooden table.
Vintage camera with paper note on wooden table. Image by jcomp on Freepik

In today’s trading session, the stock exchange is painting a very mixed picture; the S&P 500 holds its ground after a record close yesterday, while the Dow and the Nasdaq Composite tell two different stories.

Following a strong day fuelled by upbeat inflation data, stocks diverge today. Investors now have their eyes on a House vote for a bipartisan bill aimed at ByteDance, the Chinese owner of TikTok, that could reshape tech imperialism. They’re also watching Bitcoin’s bid to go to new highs.

Bear in mind that the S&P 500 is down only slightly today. That said, 335 of those same 500 stocks are up, such as the Invesco S&P 500 Equal Weight ETF ( RSP ), which went up by 0.4 percent.

Yet it’s noteworthy that the performance of the present ‘Magnificent Seven,’ the tech giants Microsoft, Apple, Meta Platforms, Tesla, Nvidia, Alphabet, and Amazon, is a bit of a mixed bag. Microsoft is down by 0.3 percent, Apple is off by 0.6 percent, Meta Platforms and Tesla are down by 1 percent and 2.1 percent, respectively, Nvidia is down by 2.3 percent, Alphabet’s up by 1.3 percent, and Amazon’s performing well enough by a 0.4 percent increase.

Because of all the excitement surrounding Tuesday’s record-setting milestone by the S&P 500, market breadth shows that performance was more subdued. The Invesco S&P 500 Equal Weight ETF, which provides a more representative view of market performance by weighting each stock in the index the same, moved a more modest 0.3 percent.

During the course of the trading day, these stock market divergences are tracked closely by investors seeking clues about the direction of future trends in a backdrop of economic optimism and evolving regulatory dynamics.

Source: Connor Smith, Barron’s March 13, 2024

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