Stock Market Today: Tesla, Tech Stay on Track, But Dow Dips

A light news day on the stimulus front put more attention on present COVID issues, weighing on the "rotation" trade and benefiting the tech-heavy Nasdaq.

Tesla sedans in front of a Tesla sign
(Image credit: Getty Images)

With little news on the stimulus front to lift investors' spirits, the "rotation trade" away from tech and toward more value-priced, cyclical equities took a breather Monday.

Wall Street's attention was on America's still-worsening coronavirus outbreak, with the country nearing 200,000 new cases daily, and "the blip from Thanksgiving isn't even here yet," says Dr. Anthony Fauci, the nation's top infectious-diseases official.

Meanwhile, slowing momentum on another COVID rescue plan has some analysts worried that relief will be too late and/or too little.

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"Even with further stimulus, the potential for some volatility exists if the stimulus package proves insufficient to prevent a series of bankruptcies and financial system strain," says Tracie McMillion, head of Global Asset Allocation Strategy for the Wells Fargo Investment Institute.

"In the very near term, we expect volatility to remain elevated as markets await the Georgia election runoff and remain hopeful for more definitive signs of a viable and much-needed stimulus package out of Washington," chimes in Frank Panayotou, managing director, UBS Private Wealth Management.

The Dow Jones Industrial Average declined 0.5% today off all-time highs to 30,069. Meanwhile, the tech-heavy Nasdaq Composite gained 0.5% to a record 12,519, helped by Tesla (TSLA (opens in new tab), +7.1%), which grew to $608 billion in market value ahead of its inclusion in the S&P 500, where it would be the sixth-largest company at its current worth. Netflix (NFLX (opens in new tab), +3.5%) and Facebook (FB (opens in new tab), +2.1%) were among the other major contributors.

Other action in the stock market today:

  • The S&P 500 lost 0.2% to 3,691.
  • The small-cap Russell 2000 dipped marginally to 1,891.
  • Gold futures were up 1.4% Monday, settling at $1,866 per ounce.
  • U.S. crude oil futures declined by 1.1% to finish at $45.76 per barrel.

What Do Your 2021 Income Plans Look Like?

Bond investors will be pleased to hear that Kiplinger senior editor Jeff Kosnett sees a strong year ahead for bonds.

"Since 2021 stands to be quieter than 2020, with no election, banks and real estate steadying, and progress on the pandemic, there's no urgency I can see to withdraw your 2020 profits from the market," he says.

Investors can take advantage of that kind of environment via these bond funds for a wide variety of income needs.

An economic revival, meanwhile, could benefit real estate investment trusts (REITs), making higher-yielding REITs like these 11 picks a 1-2 punch of price upside and cash payouts.

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Kyle Woodley
Senior Investing Editor,

Kyle is senior investing editor for As a writer and columnist, he also specializes in exchange-traded funds. He joined Kiplinger in September 2017 after spending six years at, where he managed the editorial staff. His work has appeared in several outlets, including U.S. News & World Report and MSN Money, he has appeared as a guest on Fox Business Network and Money Radio, and he has been quoted in MarketWatch, Vice and Univision, among other outlets. He is a proud graduate of The Ohio State University, where he earned a BA in journalism.