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.
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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, +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, +3.5%) and Facebook (FB, +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.
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Bond investors will be pleased to hear that Kiplinger senior editor Jeff Kosnett sees a strong year ahead for bonds.
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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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