Stock Market Today

Stock Market Today: Tech Throttled as Treasury Yields Continue Climb

Nosebleed valuations in the technology sector cooled off Monday amid a brutal day for Nasdaq longs. The Dow, meanwhile, clawed out modest gains.

How'd the stock market do today? The answer's a little complicated, and heavily depends on which major blue-chip index you hitch your wagon to.

The S&P 500 closed with a 0.8% loss to 3,876, while the tech-heavy Nasdaq Composite slumped for a fifth consecutive day, by 2.5% to 13,533 … but the Dow Jones Industrial Average managed to claw out a 0.1% gain, to 31,521.

It's a continuation of a trend that has emerged over the past couple of weeks amid a sharp rise in interest rates; higher rates on bonds can weigh on the appeal of stocks broadly, but specifically on the growthy but extremely expensive tech sector, where costlier borrowing will trim margins. Apple (AAPL) declined 3.0%. Tesla (TSLA) plunged 8.6%.

On the flip side, financial stocks continued to jump, as higher rates help banks and insurers pad their bottom line. Monday's best performances came from the energy sector, however, as Texas's recent weather woes are expected to hinder oil and gas supplies for weeks. U.S. crude oil futures jumped 3.8% to $61.49 per barrel, lifting stocks such as Exxon Mobil (XOM, +3.7%) and Chevron (CVX, +2.7%).

Other action in the stock market today:

  • The small-cap Russell 2000 finished 0.7% lower, to 2,251.
  • Gold futures rallied 1.7% to finish the day at $1,808.40 per ounce.
  • Bitcoin prices swung quite a bit. After finishing at $55,371 on Friday afternoon, they briefly eclipsed $58,000 this weekend before peeling back. Prices then dipped to as low as $50,623 in Monday trading before finishing at $54,009. (Bitcoin trades 24 hours a day; prices reported here are as of 4 p.m. each trading day.)
stock chart for 022221

More New Stocks Are on the Way

While investors may have lost some appetite for expensive tech stocks, they're clearly still hungry for the novel and new. 2021 has seen voracious demand for initial public offerings (IPOs), including Bumble (BMBL), Affirm (AFRM) and Petco (WOOF) – and more are on the way.

In the past few days, several high-profile companies have thrown their hats into the ring by filing S-1s with the SEC, including Coupang (South Korea's second-largest online retailer) and crafts retailer Jo-Ann Stores.

If you're curious about these and other potential offerings on the 2021 horizon, check out our frequently updated list of the year's hottest upcoming IPOs. Several of the companies on our original watch list have already gone public; currently, we're looking at a dozen companies that should pull off IPOs by year's end. We break down each company: what they do, when they're expected to offer up shares, and how much each company will be valued at.

Kyle Woodley was long Bitcoin as of this writing.

Most Popular

Will Your Stimulus Check Increase Your Tax on Social Security Benefits?
Coronavirus and Your Money

Will Your Stimulus Check Increase Your Tax on Social Security Benefits?

The answer to this question comes down to whether your stimulus check increases your "provisional income."
March 1, 2021
Where's My Refund? How to Track Your Tax Refund Status
tax refunds

Where's My Refund? How to Track Your Tax Refund Status

If you're waiting for your tax refund, the IRS has an online tool that lets you track the status of your payment.
March 2, 2021
Your Guide to Roth Conversions
Special Report
Tax Breaks

Your Guide to Roth Conversions

A Kiplinger Special Report
February 25, 2021

Recommended

Closing Bell 6/22/20: Big Tech Carries the Markets
stocks

Closing Bell 6/22/20: Big Tech Carries the Markets

Apple (AAPL) and Microsoft (MSFT) were at the forefront of a tech-led rally in the broader markets Monday.
June 22, 2020
Stock Market Today: Fed-Led Momentum Propels Dow Again
stocks

Stock Market Today: Fed-Led Momentum Propels Dow Again

Fed's bond backing, Powell's suggestion for more Congressional spending and hints at an infrastructure plan lifted stocks broadly Tuesday
June 16, 2020
Stock Market Today 3/3/21: Growth Stocks Gashed
Stock Market Today

Stock Market Today 3/3/21: Growth Stocks Gashed

A stingier stimulus measure, conflicting news on the COVID front and upward creep in interest rates helped send growthier stocks to the cleaners Wedne…
March 4, 2021
Stock Market Today 3/2/21: Stocks Regress After Monday's Romp
Stock Market Today

Stock Market Today 3/2/21: Stocks Regress After Monday's Romp

Monday's euphoric stock-buying binge was put in check, with the major indices giving back some gains on a slow-news Tuesday.
March 2, 2021