Stock Market Today

Stock Market Today: Tech Takes Off as Bond Yields Taper Off

The Nasdaq's mega-caps take flight as Treasury yields pull back, and Tesla joins in amid another vote of confidence from Ark Invest's Cathie Wood.

The Nasdaq Composite kicked off the trading week by taking its cue from the bond market yet again, with the tech-heavy index outpacing its peers Monday as Treasury yields stepped back.

A number of mega-cap tech stocks put up solid gains, including Apple (AAPL, +2.8%), Facebook (FB, +1.2%) and Nvidia (NVDA, +2.7%), powering a 1.2% gain in the Nasdaq to 13,377.

Electric vehicle maker Tesla (TSLA, +2.3%) headed higher too, though you can also chalk that up to an exuberant statement from Cathie Wood. The Ark Invest CEO said over the weekend that TSLA shares, which fetched almost $655 at the end of last week, would reach $3,000 by 2025.

Tesla also likely was reacting well to CEO Elon Musk's response to China, which restricted use of its EVs by state personnel after a Chinese security review revealed vehicle sensors could record images of their surroundings. Musk said Tesla "would never provide" the U.S. with such data.

"We believe this statement (while assumed) was important for Tesla and Musk to make directly to the Chinese and the government in Beijing given the strategic importance of its EV ambitions within China," says Wedbush analyst Daniel Ives, who rates TSLA at Hold.

The other major indices put up slightly smaller gains Monday, with the Dow Jones Industrial Average up 0.3% to 32,731, and the S&P 500 up 0.7% to 3,940.

One factor potentially weighing on more economically sensitive stocks in the short term? While vaccinations are being administered at a rapid pace, COVID-19 cases are rising across more than half of the U.S. – likely the result of both the introduction of more contagious variants and the phasing-out of various social distancing restrictions.

Other action in the stock market today:

  • The Russell 2000 bucked the trend, dropping 0.9% to 2,266.
  • Kansas City Southern (KSU) jumped 11.1% after fellow railroad operator Canadian Pacific Railway (CP, -5.8%) offered to buy the firm out for $25 billion.
  • U.S. crude oil futures slipped 0.2% to $61.55 per barrel.
  • Gold futures finished with a similar decline, off 0.2% to $1,738.10 per ounce.
  • Bitcoin prices slumped 6.0% from their Friday levels, reaching $55,853 on Monday. (Bitcoin trades 24 hours a day; prices reported here are as of 4 p.m. each trading day.)
Stock chart for 032221

Is Infrastructure About to Take Off?

Still, the market is trending up, and another emerging bullish driver could help sustain that momentum.

The New York Times, citing people familiar with the plans, say the Biden administration is prepping pitches for $3 trillion in spending across several initiatives, including (and likely starting with) a massive infrastructure bill.

This effort would reportedly "spend heavily on infrastructure improvements, clean energy deployment and the development of other 'high-growth industries of the future' like 5G telecommunications" – key themes behind our top "Biden" stocks and potential catalysts for these 12 infrastructure-minded stocks.

An infrastructure push also would be yet more wind in the sails of commodity prices and, by extension, the companies that help produce them.

A wide variety of commodities, from metals to oil to timber, have rallied for several months on the prospects of a global economic rebound – and, by and large, Wall Street believes many of them still have more room to run.

Read on as we look at five commodity stocks that stand out right now.

Kyle Woodley was long NVDA as of this writing.

Most Popular

Dying Careers You May Want to Steer Clear Of
careers

Dying Careers You May Want to Steer Clear Of

It’s tough to change, but your job could depend on it. Be flexible in your career goals – and talk with your kids about their own aspirations, because…
September 13, 2021
5 Top Dividend Aristocrats to Beef Up Your Portfolio
dividend stocks

5 Top Dividend Aristocrats to Beef Up Your Portfolio

The 65-member Dividend Aristocrats are among the market's best sources of reliable, predictable income. But these five stand out as truly elite.
September 14, 2021
7 Best Commodity Stocks to Play the Coming Boom
commodities

7 Best Commodity Stocks to Play the Coming Boom

These seven commodity stocks are poised to take advantage of a unique confluence of events. Just mind the volatility.
September 8, 2021

Recommended

Stock Market Today (9/24/21): Dow Ekes Out a Win Despite Nike Miss
Stock Market Today

Stock Market Today (9/24/21): Dow Ekes Out a Win Despite Nike Miss

Nike shares plunged after a quarterly revenue miss and downwardly revised guidance.
September 24, 2021
Kiplinger's Weekly Earnings Calendar
stocks

Kiplinger's Weekly Earnings Calendar

Check out our earnings calendar for the upcoming week, as well as our previews of the more noteworthy reports.
September 24, 2021
Insider Buying: Bullish Signals for These 7 Stocks
stocks

Insider Buying: Bullish Signals for These 7 Stocks

If history is any guide, these stocks could be headed higher in the months ahead, based on recent insider buying activity.
September 24, 2021
Stock Market Today (9/23/21): Fed Fuels Second Day of Stout Stock Surge
Stock Market Today

Stock Market Today (9/23/21): Fed Fuels Second Day of Stout Stock Surge

Markets rallied for a second straight session Thursday amid optimism over Fed messaging and China's most recent involvement in the Evergrande situatio…
September 23, 2021