Stock Market Today

Stock Market Today: Stocks Reverse Late, Absorb Minor Losses

A slip in the final hour of Tuesday's trading session pulled the Nasdaq into the red and sent the Dow and S&P to shallow declines.

Traders kicked off Tuesday skittish before warming up in the afternoon … but unlike Monday's activity, a late-day U-turn lower sent most of the major indices to modest losses.

The Conference Board's consumer confidence index reached a one-year high of 109.7 in March, which Barclays economist Pooja Sriram says "was likely driven by the swift progress on vaccinations and additional fiscal stimulus."

But the big data point still on investors' radar is the March jobs report, due out Thursday.

"Some economists have suggested the number of jobs added could reach 1 million. The consensus expectation is for a still solid 680k added jobs; the last time we saw 1mm+ jobs added was in August last year, on the back of the economic rebound," says Lindsey Bell, Chief Investment Strategist for Ally Invest. But she adds that "with the S&P 500 up 51% in the past year and sitting near a new all-time high, a lot of the good news may be priced in, including a blockbuster jobs report."

The Dow Jones Industrial Average finished off 0.3% to 33,066, led by a host of healthcare names: Amgen (AMGN, -2.0%), Merck (MRK, -1.7%) and UnitedHealth Group (UNH, -1.5%) all finished in the red.

Other action in the stock market today:

  • The S&P 500 declined 0.3% to 3,958.
  • The small-cap Russell 2000 continued to zigzag, this time jumping 1.7% to 2,195.
  • The Suez Canal logjam is finally clearing up, putting downward pressure on U.S. crude oil futures, which declined 1.9% to $60.42.
  • Gold futures were off 1.7% to $1,684.80 per ounce.
  • Bitcoin prices rose once again, gaining 2.4% to $59,017. (Bitcoin trades 24 hours a day; prices reported here are as of 4 p.m. each trading day.)
stock chart for 033021

YCharts

Keep Your Eye on Innovators

The Nasdaq Composite was the best of the major large-cap indices, albeit with its own small 0.1% loss to 13,045.

That hardly bridged the gap that's been building in the first quarter, though – the Nasdaq (+1.2% year-to-date) is easily underperforming both the Dow (+8.0%) and S&P 500 (+5.4%) over that period.

But while analysts do see better things for value and cyclical industries than growth and tech over the short term, they shouldn't ignore the latter for the long term.

Rick Lear, Founder and Managing Partner of Lear Investment Management, for one, still has hope for tech in 2021, saying his firm "favors companies capitalizing on the proliferation of information created by 5G including AI, the Internet of Things, cloud computing, cybersecurity and machine learning."

Also long term, there's massive growth to be found in fields like space exploration, which prompted the launch of yet another space-focused ETF today.

Those looking to take advantage of a tough stretch for many of Wall Street's most forward-thinking firms could consider stocks like those in the Argus Innovation Model Portfolio. If you look back at the past few years, many of the best-performing stocks belong to companies that boast creativity, originality and a commitment to research and development. So we looked through Argus Research's picks, which reflect many of these qualities, and took a deeper dive into 15 stocks the rest of Wall Street's pros agree stand apart.

Most Popular

Your Guide to Roth Conversions
Special Report
Tax Breaks

Your Guide to Roth Conversions

A Kiplinger Special Report
February 25, 2021
9 Best Biotech ETFs to Play High-Octane Trends
ETFs

9 Best Biotech ETFs to Play High-Octane Trends

Biotechnology is a dynamic but often volatile industry. These biotech ETFs provide a lower-risk way to invest in the space.
July 8, 2021
SPACs 101: What Is a SPAC, And How Does It Work?
IPOs

SPACs 101: What Is a SPAC, And How Does It Work?

Why the buzz around special purpose acquisition companies (SPACs)? Here's everything you need to know about these "blank-check" firms.
July 6, 2021

Recommended

Stock Market Today (7/26/21): Major Indexes Quietly Etch New Highs
Stock Market Today

Stock Market Today (7/26/21): Major Indexes Quietly Etch New Highs

The Dow, S&P 500 and Nasdaq all squeaked out fresh highs in a fairly quiet Monday session. Much more explosive was the cryptocurrency space.
July 26, 2021
7 Best Communication Services Stocks for the Rest of 2021
stocks

7 Best Communication Services Stocks for the Rest of 2021

Communication services stocks have done well in 2021, and this list of names could continue to see growth through year's end and beyond.
July 26, 2021
12 Best Consumer Staples Stocks for the Rest of 2021
stocks

12 Best Consumer Staples Stocks for the Rest of 2021

Consumer staples stocks have been on the rise in recent months. Several catalysts on the horizon could keep the momentum going through year's end.
July 26, 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.
July 23, 2021