Reply To: Traders Market Weekly: Half Year Rebalancing High Wire Act

#39059
Truman
Participant

Dow 30483.13 -47.12 (-0.15%)
Nasdaq 11053.07 -16.22 (-0.15%)
SP 500 3759.89 -4.90 (-0.13%)

NYSE Adv 1638 Dec 1634 Vol 1.2 bln
Nasdaq Adv 2297 Dec 2289 Vol 5.1 bln

Strong: Health Care, Utilities, Communication Services, Real Estate
Weak: Energy, Materials, Industrial, Information Technology, Financials

A fairly steady performance from the mega-cap stocks helped hold the index line, which was also supported by relative strength in the real estate (+1.6%), health care (+1.4%), and utilities (+1.0%) sectors. That helped offset relative weakness in the information technology (-0.4%) sector and the more cyclically-oriented energy (-4.2%), materials (-1.3%), and industrials (-0.5%) sectors.

Energy was a major drag throughout the day, giving in to global growth concerns that knocked WTI crude oil futures down 3.2% to $106.07/bbl. There was no pull from the demand-supportive news that President Biden has called on Congress to suspend the national tax on gas and diesel for three months.

copper futures fell 2.1% to $3.95/lb on the growth concerns, which also manifested themselves in the Treasury market. The 2-yr note yield dropped 17 basis points to 3.05% and the 10-yr note yield dropped 15 basis points to 3.16%.