By Nicholas Jasinski
| Tuesday, September 27
Fading. It was a nice morning
on Wall Street: The sun was out, bond yields had pulled back, and the stock
market was up. The Dow Jones Industrial Average had
added 1.4% at its highs around 10 a.m., when the S&P 500 was
up 1.7%.
That didn't last long, however. By lunchtime,
yields—among the stock market's chief nemeses this year—were on the climb
again. The 2-year U.S. Treasury note yield
held at about 4.3% today, while the 10-year yield ticked up to 3.96%, a 12-year
high. The U.S. dollar moved back into the green on the day, reversing its
morning decline.
The Dow and S&P 500 closed
off 0.4% and 0.2%, respectively, each at their lowest levels since November
2020. Both indexes are on six-day losing streaks and down more than 6% in that
span.
“The bond market continues to spook the stock
market,” wrote Louis Navellier, founder of Navellier
& Associates.
Under the surface, however, there were signs
of increased optimism by investors.
The Nasdaq Composite broke a
five-day losing streak to tick up 0.2% today. And among S&P 500 sectors,
the biggest losers on the day were the classic defensive groups: consumer
staples, utilities, and real estate. Investors tend to flock to those groups
when they're fearful, and trade out when they see greater risk-adjusted returns
elsewhere.
Meanwhile, the energy, technology, and
consumer discretionary sectors rose. It was a good day for growth stocks,
including many of the market's most beaten-up shares of 2022. Tesla
gained 2.5%, while PayPal Holdings
and Salesforce.com each rose close to 2%.
One day does not a trend make, nor is it clear
that a rebound here would be anything more than a bear market rally. But
nothing goes down forever, and growth stocks were certainly due for a bounce.
Plastics Recycling and the Circular Economy
Recycling is a
cornerstone of sustainability but only a small fraction of plastic waste is
collected and reused. To keep plastics out of landfills and oceans, a transition
is underway to create a new ecosystem of circular plastics.
Examine what’s
underway, what’s envisioned and the impact to come tomorrow at noon ET as
part of the Dow Jones Energy & Sustainability event series.
DJIA: -0.43% to 29,134.99
S&P 500: -0.21% to 3,647.29
Nasdaq: +0.25% to 10,829.50
The Hot Stock: CF Industries +6.1%
The Biggest Loser: Digital Realty Trust -4%
Best Sector: Energy +1.1%
Worst Sector: Consumer Staples -1.7%
No comments:
Post a Comment