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    United Business OutlookUnited Business Outlook
    Home»Stocks»Stock Updates: Dow and S&P 500 Notch Record High

    Stock Updates: Dow and S&P 500 Notch Record High

    Anjali SinghBy Anjali Singh3 Mins Read Stocks January 11, 2022
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    Dow and S&P 500 Notch High Record@unitedbusinessoutlook.com
    Source: Investopedia
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    Stock futures were divided in early morning trading Wednesday after the Dow Jones Industrial Average set a new high the day before, as investors flocked to firms that could gain from recovery.

    The World Health Organization said further evidence is accumulating that the coronavirus variety is attacking the upper respiratory system, giving milder symptoms than earlier variants, enabling equity markets throughout the world to bounce for the second straight day of trading in 2022.

    @unitedbusinessoutlook.com
    Source : Investopedia

    The S&P 1500 airlines index rose 1.9 percent, while cruise operators Norwegian Cruise Line Holdings, Royal Caribbean, and Carnival Corp gained between 0.9 and 2.1 percent. Huge technology stocks, which had led the previous session’s advances, climbed a smidgeon. Apple Inc, Tesla Inc, Meta Platforms Inc, and Alphabet Inc saw their stock prices rise by 0.1 to 1.2 percent.

    Nasdaq 100 futures fell 0.2% while S&P 500 futures were flat. Dow futures rose 28 points. While the Dow soared 200 points to a new high on Tuesday, the tech-heavy Nasdaq Composite fell 1.3 percent due to a sudden spike in Treasury yields. The carefully monitored benchmark 10-year Treasury yield climbed to 1.71 percent on Tuesday, causing growth-oriented technology stocks to drop.

    In a note, Chris Hussey, a managing director at Goldman Sachs, noted that megacap tech stocks underperformed the S&P 500 on Tuesday as “investors evaluated the value of such long-duration assets in the light of increased rates.” 

    Synovus Trust portfolio manager Daniel Morgan said he still favored tech and growth shares, and he feels the chip sector might have solid fourth-quarter earnings than expected.

    Investors were waiting for the Federal Reserve’s minutes from its December meeting to be released. The central bank said that its bond-buying program would be tapered more quickly. In addition, the Fed expects three interest rate hikes in 2022.

    In a note, Ed Al-Hussainy, senior rates strategist at Columbia Threadneedle, wrote, “The Fed is speeding its withdrawal of liquidity since inflation has expanded, which has the potential to push 10-year yields higher.” “However, the central bank must exercise caution to avoid derailing the economic recovery and triggering a recession.”

    Market strategists predict a bumpier ride for the stock market as the Federal Reserve begins to tighten its ultra-easy monetary policy. According to CNBC’s Strategist Survey, the consensus year-end forecast for the S&P 500 is currently 5,050, up merely 5% from Tuesday’s finish of 4,793.54.

    On the statistics front, ADP will release its December private payroll report, with Dow Jones economists anticipating 375,000 new jobs.

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    Anjali Singh
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    I'm Anjali Singh. Writing is what I do. I look out for opportunities where I can learn and grow. I'm a creative and witty person. I'm quite artistic & I admire the art of different forms.

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