Last Updated 4:05 PM EST
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Stock indices finished today’s trading session mixed. The Dow Jones Industrial Average (DJIA) gained 0.33% to close at 38,797.38, a new record close for the index. Meanwhile, the S&P 500 (SPX) and the Nasdaq 100 (NDX) fell 0.1% and 0.44%, respectively.
The technology sector (XLK) was the session’s laggard, as it fell 0.77%. Conversely, the utilities sector (XLU) was the session’s leader, with a gain of 1.18%.
Furthermore, the U.S. 10-Year Treasury yield remained unchanged at 4.17%. On the other hand, the Two-Year Treasury yield saw a slight dip, as it hovers around 4.47%.
First Published: 3:34AM EST
U.S. futures were muted on early Monday after the S&P 500 Index’s (SPX) record-breaking performance last week. Interestingly, the SPX closed above 5,000 for the first time. Futures on the Nasdaq 100 (NDX), S&P 500, and the Dow Jones Industrial Average (DJIA) were down about 0.01%, 0.02%, and 0.04%, respectively, at 2:53 a.m. EST, February 12.
Investors should note that based on past performance, the S&P 500’s bull run is expected to continue, potentially generating double-digit returns in the coming months. Historically, after breaching a record level and waiting over a year, the index is seen to have hit multiple new highs, rising by an average of 14%. Nevertheless, the heavy reliance on a few large tech stocks remains a source of concern for some market analysts.
Looking ahead to key economic data for this week, the U.S. Consumer Price Index for January will be released on Tuesday. Further, the Retail Sales data for the previous month will be made public on Wednesday. Also, January’s Producer Price Index report and the Michigan Consumer Sentiment Index for the current month are slated to be released on Friday.
On the corporate earnings front, several key companies are scheduled to report their numbers this week. The list includes Monday.com (MNDY), Airbnb (ABNB), Coca-Cola (KO), Shopify (SHOP), Cisco (CSCO), DraftKings (DKNG), Coinbase (COIN), Energy Transfer (ET), and The Trade Desk (TTD).
Meanwhile, the U.S. 10-year treasury yield was down at the time of writing, floating near 4.18%. At the same time, the WTI crude oil futures trended lower, hovering near $76.55 per barrel as of the last check, on expectations of easing geopolitical tensions in the Middle East.
Elsewhere, European indices are set to open higher on Monday as investors await the release of key economic reports and corporate earnings.
Asia-Pacific Market Update
Many major stock markets in Asia-Pacific, including China, Hong Kong, Japan, Taiwan, and South Korea, remained closed for the Lunar New Year holidays.
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