U.S. stocks ended mixed at their most recent trading session amid gains seen in the Basic Materials, Oil & Gas, and Financials sectors while losses in the Healthcare, Technology, and Consumer Goods sectors suffered significant losses.
At the close in NYSE, the Dow Jones Industrial Average added 1.46% to hit a new all-time high, while the S&P 500 index added 0.60%, and the NASDAQ Composite index declined 0.04%.
The best performers of the session on the Dow Jones Industrial Average were Boeing Co which rose 6.39% to trade at $245.34 at the close.
READ: Apple, Microsoft gain over 1%, propels Nasdaq up
Meanwhile, Walgreens Boots Alliance Inc added 4.25% to end at $50.52, and Goldman Sachs Group Inc (was up 3.46% to settle at $342.02 in late trade.
The worst performers of the session were Apple Inc, which plunged by $1.10 to trade at $119.98 at the close. UnitedHealth Group Incorporated plunged by0.68% and Intel Corporation was down 0.67% to $62.25
Stephen Innes, Chief Global Market Strategist at Axi in a well-detailed report to Niarametrics spoke on major macros affecting the price movements of U.S stocks;
“While rates are only down a touch, it’s the fact that they have stopped charging ferociously higher, which seems to have been enough to calm frayed nerves, helped along with the US Congress passing the stimulus bill designed to alleviate poverty in the US.
“The past two weeks have been extremely volatile for equities which have gotten challenged multiple times, driven by the initial spike in yields that led to a subsequent positioning unwind in long-duration growth. Indeed, US yields have acted like an anvil around inventors’ necks lately.”
READ: U.S Stocks post record gains across markets spectrum
What to expect; Looking at the bond yield forecast for 2021 from a significant number of elite banks who predict the 10-year US yields might likely top between 1.85-2.25 % and even taking the more conservative route, it’s hard not to think of further price correction through this churning process as yield rates go higher.
