As we approach the last day of the week and the end of the first quarter, Wall Street made a recovery to hit new highs. Nasdaq is set for its first monthly loss since November due to the recent upsurge in yields, as investors shift their attention away from growth stocks to value stocks.
The S&P 500 increased by 0.4% to place a new record intra-day high; also month-to-date profit was above 4%, marking its best performing month since November. The Nasdaq posted gains of +1.54% at the end of the trading session. The Dow hovered near the flat line to make a loss of 0.26%.
READ: Bank sell-off triggers bearish move in the S&P 500 index
- President Joe Biden’s $2 trillion economic recovery plan has a positive causal relationship with the rise in wall street
- President Joe Biden also includes raising the corporate tax rate from 21% to 28% to help pay for a massive overhaul of America’s infrastructure.
- 10-year Treasury increased +2 basepoints to yield 1.7460%
Top gainers
- Harley Davidson up 6.85% to close at $40.10.
- PVH up 5.57% to close at $105.70
- Applied Materials up 5.40% % to close at $133.60
- Teasla up 5.08% to close at $667.93
- Cadence Design up 4.68%to close at $136.99
READ: Tesla hit a lifetime high, market value now $659 billion
Top losers
- Kroger down 5.49% to close at $35.99
- ViacomCBS down 3.24% to close at $45.10
- SL Green down 3.05% to close at $69.99
- Jefferies Financials down 3.03% to close at $30.10
- FleetCor down 2.90% to close at $268.63
READ: U.S Stocks tick up on gains from Oil & Gas, Health
Outlook
Technology stocks recovered losses from Tuesday’s session. Largely due to President Joe Biden’s infrastructure proposal.
- Treasury Bills are still trending upwards which may be seen as a threat to the Wall Street bull run.
- Traders have been fretfully looking for signs that the stimulus that aided post-pandemic recovery is bringing with it an unwelcome hasty rise in inflation.
Nairametrics advises cautious buying in this era of growing uncertainties.
