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Stock market today: technology takes off as bond yields decline

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The Nasdaq Composite Index kicked off the trading week by once again drawing inspiration from the bond market, with a high-tech index topping its peers on Monday Treasury yields retreated.

A number of mega-cap tech stocks posted solid gains, including Apple (AAPL, + 2.8%), Facebook (FB, + 1.2%) and Nvidia (NVDA, + 2.7%), propelling a 1.2% gain in the Nasdaq to 13,377.

Electric vehicle manufacturer You’re here (TSLA, + 2.3%) went too high, although you can also attribute that to an exuberant statement from Cathie Wood. Ark Invest’s CEO said over the weekend that TSLA shares, which reached nearly $ 655 at the end of last week, will hit $ 3,000 by 2025.

Tesla also likely reacted well to CEO Elon Musk’s response to China, which restricted the use of its electric vehicles by state personnel after a Chinese safety review found that vehicle sensors could record images of their surroundings. Musk said Tesla “would never provide” such data to the United States.

“We believe this statement (although assumed) was important for Tesla and Musk to make directly to the Chinese and the Beijing government given the strategic importance of its EV ambitions in China,” Wedbush analyst Daniel Ives said. , which evaluates TSLA to Hold.

The other major indices posted somewhat more modest gains on Monday, with the Dow Jones Industrial Average up 0.3% to 32,731, and the S&P 500 up 0.7% to 3,940.

A factor that could weigh on more economically sensitive stocks in the short term? While vaccinations are being administered at a rapid rate, cases of COVID-19 are increasing in more than half of the United States, likely due to both the introduction of more contagious variants and the phasing out of various restrictions. social distancing.

Other stock market action today:

  • The Russell 2000 resisted the trend, falling 0.9% to 2266.
  • Kansas City South (KSU) jumped 11.1% after another rail operator Canadian Pacific Railway (CP, -5.8%) has offered to buy the company for $ 25 billion.
  • U.S. crude oil futures slipped 0.2% to $ 61.55 a barrel.
  • Gold futuresended with a similar decline, 0.2% to $ 1,738.10 per ounce.
  • Bitcoin prices fell 6.0% from their Friday levels, hitting $ 55,853 on Monday. (Bitcoin trades 24 hours a day; prices shown here are from 4 p.m. on each trading day.)

Stock chart for 032221

Is the infrastructure about to take off?

Still, the market is on the rise and another emerging bullish driver could help keep this momentum going.

The New York Times, citing people familiar with the plans, say the Biden administration is pitching $ 3 trillion in spending on several initiatives, including (and likely starting with) a massive infrastructure bill.

This effort “would spend heavily on improving infrastructure, deploying clean energy and developing other ‘high growth industries of the future’ such as 5G telecommunications”, key themes behind our main “Biden” actions and potential catalysts. for these 12 focused on infrastructure. stocks.

An infrastructure push would also further blow the sails of commodity prices and, by extension, the companies that help produce them.

A wide variety of commodities, from metals to oil to timber, have rallied for several months on the prospects of a global economic rebound, and overall Wall Street believes many of them have even more leeway.

Read on as we take a look at five commodity stocks that are currently standing out.

Kyle Woodley had been NVDA for a long time at the time of this writing.



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