Tech stocks continued to struggle for gains Monday
A continued rise in the 10-year Treasury yield has major indexes mostly sinking to start the week, with the Dow locking in a fourth-straight loss and the S&P 500 logging its fifth. The Nasdaq also spent the day in the red, but managed to inch into the black in the last few minutes of trading. Also weighing heavy on Wall Street briefly were tech stocks, with only about half of mega-cap and FAANG names able to claw their way to a gain by the end of the day.
Continue reading for more on today’s market, including:
- Struggling airline stock gearing up for earnings
- Options traders circle FAANG stock after market cap surge
- Plus, a top stock pick for 2022; LULU’s guidance mishap; and VIAC’s analyst praise.
The Dow Jones Average (DJI – 36,068.87) shed 162.8 points, or 0.5% for the day. Intel (INTC) led the gainers today, adding 3.3%, and Nike (NKE) paced the laggards with a 4.2% fall.
The S&P 500 Index (SPX – 4,670.29) slipped 6.7 points, or 0.1% for the day. Meanwhile, the Nasdaq Composite (IXIC – 14,942.83) inched 6.9 points higher, or 0.05%, for today’s session.
Lastly, the CBOE Volatility Index (VIX – 19.40) added 0.6 point, or 3.4% for the day.
- Shares of cryptocurrency leader Bitcoin (BTC) fell below $40,000 briefly in Monday’s session, hitting their lowest level since September. (CNBC)
- Take-Two Interactive (TTWO) is purchasing Zynga (ZNGA) for $11.04 billion, combining the overhead source for best-seller video games “Farmville” and “Grand-Theft Auto.” (Reuters)
- Take a look at one of Schaeffer’s top stock picks for 2022.
- Guidance update sends athletic apparel giant lower.
- Analyst praise gives ViacomCBS (VIAC) a boost.
Continued Supply Delay Sends Oil Lower
Supply delays out of Kazakhstan and Libya combined with a lack of demand due to increasing Covid-19 cases globally. February-dated oil shed 67 cents, or almost 0.9%, to finish at $78.23 per barrel.
Gold futures inched higher as the U.S. dollar rose and Treasury yields continued to climb. February-dated gold added $1.40, or 0.1%, to close at $1,798.80 per ounce.