| 5/9/2023 | Previous Day's Closing Price | Today Close | % CHANGE SINCE THE PRE-TRADING DAY CLOSE | CHANGE SINCE PRE-TRADING DAY CLOSE | |
| SPX | .INX | 4138.12 | 4119.17 | -0.46% | -18.95 |
| SPY | 412.74 | 410.93 | -0.44% | -1.81 | |
| QQQ | 323.69 | 321.64 | -0.63% | -2.05 | |
| TQQQ | 28.44 | 27.89 | -1.93% | -0.55 | |
| SQQQ | 28.64 | 29.2 | 1.96% | 0.56 | |
| SOXX | 416.65 | 409.56 | -1.70% | -7.09 | |
| SOXL | 14.65 | 13.94 | -4.85% | -0.71 | |
| SOXS | 19.72 | 20.74 | 5.17% | 1.02 | |
| DIA | 336.22 | 335.77 | -0.13% | -0.45 | |
| RUSSELL 2000 | IWM | 174.05 | 173.53 | -0.30% | -0.52 |
| DOW TRANSPORTATION | IYT | 227.53 | 226.53 | -0.44% | -1 |
| FINANCIAL | XLF | 32.38 | 32.26 | -0.37% | -0.12 |
| ENERGY | XLE | 80.23 | 80.26 | 0.04% | 0.03 |
| BIOTECH | XBI | 85 | 85.91 | 1.07% | 0.91 |
| CONSUMER STAPLE | XLP | 76.95 | 76.71 | -0.31% | -0.24 |
| HEALTH CARE | XLV | 133.3 | 132.41 | -0.67% | -0.89 |
| CONSUMER DISCRETIONARY | XLY | 147.69 | 147.65 | -0.03% | -0.04 |
| HOMEBUILDER | XHB | 71.19 | 71.32 | 0.18% | 0.13 |
| UTILITY | XLU | 68.82 | 68.73 | -0.13% | -0.09 |
| RETAIL | XRT | 61.53 | 61.36 | -0.28% | -0.17 |
| EMERGING MARKETS | SPEM | 34.32 | 34.13 | -0.55% | -0.19 |
| SOUTH KOREA INDEX | EWY | 61.55 | 60.98 | -0.93% | -0.57 |
| SOUTH KOREA 3X BULL | KORU | 8.73 | 8.49 | -2.69% | -0.24 |
| ARKK | 37.82 | 38.25 | 1.14% | 0.43 | |
| Currency:BTCUSD | /BTC | 27590 | 27695 | 0.38% | 105 |
| CRUDE OIL | /CL | 72.8 | 73.53 | 1.00% | 0.73 |
| GLD | 187.69 | 189.02 | 0.71% | 1.33 | |
| SLV | 23.49 | 23.48 | -0.04% | -0.01 | |
| GDX | 35.36 | 35.25 | -0.31% | -0.11 | |
| 3 MONTH | US3M | 5.31 | 5.29 | -0.38% | -0.02 |
| 2 YR | US2Y | 4.00 | 4.01 | 0.25% | 0.01 |
| 5 YR | FVX | 3.5 | 3.495 | -0.14% | -0.05 |
| 10 YR | TNX | 3.521 | 3.521 | 0.00% | 0 |
| 30 YR | TYX | 3.835 | 3.848 | 0.34% | 0.13 |
| 10Y3M (10yr 3m spread) | -1.79 | -1.76 | 1.68% | 0.03 | |
| 10Y2Y (10yr 2yr spread) | -0.48 | -0.48 | 0.00% | 0 | |
| AAPL | 173.5 | 171.77 | -1.00% | -1.73 | |
| MSFT | 308.65 | 307 | -0.53% | -1.65 | |
| AMZN | 105.83 | 106.62 | 0.75% | 0.79 | |
| GOOGL | 107.77 | 107.35 | -0.39% | -0.42 | |
| TSLA | 171.79 | 169.15 | -1.54% | -2.64 | |
| NVDA | 291.51 | 285.71 | -1.99% | -5.8 |
Dow -56.88 at 33561.72, Nasdaq -77.36 at 12179.73, S&P -18.95 at 4120.44
The stock market traded on the weaker side today in front of the April Consumer Price Index tomorrow at 8:30 a.m. ET, yet losses were modest in scope. The Dow Jones Industrial Average (DJIA) and Russell 2000 at one point stretched into positive territory, showing small gains, but slipped back into red figures, joining the S&P 500 and Nasdaq there by the closing bell.
Ongoing concerns about the debt ceiling were a limiting factor today due to the specter of the 4:00 p.m. ET meeting between President Biden and congressional leaders to discuss the debt ceiling.
The relative outperformance of the DJIA was fueled in part by a gain in Boeing (BA 201.88, +4.62, +2.3%) on the news that its has received 150 firm orders for its 737 Max-10 aircraft, and options for 150 more, from Ryanair. Meanwhile, relative strength in energy shares along with some rebound action in regional bank stocks led to the relative outperformance of the Russell 2000.
Regional bank stocks had been a weak spot in the early going before a rebound effort took root around 1:00 p.m. ET shortly after the 3-yr note auction was met with strong demand. PacWest (PAWC 6.11, +0.14, +2.4%), Zions Bancorp (ZION 24.42, +0.16, +0.7%), and US Bancorp (USB 29.91, +0.17, +0.6%), along with other regional banks, recouped all of their early losses to settle the session with at least modest gains. The SPDR S&P Regional Banking ETF (KRE), though, still closed down 0.4%.
Most of the outsized moves in either direction today were limited to stocks with specific catalysts. Palantir (PLTR 9.55, +1.81, +23.4%) and DaVita (DVA 100.72, +11.51, +12.9%) were winning standouts after reporting earnings while PayPal (PYPL 65.90, -9.61, -12.7%) logged a steep earnings-related loss.
Nine of the 11 S&P 500 sectors registered losses with materials (-0.9%) and information technology (-0.9%) falling to the bottom of the pack. The industrials (+0.2%) led the outperformers thanks to earnings-driven gains in Transdigm Group (TDG 808.41, +36.11, +4.7%) and Jacobs Engineering (J 118.76, +1.47, +1.3%).
Treasuries settled little changed from yesterday's settlement levels. The 2-yr note yield rose one basis point to 4.00% and the 10-yr note yield was unchanged at 3.52%.
U.S. economic data today was limited to the April NFIB Small Business Optimism Index, which fell to 89.0 -- a 10-year low -- from 90.1. There was also some tepid trade data out of China for April, which featured an 8.5% yr/yr increase in exports and a 7.9% yr/yr decline in imports. In March, exports were up 14.8% yr/yr while imports were down just 1.4% yr/yr.
- Nasdaq Composite: +16.4% YTD
- S&P 500: +7.3% YTD
- Dow Jones Industrial Average: +1.3% YTD
- S&P Midcap 400: +0.6% YTD
- Russell 2000: -0.7% YTD
CORRECTION: the original summary showed incorrect year-to-date changes for the indices. It has been corrected to reflect the true values.
Market participants will receive the following economic data on Wednesday:
- 7:00 ET: Weekly MBA Mortgage Index (prior -1.2%)
- 8:30 ET: April CPI (Briefing.com consensus 0.4%; prior 0.1%) and Core CPI (Briefing.com consensus 0.3%; prior 0.4%)
- 10:30 ET: Weekly crude oil inventories (prior -1.28 mln)
- 14:00 ET: April Treasury Budget (prior -$378.10 bln)
Li Auto (LI), Teva Pharma (TEVA), Coherent (COHR), Melco Resorts & Entertainment (MLCO), Nomad Foods (NOMD), Roblox (RBLX), and Wendy's (WEN) are some of the more notable names reporting earnings ahead of the open on Wednesday.
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