Remember way back at the beginning of last week? That is before the Federal Reserve signaled on Wednesday that more of the members of its Open Market Committee were thinking about raising interest rates sooner than previously expected.
Re-opening stocks, value stocks, and cyclical stocks led the market. The small cap Russell 2000 was the best performing of the major indexes.
Well, they’re back. Here’s today’s action at the close.
The Standard & Poor’s 500 is up 1.40% and the Dow Jones Industrial Average, heavy with cyclicals, is ahead 1.76%. Those indexes are both outperforming the technology heavy NASDAQ Composite’s 0.79% gain.
And the Russell 2000 is again leading the pack with a 2.16% rise.
Among market leaders this morning are cyclicals Deere (DE) up 2.71%, Caterpillar (CAT) ahead 2.08%, Dupont (DD) higher by 1.22%, and Dow (DOW) up 1.82%. Commodities stocks such as Freeport McMoRan Copper and Gold (FCX) are up (2.35%.) Southern Copper (SCCO) is ahead 3.67%. Albemarle (ALB) has gained 2.18%.
Post-vaccine economic recovery plays have moved higher. Macy’s (M) is up 2.60%. Six Flags (SIX) has gained 4.04%. MGM Resorts (MGM) is higher by 3.01%.
Technology stocks haven’t tanked but they aren’t the days biggest winners. Apple (AAPL) is ahead 1.41%. Facebook (FB) has picked up 0.80%. Alphabet (GOOG) is higher by 0.71%. Amazon (AMZN) is off 0.94% on speculation that Prime Day will be disappointing this week.