Dow sets new record, Ford, GM rally
Ford and GM rallied on electric vehicle optimism
Market sees investors bailing on growth names
Clearstead Advisors senior managing director Jim Awad and Belpointe chief strategist David Nelson on what's in store for the markets in 2022, the January effect and the Federal Reserve's response to rising U.S. inflation.
U.S. stocks ended the session mixed Tuesday as investors rotated out of growth names into cyclical companies.
The Dow Jones Industrial Average rose about 214 points or 0.6% extending its record and moving closer to the 37,000 level. The S&P 500 slipped 0.06% and Nasdaq Composite traded down 1.4%.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 37968.31 | +192.93 | +0.51% |
| SP500 | S&P 500 | 4977.61 | -33.51 | -0.67% |
| I:COMP | NASDAQ COMPOSITE INDEX | 15342.207486 | -259.29 | -1.66% |
Healthcare and technology names paced the declines, while energy shares rose as oil closed at $76.99 per barrel, financials also rallied.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| XLV | HEALTH CARE SELECT SECTOR SPDR ETF | 138.49 | +0.05 | +0.04% |
| QQQ | INVESCO QQQ NASDAQ 100 | 416.47 | -6.94 | -1.64% |
| XLE | ENERGY SELECT SECTOR SPDR ETF | 93.85 | -0.28 | -0.30% |
| XLF | FINANCIAL SELECT SECTOR SPDR ETF | 40.33 | +0.48 | +1.20% |
A RECORD 4.5 MILLION AMERICANS QUIT IN NOVEMBER
In economic data, the number of job openings or JOLTS, fell to 10.6 million, just below the record 11.098 million reached during July. Still, the pace of quitting remained red-hot rising 3% to a series high as 4.5 million as the ‘Great Resignation’ continues.
The ISM’s manufacturing purchasing managers index for December unexpectedly dipped to 58.7 down from November's 60.0. ""The U.S. manufacturing sector remains in a demand-driven, supply chain-constrained environment, with indications of improvements in labor resources and supplier delivery performance. Shortages of critical lowest-tier materials, high commodity prices and difficulties in transporting products continue to plague reliable consumption" said Timothy Fiore, Chair of the Institute for Supply Management.
FORD DOUBLING F-150 LIGHTNING PRODUCTION
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| F | FORD MOTOR CO. | 12.06 | +0.02 | +0.17% |
In stocks, Ford is in focus after the automaker has confirmed that it is increasing the planned capacity of the factory that will build the F-150 Lightning by nearly double to 150,000 trucks annually due to higher than expected demand. The stock notched its best session since June of 2020.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| TM | TOYOTA MOTOR CORP. | 228.01 | -3.83 | -1.65% |
| GM | GENERAL MOTORS CO. | 42.36 | -0.09 | -0.22% |
TOYOTA UNSEATS GM AS TOP SELLING AUTOMAKER FOR FIRST TIME IN 90 YEARS
In other auto news, Toyota toppled General Motors for the first time since 1931 as its vehicles outsold the American automaker. Even, so GM shares rallied ahead of the debut of its electric Chevrolet Silverado later this week.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| MRNA | MODERNA INC. | 102.00 | -1.44 | -1.39% |
Moderna, in an SEC filing, noted it is developing a single dose COVID-Flu treatment. Additionally, the company's financial cushion is strong. "As we close our books for 2021, the company’s cash, cash equivalents and investments as of December 31, 2021, were more than $17 billion. We now have the resources to scale our investments and do even more to positively impact human health with mRNA medicines. This is just the beginning" according to the filing.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| AAPL | APPLE INC. | 167.04 | -0.96 | -0.57% |
| MSFT | MICROSOFT CORP. | 404.33 | -7.51 | -1.82% |
Apple fell below the $3 trillion mark reached Monday intraday, becoming the first U.S. company to hit the milestone. Microsoft is the next company closest to that value trading around $2.5 trillion.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| WMG | WARNER MUSIC GROUP CORP. | 32.73 | -0.38 | -1.15% |
Warner Chappell Music purchased the extensive music catalog of David Bowie, stretching from the late 1960s to just before his death in 2016. More than 400 songs, among them "Space Oddity," "Ziggy Stardust," "Fame," "Rebel Rebel" and "Let’s Dance" on 26 Bowie studio albums released during his lifetime, a posthumous studio album release, Toy, two studio albums from Tin Machine, as well as tracks released as singles from soundtracks and other projects, are included. Financial details were not disclosed.
In cryptocurrencies, Bitcoin remained below the $50,000 level.
The Associated Press contributed to this report.