Stocks end mixed ahead of the Fed's interest rate decision
GameStop Corp. was sharply lower for a second day
Key Advisors Group CEO Eddie Ghabour and Belpointe chief strategist David Nelson share their outlooks for the market amid businesses reopening and the $1.9T stimulus package.
U.S. stocks finished mixed ahead of the Federal Reserve's decision on interest rates due Wednesday.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 38675.68 | +450.02 | +1.18% |
| SP500 | S&P 500 | 5127.79 | +63.59 | +1.26% |
| I:COMP | NASDAQ COMPOSITE INDEX | 16156.328018 | +315.37 | +1.99% |
The Dow Jones Industrial Average fell 128 points, or 0.39%, while the S&P 500 lost 0.16%. Both indexes slid off record highs. The tech-heavy Nasdaq Composite, meanwhile, rose 0.09%.
Traders continue to monitor bond yields, which have risen sharply this year amid inflation concerns, ahead of the Fed’s interest rate decision. The benchmark 10-year yield was down 1 basis point Tuesday to 1.59% after starting the year at 0.916%.
In stocks, Starbucks Corp., Deere & Co. and D.R. Horton Inc. were among the companies that saw shares reach intraday record highs.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| SBUX | STARBUCKS CORP. | 73.11 | -1.82 | -2.43% |
| DE | DEERE & CO. | 400.92 | +4.87 | +1.23% |
| DHI | D.R. HORTON INC. | 148.49 | +2.94 | +2.02% |
Elsewhere, GameStop Corp. shares were under pressure for a second day after plunging 17% during the prior session. The stock has gained 1,068% this year.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| GME | GAMESTOP CORP. | 16.52 | +3.73 | +29.12% |
| AMC | AMC ENTERTAINMENT | 3.29 | +0.17 | +5.61% |
AMC Entertainment Holdings remained in focus after shares spiked 26% Monday following news that the company’s locations in Los Angeles County began reopening from their COVID-19 induced shutdowns.
Moderna Inc. has begun a Phase 2/3 trial of its COVID-19 vaccine for children aged 6 months to less than 12 years.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| MRNA | MODERNA INC. | 125.00 | -0.59 | -0.47% |
| FOXA | FOX CORP. | 32.11 | +0.45 | +1.42% |
Meanwhile, Fox Corp. Chairman Rupert Murdoch purchased about 457,000 shares at an average price of $42.77 apiece, worth more than $21 million. Murdoch now owns 1.295 million shares. Fox is the parent company of FOX Business and Fox News.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| CVX | CHEVRON CORP. | 160.25 | -0.51 | -0.32% |
| XOM | EXXON MOBIL CORP. | 116.02 | -0.21 | -0.18% |
Oil majors, including Chevron Corp. and Exxon Mobil Corp., were lower as West Texas Intermediate crude oil slid 59 cents to $64.80 per barrel.
Elsewhere in commodities, gold ticked up $1.70 to $1,730.60 an ounce and silver lost 28 cents to $25.97 an ounce.
Overseas markets were broadly higher.
In Europe, Britain’s FTSE 100 advanced 0.8%, Germany’s DAX 30 climbed 0.66%, and France’s CAC 40 rose 0.32%.
China’s Shanghai Composite index paced the gains in Asia, trading up 0.78%, while Hong Kong’s Hang Seng index and Japan’s Nikkei 225 index rallied 0.67% and 0.52%, respectively.