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End of Day Brief - Friday July 9 - New highs across the board

SP 5004369.55+48.73(1.13%)
10-yr Note -27/321.355
NYSEAdv 2572 Dec 682 Vol 816.0 mln
NasdaqAdv 3229 Dec 981 Vol 3.7 bln

Industry Watch

Strong: Financials, Industrials, Materials, Energy
Weak: Utilities

Moving the Market

-- Stocks and Treasury yields staged strong reversals from yesterday

-- S&P 500, Dow, and Nasdaq close at record highs

-- Value/cyclical stocks led broad-based advance

-- 10-yr yield settled higher at 1.36%

S&P 500 and Nasdaq set new record highs

Dow +448.23 at 34870.16, Nasdaq +142.13 at 14701.92, S&P +48.73 at 4369.55

[BRIEFING.COM] U.S. stocks and Treasury yields staged a strong reversal on Friday, with the S&P 500 rallying 1.1% to intraday and closing record highs and the 10-yr yield rebounding seven basis points to 1.36%. The Nasdaq Composite (+1.0%) and Dow Jones Industrial Average (+1.3%) also closed at record highs while the Russell 2000 (+2.0%) outperformed.

Today's positive price action was largely a continuation of yesterday's trade that saw the 10-yr yield bottom at 1.25% early in Thursday's session and stocks close off their intraday lows. Today, value/cyclical stocks led the broad-based advance, feeding into the view that growth concerns have been a bit overstated.

All 11 S&P 500 sectors finished in positive territory, 28 of the 30 Dow components closed higher, and advancing issues outpaced declining issues by a 4:1 margin at the NYSE and a 3:1 margin at the Nasdaq.

The financials (+2.9%), materials (+2.0%), energy (+2.0%), and industrials (+1.6%) sectors advanced the most after entering the session as weekly laggards. Bank stocks and energy stocks received additional support from a wider 2s10s spread in the Treasury market and higher oil prices ($74.56/BBL, +1.58, +2.2%).

Apple ($AAPL 145.11, +1.87, +1.3%) was arguably one of the most influential stocks today given its 1.3% gain and $2.42 trillion market capitalization. The stock opened little changed like the Nasdaq but steadily crept higher throughout the day and set its first all-time high since January.

Supportive news included Pfizer ($PFE 39.63, +0.38, +1.0%) announcing that it's working on a booster COVID-19 shot to target the Delta variant, and San Francisco Fed President Daly (FOMC voter) suggesting the Fed should be cautious about withdrawing its policy support due to the risks posed by the Delta variant.

The bullish tone was further corroborated by softness in the U.S. dollar (91.10, -0.32, -0.4%) and Japanese yen (-0.3%), which are typically viewed as safe-haven currencies, and separately by a weaker CBOE Volatility Index (16.18, -2.82, -14.8%). The latter represented a decline in the hedging premium.

The 2-yr yield increased three basis points to 0.22%.

Friday's economic data was limited to Wholesale Inventories for May, which increased 1.3% m/m in May ( consensus 1.1%) following a revised 1.1% increase (from +0.8%) in April. Investors will not receive any notable economic data on Monday.

  • S&P 500 +16.3% YTD
  • Russell 2000 +15.5% YTD
  • Nasdaq Composite +14.1% YTD
  • Dow Jones Industrial Average +13.9% YTD

Source: (

Disclosure: I may trade in the ticker symbols mentioned, both long or short. My articles represent my personal opinion and analysis and should not be taken as investment advice. Readers should do their own research before making decisions to buy or sell securities. Trading and investing include risks, including loss of principal.

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