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End of Day Brief - Monday Oct 25 - S&P and Dow rise to new highs

SP 5004566.48+21.58(0.47%)
10-yr Note 0/321.632
NYSEAdv 2083 Dec 1222 Vol 805.5 mln
NasdaqAdv 2917 Dec 1683 Vol 5.6 bln

Industry Watch

Strong: Consumer Discretionary, Energy
Weak: Financials, Utilities

Moving the Market

-- S&P 500 and Dow set all-time highs

-- Tesla (TSLA) soars 13% and hits $1 trillion market capitalization

-- Infrastructure optimism

-- Calmer Treasury market

Market ends up with new record highs

Dow +64.13 at 35741.15, Nasdaq +136.51 at 15226.70, S&P +21.58 at 4566.48

[BRIEFING.COM] The S&P 500 (+0.5%) and Dow Jones Industrial Average (+0.2%) set intraday and closing record highs on Monday, as the market continued to benefit from positive momentum in front of a big week for earnings. The Nasdaq Composite (+0.9%) and Russell 2000 (+0.9%) outperformed with roughly 1% gains.

Risk sentiment today was aided by news that Democrats could reach an agreement on their social spending package this week (setting up a vote on the $1 trillion bipartisan infrastructure bill), Tesla ($TSLA 1024.86, +115.18, +12.7%) reaching a $1 trillion market capitalization on bullish news, and a calmer Treasury market.

After a shaky start, the S&P 500 ground higher throughout the day, leaving nine of the 11 S&P 500 sectors in positive territory on a closing basis. The consumer discretionary (+2.1%) and energy (+1.4%) led the advance with solid gains, while the financials (-0.2%) and utilities (-0.4%) sectors closed slightly lower.

Back to Tesla, the stock rose 13% amid the following developments: 1) Hertz Global ($HTZZ 27.17, +2.48, +10.0%) announced an agreement to purchase 100,000 Tesla vehicles, 2) reports indicated that the Long Range versions of its Model X and S cars have increased by $5,000, and 3) Morgan Stanley raised its price target on the stock to $1200 from $900.

In other inflation news, Kimberly-Clark ($KMB 130.05, -2.99, -2.3%) said it would continue to pass higher costs to customers, and Walt Disney ($DIS 172.14, +2.59, +1.5%) is reportedly raising ticket prices for Disneyland. Kimberly-Clark lowered its full-year guidance, which weighed on its stock price.

WTI crude futures, meanwhile, tagged $85.00 per barrel early in the day before turning around and settling lower by 0.1%, or $0.04, to $83.73/BBL. Natural gas futures jumped 12.0% to $5.88/MMBtu.

In the Treasury market, shorter-dated Treasury yields paced the decline. The 2-yr yield decreased four basis points to 0.43%, and the 10-yr yield decreased two basis points to 1.64%. The U.S. Dollar Index increased 0.2% to 93.83.

Separately, PayPal ($PYPL 246.88, +6.48, +2.7%) said it's not pursuing an acquisition of Pinterest ($PINS 50.68, -7.38, -12.7%) right now. Facebook ($FB 328.69, +4.08, +1.3%) increased 1% in front of its earnings report after the close.

Investors did not receive any economic data on Monday. Looking ahead to Tuesday, investors will receive the Conference Board's Consumer Confidence Index for October, New Home Sales for September, the FHFA Housing Price Index for August, and the S&P Case-Shiller Home Price Index for August.

  • S&P 500 +21.6% YTD
  • Nasdaq Composite +18.1% YTD
  • Russell 2000 +17.1% YTD
  • Dow Jones Industrial Average +16.8% 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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