The Dow Jones Industrial Average closed at 34,869.63 on Monday with a gain of 261.91 points or 0.76%. The S&P 500 closed at 4,468.73 for a gain of 10.15 points or 0.23%. The Nasdaq Composite closed at 15,105.58 for a loss of 9.91 points or -0.07%. The VIX Volatility Index was lower at 19.37 for a loss of 1.58 points or -7.54%.
Monday’s market movers
U.S. stocks ended mostly higher Monday, though the Nasdaq was down -0.07%. The Dow and S&P 500 ended a five-day downtrend to start the week higher.
Last week, investors showed concerns over economic growth data, supply-chain and Covid-19 variants. To start the week, investors bought into the dip. Data is showing that trading volumes have been relatively low for the month of September, suggesting a lack of big moves in what can historically be seen as a down month.
On the economic calendar, investors will get a reading on inflation tomorrow with the release of the Consumer Price Index. Last Friday, the August Producer Price Index was released, showing an increase of 8.3% year over year.
In other news:
- The Treasury held auctions for 3-month bills at a rate of 0.040% and 6-month bills at a rate of 0.050%.
- The August Monthly Treasury Budget Statement showed a monthly deficit of -$171 billion, down from -$302 billion.
- House Democrats are expected to propose tax increases for U.S. companies, the wealthiest Americans and some investors to help fund the $3.5 trillion budget bill.
- Sentiment from Fed officials is suggesting a possible taper announcement this month, with tapering beginning this year.
- Sector funds leading gains for the day included the Energy Select Sector SPDR Fund (XLE, Financial) with a gain of 2.87%, the iShares Global Clean Energy ETF (ICLN) with a gain of 1.99% and the Financial Select Sector SPDR Fund (XLF) with a gain of 1.14%.
- Apple (AAPL, Financial) up 0.39% ahead of the Tuesday iPhone 13 event.
- Intuit (INTU) plans to buy MailChimp.
- Rhino Resource Partners (RHNO, Financial) +654.72%
- Irhythm Technologies Inc (IRTC) +35%
- APA Corporation (APA) +7.81%
- Marriott International (MAR) +3.20%
- Expedia Group (EXPE) +2.34%
- UnitedHealth (UNH) +2.63%
- Oracle (ORCL, Financial) down -0.89% with its earnings report. Revenue missed estimates and earnings per share beat estimates by 6 cents.
- Alibaba (BABA, Financial) was under pressure after news that Chinese regulators want to break up the company’s payments app, Alipay.
- The 10-year Treasury ended with a yield of 1.326%.
In small caps, the Russell 2000 closed at 2,240.78 for a gain of 13.24 points or 0.59%. The S&P 600 closed at 1,337.30 for a gain of 10.37 points or 0.78%. The Dow Jones U.S. Small-Cap Growth Index closed at 15,158.00 for a gain of 17.57 points or 0.12%. The Dow Jones U.S. Small-Cap Value Index closed at 10,988.55 for a gain of 125.09 points or 1.15%.
Other notable indexes
Other notable index closes included the S&P 400 Mid-Cap Index at 2,703.28 for a gain of 16.75 points or 0.62%; the S&P 100 at 2,054.74 for a gain of 5.79 points or 0.28%; the Nasdaq 100 at 15,434.50 for a loss of 6.25 points or -0.04%; the Russell 3000 at 2,650.48 for a gain of 5.80 points or 0.22%; the Russell 1000 at 2,507.12 for a gain of 4.86 points or 0.19%; the Wilshire 5000 at 46,443.07 for a gain of 105.75 points or 0.23%; and the Dow Jones US Select Dividend Index at 838.41 for a gain of 6.75 points or 0.81%.