Market wraps mixed; S&P setting new records

S&P opened the week with a slight edge, recording a new record high which was slightly above the previous one.
SHEUNG WAN, Hong Kong - May 2, 2021 - PRLog -- It is expected that corporate earnings reports are to be released this week, making traders uneasy with anticipation. Above that, the decision for the Federal Reserve monetary policy is to be released as well, along with tons of economic data. It is expected that market direction can easily be affected by any of these upcoming news, which makes investors reeling.

Stock market session ended mixed this Monday, with S&P squeezing out a new record, while the Dow slipping down a bit. NASDAQ moved ahead with their Monday earnings, stepping ahead of the other two. With the first quarter corporate earnings reports to be released, a busy week ahead is expected by experts.

Majority of the companies that had their reports released exceeded expectations, mostly affected by the successful vaccine development and rollout enabling economic recovery. More than 80% of companies under S&P have shared their Q1 results, surprising everyone with a positive earnings per share.

On the other hand, traders are still watching out for the report released last week about Biden administration changing capital tax rates for wealthy individuals, which has driven the market session last Thursday down the drain.

For the benchmark equities' futures, the Dow and S&P futures are staying slightly below the red line, ranging from 0.01% to 0.09% away. Meanwhile, NASDAQ futures are drifting further ahead with 0.04% advantage above the green line.

The Dow Jones Industrial Average dropped by more than 60 points or 0.18% at 33,982. This neutralized most of their earnings last Friday.

A quick view for the moves in the market today:
  • The Dow Jones Industrial Average dropped 0.18% and at 33,981.57
  • S&P 500 Index went up by 0.18% and currently at record high of 4,187.62
  • NASDAQ Composite Index jumped to 14,138.78 after gaining 0.87%
  • Yield on 10 Year Treasury now at 1.5700%
  • Gold up by $2.80 or 0.16% and now at $1,780.60 an ounce
  • Crude down by $0.20 or 0.32% and closed at $61.94 per barrel
S&P 500 Index inched higher to 4,188 after gaining 7.45 points or 0.183%. S&P's mega-cap names like Facebook (FB), Alphabet (GOOGL), Apple (AAPL) and more are posting their first quarter reports this coming week. NASDAQ Composite Index outperformed with a 121.97 points increase or 0.87%.

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