Tech stocks outperformed giving the new week a fresh start

Monday session wraps with gains as tech stocks manage to recover some losses from last week's decline.
SHEUNG WAN, Hong Kong - June 8, 2021 - PRLog -- This is due to the fact that traders managed to put aside concerns about inflation for the meantime when the FOMC announces that it's too early to consider inflation and that the changes might as well be transitory due the economic recovery from the pandemic.

This week's first session ended with gains from all three major indexes, as they have been under stressful and volatile trading sessions for multiple weeks now. The investors that managed to digest all data released relevant to consumption and production have been under the impression of possible inflation, causing massive shift from growth stocks to value stocks.

These fears have lingered for week, and was only slightly curb now that the Federal Open Market Committee (FOMC) released an announcement that they will not be changing policies as what is happening in the market might as well be the transition needed to successfully move away from the pandemic settings.

On cryptocurrencies, Bitcoin (BTC-USD) managed to find some stable footing while gaining 13% after the fire selling that happened on the weekend. Bitcoin managed to drop down to $32,000 which is 50% of its $64,800 peak record from mid-April. Ethereum, which is the second largest cryptocurrency, also recovered some value, rising up by 20% to more than $2,400.

The Dow Jones Industrial Average edged higher after gaining almost 200 points or 0.60%. S&P 500 also went up by about 1% or almost 50 points while tech-heavy NASDAQ Composite Index jumped more than 1.40% or almost 200 points this session.

The 10 Year Treasury yield decreased by 2.4 basis points ending at 1.6080%.

Monday's market movement overview are as follows:
  • The Dow Jones Industrial Average up by 0.54% or 186.14 points and at 34,393.98.
  • S&P 500 Index increased by 0.99% or 41.20 points and currently at 4,197.06.
  • NASDAQ Composite Index advanced to 13,661.17 after gaining 190.18 points or 1.41%.
  • Yield on 10 Year Treasury now at 1.6080%.
  • Gold up by $6.60 or 0.35% and now at $1,883.30 an ounce.
  • Crude up by $2.40 or 3.77% and closed at $65.98 per barrel.
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