S&P 500 turns massive losses into solid gain
It was shaping up just like Thursday and Friday — a tumble in AI darlings leading the market down — until it wasn’t.
The S&P 500 was down more than 1.5%, yet managed to recover those losses and then some, gaining 0.6%. The Nasdaq 100 nearly erased a loss of 2.5% to finish effectively flat. The Russell 2000 ended down 0.6%.
Even so, there was a defensive tinge to the tape on Monday. Consumer staples was the best-performing S&P 500 sector ETF (and other traditionally defensive sectors performed well), but financials weren’t too far behind in second place. Tech was the laggard, though all sector ETFs advanced.
Apple was a relative standout in the tech space, booking a solid gain amid reports of some sales success in China.
Moderna was the worst performer in the S&P 500 following the resignation of the FDA’s top vaccine regulator.
Fresh off the heels of its announced acquisition of Redfin, Rocket Companies is at it again, with the mortgage giant unveiling plans to buy the US’s largest mortgage servicing company, Mr. Cooper, in an all-stock deal.
Energy drink maker Celsius received an upgrade to “buy” from “hold” by Truist, sending shares sharply higher.
The announcement by MARA Holdings that it would issue stock to buy bitcoin was not warmly received by traders, and the shares slumped despite a rally in bitcoin.
