by Daniel Shvartsman
Investing.com – The S&P 500 opened Tuesday trading the way it finished Monday’s session, setting records.
The leading index crossed the 4800 barrier, though settling back to just below that as of 11:05am ET (1605 GMT), up .15% for the day. The Dow Jones Industrial Average leads the major indices, up 160 points, good for .46%, while the NASDAQ Composite was trading just below flat.
The market leaderboards reflected a rebalancing from yesterday’s trading, as airlines and travel names like Carnival Corporation (NYSE:CCL), Southwest Airlines Company (NYSE:LUV), and Boeing Co (NYSE:BA) were leaders, while tech names like NVIDIA Corporation (NASDAQ:NVDA), Advanced Micro Devices Inc (NASDAQ:AMD), and Arista Networks (NYSE:ANET) were in the red.
In corporate news, Digital Turbine (NASDAQ:APPS) moved up 2.2% on news of a partnership with Alphabet (NASDAQ:GOOGL). FuboTV (NYSE:FUBO) dropped 2.5% after Roth Capital lowered its price target on fears the company was losing its stay-at-home premium. Peloton (NASDAQ:PTON) faced a similar headwind, dropping 2.7% as a Raymond James analyst rang the alarm bell on the company’s current quarter and fiscal year outlook.
Crude Oil WTI Futures traded up .65% and Brent Oil Futures traded up .7%, a pull back from day’s highs but still a 1-month high for the commodity as Omicron fears lessen. Gold Futures was up .15% in morning trading.
The general trading vibe fits the “Santa rally” premise, that low volumes and a lack of news will allow markets to drift higher.
One rare earnings report expected after the bell is Cal-Maine Foods Inc (NASDAQ:CALM), as the egg producer is expected to post 12% revenue growth from the year ago quarter, and may give investors another take on inflation in the agricultural sector.
S&P 500 Sets Record, U.S. Markets Higher in Muted “Rebalancing” Trade
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