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Microsoft, Lennar fall; Apellis, US Steel rise
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S&P futures hover at record levels; materials, energy stocks rise
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The Dow Jones Industrial Average hit a record high on Monday on hopes that interest rates would remain lower for longer, while the S&P 500 was subdued as a slide in technology shares offset a surge in commodity-linked energy and material stocks. Copper miner Freeport-McMoran, aluminum producer Alcoa and steelmaker United States Steel Corp gained between 2.7% and 5.8% as copper prices touched a record high and aluminum scaled a new peak. The materials sector added 1.3% to hit an all-time high, while the energy index jumped to a more than one-year peak after a cyber attack on top U.S. pipeline operator Colonial Pipeline shuttered a fuel network that transports nearly half of the East Coast s supplies, lifting oil prices.
by Tyler Durden
Monday, May 10, 2021 - 08:01 AM
S&P futures started the weak flat with Nasdaq futures falling offset by surging commodity stocks as a new record in copper and iron ore prices stoked concern about whether inflation will derail a growth rebound in the world’s largest economy and spoil a record stock rally. Metal producers were among the biggest gainers in premarket trading, with Freeport-McMoRan, Cleveland-Cliffs and United States Steel all up at least 3%.
At 715 am ET, Dow e-minis were up 109 points, or 0.31%, S&P 500 e-minis were up 3.25 points, or 0.08%, and Nasdaq 100 e-minis were down 35.5 points, or 0.26%. The tech-heavy index has been whipsawed by the prospect of inflation which threatens longer-term profit expectations typical of the industry A downgrade by Citi of Internet stocks such as GOOGL did not help. Treasury yields steadied as traders brace for a busy week of auctions.
NEW YORK (Reuters) The Dow Jones Industrial Average hit a record high on Monday on hopes that interest rates would remain lower for longer, while the S&P 500 was subdued as a slide in technology shares offset a surge in commodity-linked energy and material stocks.
Copper miner Freeport-McMoran, aluminum producer Alcoa and steelmaker United States Steel Corp gained between 2.7% and 5.8% as copper prices touched a record high and aluminum scaled a new peak.
The materials sector added 1.3% to hit an all-time high, while the energy index jumped to a more than one-year peak after a cyber attack on top U.S. pipeline operator Colonial Pipeline shuttered a fuel network that transports nearly half of the East Coast s supplies, lifting oil prices.
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