money Market Recap: August 11
Stocks fell Tuesday, with the S&P 500 closing in on a record level earlier in the session as hopes for a vaccine and further stimulus spurred a global risk rally and a pop in “reopening” stocks. The Nasdaq underperformed again, with some major tech names that had recently led the market higher giving back some gains. Akiko Fujita highlights the closing bell action on The Final Round.
Video Transcript
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AKIKO FUJITA: Welcome to Yahoo Finance live. This is "The Final Round." I'm Akiko Fujita, in for Seana Smith today. We saw stocks giving up its gains heading into the close today, with tech stocks dragging the broader market lower-- Apple, the biggest laggard there, down about 3%. We also saw Netflix down over 3%. Microsoft, Intel, Cisco among the names that we've seen really dragging the broader market lower.
Financials and industrials leading the gains today, but we did get a bit of news over the last hour or so that seemed to really turn the market into the red here. On the one hand, we heard from Senate Majority Leader Mitch McConnell, saying the stimulus discussions are at a stalemate. We also got news on the college football front with Pac-12 and the Big Ten announcing that they have, in fact, cancelled the fall football season.
Earlier in the day, though, we did start things on a positive note-- you could call it an optimistic note-- with some vaccine news out of Russia. Lifting through the optimism that-- well, we're still not certain about what exactly is happening in Russia and how certain the news about a vaccine being approved there, how true that is. That certainly did seem to lift the broader market here in the US in the anticipation that potentially, things could be on a faster track, at least on the vaccine front, faster than expected.
Some of the names that we've seen on the reopening front extending their gains from yesterday, we saw names like Expedia, Norwegian, and Royal Caribbean, the airline sector getting a higher-- or getting a boost on the back of some of that news on the vaccine front. We also saw retail names like GAP as well Simon Property Group pushing higher. And then the sentiment gauge, gold down more than 5% today and Treasury yields spiking. So some of those safe haven plays potentially pointing to more of a risk-on sentiment coming into the market.
