The Dow Jones Industrial Average rose even as growth stocks got walloped Monday. Also, House Speaker Nancy Pelosi moved to bring the $1 trillion bipartisan infrastructure bill forward. Tesla (TSLA) was outperforming, while Advanced Micro Devices (AMD) is offering up a new buying opportunity. Apple (AAPL) and Microsoft (MSFT) lagged.
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There were a number of breakouts amid the mixed action, despite the fact that growth stocks were coming under pressure. Whiting Petroleum (WLL) became actionable amid broad strength in energy, with Nutrien (NTR) and United Rentals (URI) also passing buy points.
Pelosi Makes Infrastructure Move
House Speaker Pelosi told Democrats Sunday that a vote on the $1 trillion bipartisan infrastructure bill will be held on Thursday. This was later than she had indicated just days before.
This makes it even less likely that the controversial $3.5 trillion budget reconciliation bill — which will fund items including paid leave, child care, education and health care — will go to a vote this week.
Pelosi said over the weekend that this week “will be a time of intensity” and that it “seems self-evident” the final price tag of the so-called human infrastructure bill will drop.
Meanwhile, Senate Republicans look set to block a House-passed bill to temporarily fund the government and suspend the debt ceiling.
A Federal government shutdown is not necessarily a bad thing for stocks. During the last four government shutdowns that lasted more than five days, the S&P 500 made gains, according to Dow Jones Market Data analysis.
The most recent shutdown, which lasted 35 days from Jan. 25, 2019, saw the S&P 500 power 10% higher.
Nasdaq Slips As Growth Stocks Get Spanked
The Nasdaq was the worst-performing major index, closing down 0.5% was slight. Trip.com (3.4) ended up the top performer, gaining more than 3%. Atlassian (TEAM) and Mercado Libre (MELI) were the worst laggard, both falling more than 5%.
U.S. Stock Market Today Overview |
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|---|---|---|---|---|
| Index | Symbol | Price | Gain/Loss | % Change |
| Dow Jones | (0DJIA) | 34870.16 | +72.16 | +0.21 |
| S&P 500 | (0S&P5) | 4443.18 | -12.30 | -0.28 |
| Nasdaq | (0NDQC ) | 14969.97 | -77.73 | -0.52 |
| Russell 2000 | (IWM) | 226.45 | +3.40 | +1.52 |
| IBD 50 | (FFTY) | 50.37 | -1.24 | -2.40 |
Last Update: 4:02 PM ET 9/27/2021 |
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The S&P 500 had a better day, but still ended up posting a loss of 0.3%. Energy stocks were the clear winners, with Cimarex Energy (XEC) and Cabot Oil & Gas (COG) both rising more than 8%.
The S&P sectors closed mixed. Energy surged the most, with financials the next best performer. Real estate and health were the worst laggards.
Small caps powered higher, with the strength in financials an aid. The Russell 2000 popped 1.5%.
Growth stocks were getting mauled by the bears, however, with the Innovator IBD 50 ETF (FFTY) closing down over 2%. It turned in its worst performance in two weeks.
Dow Jones Today: Index Gains, Apple Stock And Microsoft Lag
The Dow Jones Industrial Average was the best-performing major index…
Read More: Dow Jones Gains As Pelosi Makes Infrastructure Move; AMD Stock