US Treasury bonds may have been downgraded, but the stock market wasn’t.
The S&P 500 shrugged off Moody’s decision and some unsettling trade talk out of China, erasing an early loss of 1% to finish up 0.1%, as did the Nasdaq 100. The Russell 2000 brought up the rear with a 0.4% decline. It’s a continuation of a pattern we’ve been seeing recently, where any early dips are aggressively bought.
That marks the sixth straight rise for the benchmark US stock index.
Most S&P sector ETFs moved higher, led by healthcare. Tech, consumer discretionary, and energy all retreated.
UnitedHealth led gains on the day, up 8% as company insiders stepped up with huge buys from the S&P 500’s worst performer. Meanwhile, Solar and climate-tech stocks like First Solar, AES Corp, and Enphase Energy led declines after GOP lawmakers said they plan to axe clean energy tax credits more quickly than planned. Elsewhere…
American vaccine maker Novavax rose nearly 15% after it announced that the Food and Drug Administration fully approved its COVID-19 vaccine, Nuvaxovid. Rival vaccine maker Moderna also popped over 7% on the day.
Dollar General was also a bright spot on the day, jumping nearly 5% with its stock now up nearly 30% so far this year.
Best Buy shares fell 3% even as UBS analysts said the electronics retailer could see continued sales momentum as US-China trade tensions begin to ease.
Walmart shares dipped as much as 2% in early trading before closing the day flat after President Donald Trump criticized the retailer on Saturday for “trying to blame tariffs.”
