(Original title: U.S. stocks rose to new highs after February inflation data, but only 78 stocks in the S&P 500 showed gains)
Zhitong Finance APP learned that Bespoke Investment Group pointed out that the U.S. stock market rose sharply after the release of inflation data on Tuesday, but the breadth of the rise was not good, and investors continued to pay attention to whether the S&P 500 Index showed signs of a broad rebound.
“The market again saw gains but not breadth yesterday,” Bespoke said in a report on Wednesday. The S&P 500 rose 1.1% on Tuesday, but only 78 stocks were in positive territory, 48 of which were in technology. Sector stocks.
The S&P 500 hit a record high on Tuesday, notching its 17th record close since 2024 and its biggest one-day gain since February 22, according to Dow Jones Market Data. The index’s gains were driven by high investor expectations for last month’s inflation data.
Inflation in February, as measured by the consumer price index, was slightly higher than expected, Yardeni Research said in a report on Tuesday. However, “this has not dampened equity investor enthusiasm for AI-related stocks.”
Meanwhile, U.S. Treasury yields rose on Tuesday, with the 10-year U.S. Treasury yield rising 5.1 basis points to 4.154% as of 3 p.m. ET, the highest level since February 16, according to Dow Jones Market Data. Maximum increase.
The S&P 500 is up 8.5% so far this year, including a 1.5% gain so far this month, according to FactSet.
According to data from Bank of America Merrill Lynch Global Research, gains in the S&P 500 Index in February were mainly concentrated in four large companies, namely Nvidia (NVDA.US), Meta (META.US), Amazon (AMZN.US) and Microsoft ( MSFT.US), these four companies contributed 45% of the month’s total revenue.
Technology and communications services have been the S&P 500’s two best-performing sectors this year, both up about 12%, with financials up nearly 9% so far this year. Big Tech companies have been driving the S&P 500’s gains, with Nvidia shares soaring about 82% so far this year.
The S&P 500 is a market capitalization weighted index, and companies with huge market capitalizations like Nvidia account for a large proportion of the index. The equally weighted version of the index has lagged this year.
Data show that shares of the Invesco S&P 500 Equal Weight ETF are up about 5.6% so far this year. The fund’s gains are about 3% lower than the Vanguard S&P 500 ETF’s gains this year.
As of Wednesday’s close, the Dow rose 37.83 points, or 0.10%, to 39043.32 points; the Nasdaq fell 87.87 points, or 0.54%, to 16177.77 points; the S&P 500 fell 9.96 points, or 0.19%, to 5165.31 points. At the same time, the yield on the 10-year U.S. Treasury note rose about three basis points to around 4.19%.
2024-03-13 22:00:00
#U.S #stocks #rose #highs #February #inflation #data #stocks #showed #gains_Rolling #News_Finance_Securities #Star
