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March 8, 2021, 4:48 p.m. EST

Dow rally ends shy of 32,000, while tech selloff leaves Nasdaq in correction territory

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By Joy Wiltermuth and Andrea Riquier

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However, Bianco emphasized: “Don’t give up on growth.” So long as interest rates grind upward, without surging, he expects highflying stocks that rose sharply last year to continue to perform well over the longer term.

The Centers for Disease Control and Prevention said Monday that Americans who have been fully vaccinated against COVID-19 can gather in small groups, indoors, but warned that masks and social-distancing precautions still should be observed in public to prevent spreading the disease.

The 10-year Treasury yield /zigman2/quotes/211347051/realtime BX:TMUBMUSD10Y +0.31% touched the highest level in over a year Monday, after booking its fifth straight weekly rise . Yields, which move in the opposite direction of prices, continued to increase, with the rate on the 10-year note up 4.3 basis points to 1.594%.

The Senate on Saturday narrowly passed a $1.9 trillion COVID-19 relief package , which now goes back to the Democratic-controlled House. The House is expected to approve it by the end of the week, giving President Joe Biden an early legislative victory.

Economic Preview: The U.S. economy is ready to surge again. So is inflation

The economic calendar for Monday was light. Wholesale inventories gained 1.3% for the month in January, as expected.

Read: Housing is a luxury? Here’s what the K-shaped recovery means for real estate

Which companies were in focus?

  • Mission Produce Inc. /zigman2/quotes/221441980/composite AVO -5.57% shares rose 2.7% after the company said it was entering the mango market. The company said it owns 300 hectares of mango production in Peru, and is on track to source additional fruit from other regions. 

  •   Second Sight Medical Products Inc . /zigman2/quotes/204709128/composite EYES -2.18%  shares soared 103.3% on heavy volume Monday, bringing its two-day gain to more than 700%, after the Food and Drug Administration approved the company’s Argus 2s Retinal Prosthesis System for the treatment of retinitis pigmentosa.

  • DuPont Inc. /zigman2/quotes/203606582/composite DD +0.59% announced an agreement Monday to buy Laird Performance Materials from private-equity firm Advent International for $2.3 billion in cash. DuPont shares rose 1.6%.

  • Shares of GameStop Corp . /zigman2/quotes/203755179/composite GME +0.96% surged 41.2% after the company appointed a strategy committee that included Chewy Inc. co-founder Ryan Cohen.

  • General Electric Co. /zigman2/quotes/208495069/composite GE 0.00% is nearing a $30 billion-plus deal to combine its aircraft-leasing business with Ireland’s AerCap Holdings NV , The Wall Street Journal reported, citing people familiar with the talks. GE shares gained 4.2%.

  • Shares of Athene Holding Ltd . /zigman2/quotes/201199327/composite ATH +1.36%  jumped 6% Monday, after the company announced it had agreed to be acquired by investment manager Apollo Global Management Inc.

  • AMC Entertainment Holdings Inc. /zigman2/quotes/200235402/composite AMC -1.85% shares were 15.4% higher after scoring a price-target increase from Wedbush.

How did other assets fare?

  • The dollar was trading up 0.5%, as measured by the ICE U.S. Dollar Index /zigman2/quotes/210598269/delayed DXY -0.08% , to 92.41. Read: Dollar bottom or bear-market bounce? Here’s what traders are watching

  • Oil futures closed lower, with the U.S. benchmark /zigman2/quotes/211629951/delayed CL.1 +0.17% down 1.6%, to settle at $65.05 a barrel. Crude prices surged Sunday night, with global benchmark Brent crude briefly topping $71 a barrel after Saudi Arabia said its biggest oil storage facility and export terminal suffered drone and missile attacks by Yemen’s Houthi rebels.

  • Gold futures /zigman2/quotes/210034565/delayed GC00 -0.05%  lost 1.2%, to settle at an 11-month low of $1,678, as rising yields took some of the luster from the precious metal.

  • European stocks jumped, with the pan-European Stoxx 600 index /zigman2/quotes/210599654/delayed XX:SXXP -0.12%  closing up 2.1% and London’s FTSE 100 /zigman2/quotes/210598409/delayed UK:UKX +0.52%  ending 1.3% higher.

  • Stocks pulled back in Asia: the Shanghai Composite  SHCOMP  slid 2.3%, Hong Kong’s Hang Seng Index  HSI  lost 1.9%, and China’s CSI 300  000300  tumbled 3.5%. Japan’s Nikkei 225  NIK  shed 0.4%.

Read: 5 reasons why negative repo rates are different than the last overnight-funding crisis

William Watts provided additional reporting

/zigman2/quotes/211347051/realtime
add Add to watchlist BX:TMUBMUSD10Y
BX : Tullett Prebon
1.57
+0.0048 +0.31%
Volume: 0.00
May 6, 2021 10:06p
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/zigman2/quotes/221441980/composite
US : U.S.: Nasdaq
$ 19.34
-1.14 -5.57%
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May 6, 2021 4:00p
P/E Ratio
45.99
Dividend Yield
N/A
Market Cap
$1.44 billion
Rev. per Employee
$344,920
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/zigman2/quotes/204709128/composite
US : U.S.: Nasdaq
$ 5.83
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Volume: 4.89M
May 6, 2021 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$166.34 million
Rev. per Employee
N/A
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/zigman2/quotes/203606582/composite
US : U.S.: NYSE
$ 81.40
+0.48 +0.59%
Volume: 2.96M
May 6, 2021 4:02p
P/E Ratio
14.24
Dividend Yield
1.47%
Market Cap
$43.06 billion
Rev. per Employee
$599,912
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/zigman2/quotes/203755179/composite
US : U.S.: NYSE
$ 161.01
+1.53 +0.96%
Volume: 2.94M
May 6, 2021 4:00p
P/E Ratio
N/A
Dividend Yield
0.00%
Market Cap
$11.29 billion
Rev. per Employee
$424,150
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/zigman2/quotes/208495069/composite
US : U.S.: NYSE
$ 13.21
0.00 0.00%
Volume: 62.78M
May 6, 2021 4:00p
P/E Ratio
N/A
Dividend Yield
0.30%
Market Cap
$115.97 billion
Rev. per Employee
$459,155
loading...
/zigman2/quotes/201199327/composite
US : U.S.: NYSE
$ 61.90
+0.83 +1.36%
Volume: 1.27M
May 6, 2021 4:00p
P/E Ratio
8.48
Dividend Yield
N/A
Market Cap
$11.71 billion
Rev. per Employee
$10.94M
loading...
/zigman2/quotes/200235402/composite
US : U.S.: NYSE
$ 9.00
-0.17 -1.85%
Volume: 39.59M
May 6, 2021 4:00p
P/E Ratio
N/A
Dividend Yield
0.00%
Market Cap
$4.13 billion
Rev. per Employee
$43,642
loading...
/zigman2/quotes/210598269/delayed
US : U.S.: ICE Futures U.S.
90.88
-0.07 -0.08%
Volume: 0.00
May 6, 2021 9:56p
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/zigman2/quotes/211629951/delayed
US : U.S.: Nymex
$ 64.82
+0.11 +0.17%
Volume: 9,821
May 6, 2021 9:56p
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/zigman2/quotes/210034565/delayed
US : U.S.: Nymex
$ 1,814.80
-0.90 -0.05%
Volume: 9,087
May 6, 2021 9:56p
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/zigman2/quotes/210599654/delayed
XX : STOXX
441.02
-0.53 -0.12%
Volume: 0.00
May 6, 2021 11:03p
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/zigman2/quotes/210598409/delayed
UK : FTSE UK
7,076.17
+36.87 +0.52%
Volume: 742,615
May 6, 2021 4:51p
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