February 22, 2021

February 22, 2021

The rotation from technology to value that saw the NASDAQ lose 4.4% last week continued into trading today with the NASDAQ shedding another 2.5% while the 30 stock Dow finished with a small gain. Tech has been leading the way for most of the pandemic, but the recent move higher in interest rates in giving traders pause.

At the close:

• Dow +27 to 31,521
• S&P 500 -30 to 3,876
• NASDAQ -341 to 13,533
• Oil +2.25 to 61.50 (15 month high)
• Gold +30 to 1805

In corporate news shares of Boeing were 3% lower after the engine malfunction that occurred over the weekend in Denver as United grounds their other Boeing 777 jets for inspection. Kohls rallied 10% before closing with a gain of 7% after a group of activists took a stake in the company. Tesla opened lower at dropped 9% which may be related to their large stake in Bitcoin which had a volatile day.