March 24, 2021

March 24, 2021

The S&P 500 gave up earlier gains and closed in the red today as tech stocks sold off, continuing a market rotation out of high-flying growth names.

 

Dow Jones finished -3 at 32,420

S&P 500 finished -21 at 3,889

NASDAQ finished -266 at 12,961

 

The 10 Year Treasury closed down 3 basis points yielding 1.60%

Oil prices closed up $2.97 ending at $60.73 a barrel.

Gold prices closed up $8.00 ending at $1,733 an ounce.

 

In the days’ stock news:

 

  • GameStop closed down more than 33% after failing to give investors enough details about its turnaround plan and acknowledging in a filing that it was considering selling additional equity shares. GameStop also missed on the top and bottom lines of its quarterly results on Tuesday.
  • Adobe closed down more than 1% despite beating first-quarter earnings estimates and raising its fiscal 2021 outlook.

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