Stocks kicked off the week on a bright note after the Super Bowlweekend. A renewed round of dip buying caused the market to rotate back towardits earlier direction. Technology stocks led the rally today, with some of thebiggest losers from last week gaining significantly—notably Oracle, whichgained almost 10% as the market once again became enthusiastic about the AItrade.
The Dow Jones Industrial Average ended the day flat, with a modest20-point gain to 50,136. The NASDAQ advanced 0.77% to 25,268, while the S&P500 edged up 0.47% to 6,965.
Aside from technology, materials stocks also rallied and postedgains of more than 1% today. Most other sectors ended the day in the green,while consumer discretionary, consumer staples, financials, and healthcareclosed with losses.
The bond market was generally flat. The U.S. 5-year Treasury yielddeclined by 1 basis point to 3.75%, while the 10-year yield remained unchangedat 4.2%.
The selloff in gold from earlier last week does not appear to havescarred investors in any way, as gold once again topped the 5,000 mark today.
This will be a busy week in terms of economic data. The jobsreport will finally be released after its delay, and trade-related data forDecember will also be published. An important inflation gauge is scheduled forrelease on Friday. Meanwhile, new developments emerged as Alphabet, Google’sparent company, announced plans to issue significant debt, including a centurybond maturing in 2126—100 years from now.
We will continue to keep our eyes open for new developments, andthank you for listening.