U.S. markets closed
  • S&P Futures

    4,166.00
    +10.50 (+0.25%)
     
  • Dow Futures

    34,061.00
    +103.00 (+0.30%)
     
  • Nasdaq Futures

    13,927.50
    +30.25 (+0.22%)
     
  • Russell 2000 Futures

    2,233.80
    +4.50 (+0.20%)
     
  • Crude Oil

    63.90
    +0.52 (+0.82%)
     
  • Gold

    1,774.60
    +4.00 (+0.23%)
     
  • Silver

    26.04
    +0.20 (+0.79%)
     
  • EUR/USD

    1.2073
    +0.0032 (+0.27%)
     
  • 10-Yr Bond

    1.6010
    +0.0280 (+1.78%)
     
  • Vix

    17.29
    +1.04 (+6.40%)
     
  • GBP/USD

    1.4005
    +0.0021 (+0.15%)
     
  • USD/JPY

    108.1100
    -0.0400 (-0.04%)
     
  • BTC-USD

    54,443.09
    -2,721.11 (-4.76%)
     
  • CMC Crypto 200

    1,239.74
    -59.22 (-4.56%)
     
  • FTSE 100

    7,000.08
    -19.45 (-0.28%)
     
  • Nikkei 225

    29,150.71
    -534.66 (-1.80%)
     

S&P 500 Sees Best Day Since June: Here're the Top 5 Gainers

  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
Tirthankar Chakraborty
·5 min read
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.

U.S. stocks soared on Mar 1, helping the broader S&P 500 index notch its best one-day gain in nearly nine months. Yesterday’s gains were broad-based, with all the S&P 500 sectors finishing in the positive territory.

In fact, the rally almost recovered the losses the market had to bear last week. After all, the week-long rise in bond yields stalled and investors’ concern about the relentless rise in interest rates ebbed. Needless to say, the rise in bond yields diminishes the attractiveness of riskier investments like equities, particularly growth-oriented tech stocks.

Nonetheless, the S&P 500 soared 2.4% yesterday, its best one-day gain in percentage terms since Jun 5. The 10-year Treasury Yield, in the meantime, dropped to a low of 1.44% yesterday. It slipped from as high as 1.61% on Feb 25, a tell-tale sign that acceleration in bond yields is slowing down. Lest we forget, bond yields moved north last week as investors sold off government bonds on the likelihood of a rise in inflation.

Incidentally, stocks also surged yesterday on vaccine optimism as well as a brighter economic outlook. Especially, on the vaccine front, Johnson & Johnson’s COVID-19 vaccine has been recommended for use by the Centers for Disease Control and Prevention. The vaccine can be used on people above the age of 18. And the company now expects to deliver four million doses at the outset. Needless to say, the rapid distribution of the vaccine should certainly help in further curtailing the coronavirus outbreak that had ravaged the economy and impacted businesses last year.

Talking about the economy, it surely has started to recoup this year. Both the manufacturing and service side of the economy are looking good. The Institute of Supply Management’s index of manufacturing activity increased to 60.8% in February from 58.7% in January. Other sub-indexes like the new orders, production and employment indexes also increased last month. Analysts in the meantime expect the index of service activity to register similar promising readings this week as well.

Hiring by the way is far and widely expected to pick up as vaccine rollout has already begun, the winter months are gone and more government aid is expected in no time. Actually, the Biden administration’s $1.9-trillion coronavirus stimulus package has already been approved by the House of Representatives.

5 Top Gainers

While the decline in bond yields, vaccine optimism and encouraging economic viewpoint bolstered the stock market in the first trading session of March, the same factors are likely to buoy the markets in the near future.

We have, thus, highlighted five stocks from the broader S&P 500 index that not only gained handsomely yesterday but are also poised to move north in the near term. These stocks flaunt a Zacks Rank #1 (Strong Buy) or 2 (Buy) at present.

Bank of America Corporation BAC is one of the largest financial holding companies in the United States. The company currently has a Zacks Rank #2. The Zacks Consensus Estimate for its current-year earnings has risen 16% over the past 60 days. The company’s expected earnings growth rate for the current year is 31.6%. Its shares advanced 3.1% on Mar 1.

Apple Inc. AAPL designs, manufactures, and markets smartphones, personal computers, tablets, wearables, and accessories. The company currently has a Zacks Rank #2. The Zacks Consensus Estimate for its current-year earnings has moved up 10.9% over the past 60 days. The company’s expected earnings growth rate for the current year is 36.3%. Its shares jumped 5.4% on Mar 1.

eBay Inc. EBAY operates as an online shopping site that allows visitors to browse through available products listed for sale or auction through each company's online storefront. The company currently has a Zacks Rank #2. The Zacks Consensus Estimate for its current-year earnings has risen 9.3% over the past 60 days. The company’s expected earnings growth rate for the current year is 16.7%. Its shares climbed 3.7% on Mar 1.You can see the complete list of today’s Zacks #1 Rank stocks here.

KeyCorp KEY provides a wide range of products and services, such as commercial and retail banking as well as investment banking products in 15 states through a network of more than 1,000 branches. The company currently has a Zacks Rank #1. The Zacks Consensus Estimate for its current-year earnings has moved 29.6% north over the past 60 days. The company’s expected earnings growth rate for the current year is 46%. Its shares surged almost 3% on Mar 1.

Qorvo, Inc. QRVO is a leading provider of core technologies and radio frequency (RF) solutions for mobile, infrastructure and aerospace/defense applications. The company currently has a Zacks Rank #2. The Zacks Consensus Estimate for its current-year earnings has climbed 9.4% over the past 60 days. The company’s expected earnings growth rate for the current year is 49.3%. Its shares soared 4.3% on Mar 1.

Zacks Top 10 Stocks for 2021

In addition to the stocks discussed above, would you like to know about our 10 best buy-and-hold tickers for the entirety of 2021?

Last year's 2020 Zacks Top 10 Stocks portfolio returned gains as high as +386.8%. Now a brand-new portfolio has been handpicked from over 4,000 companies covered by the Zacks Rank. Don’t miss your chance to get in on these long-term buys.

Access Zacks Top 10 Stocks for 2021 today >>


Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
 
eBay Inc. (EBAY) : Free Stock Analysis Report
 
KeyCorp (KEY) : Free Stock Analysis Report
 
Qorvo, Inc. (QRVO) : Free Stock Analysis Report
 
To read this article on Zacks.com click here.
 
Zacks Investment Research