Market Recap: Monday, August 17
The markets closed mixed with the NASDAQ seeing a record close, being boosted by the FAANG stocks, while the Dow remained in the red and falling behind the other indices due to lagging shares from Goldman Sachs and Boeing. The Final Round panel discusses the latest.
Video Transcript
SEANA SMITH: Welcome back to "The Final Round" here on Yahoo Finance. I'm Seana Smith. Just around 20 seconds left in the trading day. And stocks look mixed. We still have the Dow in negative territory, off 84 points, S&P and NASDAQ holding on to gains, but the S&P shy of its all-time high.
[BELL RINGING]
And that does it for the first trading day of the week. The S&P losing some steam here in the final minutes of trading. We were all hoping that we would see a record high. The number that we were looking at was 3,386. But closing higher, just up at 3,382. So we're going to have to wait a little bit longer to reach that all-time closing high.
Dow, on the other hand, in negative territory, off 85 points. The biggest laggard in the Dow today is Boeing. Boeing stock off over 3%. We're also seeing some losses from American Express. JPMorgan and Goldman Sachs are also among the worst-performing stocks in the Dow today.
And speaking of that, it's interesting taking a look at some of the sector action today. Financials as well as industrials giving back some of its recent gains. We saw the cyclical trade come into favor last week. But it looks like it's falling out of favor a little bit today.
On the flip side, consumer discretionary, technology, and consumer staples, the sectors that have been pretty much in favor here recently, continuing to outperform again. And we just talked to Sam Stovall of CFRA last hour. And he was talking about how he's still favoring a lot of these names. He likes technology right now. He likes health care. And he still likes consumer discretionary.
On the econ side of things, we got an interesting read on housing this morning. Homebuilder sentiment jumping to a record in August. And that led a lot of the homebuilder stocks to the upside today. Lennar, KB Home, and PulteGroup among some of those names posting gains.
And I also want to mention some of the action that we are seeing in the 10-year yield right now. So we talked about it last week, but it's now retreating below that 70 basis points after breaking above that level for the first time in over a month last week. So that, of course, will be something to keep in mind as we look ahead to the rest of the trading week.
