S&P 500 closes at another record high

Yahoo

3 days ago

00:00
Seana Smith
The S&P 500 eeks out a new record close amid a wave of earnings. Investors also weighing the latest trade developments. Here with more on the trading day takeaways is Yahoo Finance's Jared Blikre. Jared.
00:11
Jared Blikre
Well, thank you. We got to talk about some breakouts today and uh, specifically in some sectors. I'm also going to show you some industries. I like this because the markets are kind of quiet overall. We're very much in a bull market mode, which means low volatility, low volume for the most part. But here are some sectors that caught my eye today. First, utilities. I've been talking about this for a few days. Now let me put a year-to-date candlestick chart on here so we can see the breakout. And here we go. These last three days have been to record highs. Utilities doesn't really catch a lot of headlines, although within the last year, we did see them come become part of the AI trade. And so we saw them generate some headlines there. But there's utilities. These are three record highs in a row there. Also, real estate. Uh, we also, I don't talk about this one a lot. Not at record highs, but kind of broke out of this base here. And it's just kind of emblematic of a bull market where you have sectors kind of take a backseat while others reassert. And that's what we've seen because tech, which has been leading this bull market since October of 22, uh, 2022, it took a backseat today. It was the only sector that closed in the red. So real estate is another one. And then consumer discretionary. And this is a little bit more flashy because we got Amazon in there, we got Tesla. And here we can see a little bit of an uptrend, but this was the highest since we've seen all the way back to March or so in there, February, March. And I wouldn't be surprised if we knocked on those record highs pretty quickly, but that depends on what Amazon and Tesla do. Um, we can also see this in some of our leaders. And this is, this board right here is just a collection of ETFs for the most part of markets I like to look at, and home builders. Home builders is a group I have not looked at in forever on this board right here, but you can see, uh, closing in. I don't know if those are the record highs down there. Let's put a one-year chart on. There we go. And so we're at the highest since earlier in the year and we've got some territory to reclaim here. But really interesting to see the home builders kind of perk up in this market, uh, and, you know, financials as well because we're, we are in the midst of earning season. Have we seen, uh, some of those spillover effects. Here's tan. This is a solar ETF. Highest since what? We're probably going back to last November and uh, that's the Invesco solar tan ETF and really interesting to see solar kind of reassert at times that are opposite the uh, traditional energy trade. And then, uh, cannabis. Now cannabis is not one of those headline sectors. This is, I'll show you a six-year chart and I'll show you why this has not been the greatest trade down 94%. Nevertheless, keeping with the theme of the day here, it did break to the upside. And so that's what I'm looking at here. And I think I got one more. Oh, I said consumer discretionary before. It's cousin is XRT. This is more traditional brick and mortar retail, but it also has some online stuff there, but more retail. You're not going to see, uh, the Amazon in this particular cohort, but nevertheless, look at that. If it's not the highest price in the year, it's touching it. So that's kind of the way, uh, the breakouts are shaking up today.
05:13
Seana Smith
Outside of stocks, Jared, where are we seeing strength?
05:16
Jared Blikre
Metals. All right, we got to talk some metals and commodities. This has been an evolving story. I've been talking about this. I've done several segments throughout the days of the last few weeks on the Metals Complex. And that is because commodities are typically a release valve when you have economic factors when the economy is kind of where it is where
05:38
Jared Blikre
the Fed is where it is right now. So let me just show you what gold has been doing today. By the way, gold, another record close. We haven't seen a record close in gold for some time. So here's year to date, and I'm going to show you the candlesticks there. It's been consolidating since April, finally broke to the upside today, just barely didn't get an intraday record, but we got a closing record. So gold futures definitely on my mind, 3,500. Well, we you break out of 3,500, you're going to see a lot potentially of upside just because of the length of this consolidation. Also, copper, things are getting more expensive to build with. This is another theme, and this is uh, you know, the run up to the global financial crisis, commodities were a huge deal because they were exploding to the upside. And it wasn't just stuff you build with, it was stuff you eat. And so food was in there too. But here's another record high for copper. And then silver, I'm going to show you a longer term chart here. Let's get the max chart. I'll put some lines on it. And this is the highest since about 2012 somewhere in there. So that's a 13 year high for silver. So things definitely breaking to the upside there as well.
07:06
Seana Smith
Should we do a quick check on crypto?
07:09
Jared Blikre
Yes, because I'm talk and dollars too. Stable coins backing dollars. I'm going to get back. I quoted uh, Dimitri Kous of the Hidden Forces Podcast yesterday. And um, we're going to listen to a clip of him. He was doing a stocks and translation interview. Yesterday we were talking about the decentralized nature of the US dollar. You heard that correctly. And today he's going to talk about stable coins. Let's take a listen.
07:35
Speaker A
That parallels the the the financialization of the US economy because it also be made, made it easier to generate outside financial returns more quickly. And we certainly have seen that. I think that um, one of the silver linings with respect to what's going on in crypto right now, despite again the trends of financialism I talked to in its origin point in crypto is what's going on with stable coins, because even though a lot of what's going on through the administration, the tariffs and, and not so much, not as much the tariffs, but more, I think, the uncertainty around policy making in this administration has been, I think, bearish for the dollar. I think that the um, the adoption of stable coins and the passing of legislation that is more amenable to their use cases is actually something that could be uh, positive for the dollar.
08:53
Jared Blikre
So stable coins providing another use case for the dollar. Just Kevin getting a little lift to the greenback.
09:01
Seana Smith
Covered a lot of ground. Anything we missed quickly.
09:04
Jared Blikre
Rates 30 year has dropped 10 basis points in the last two days. Love that. Want to continue to watch that tomorrow. The 30 year at 4.9%.