The Markets (as of market close March 12, 2021)
Stocks opened last week mixed, as cyclicals and value stocks advanced, while tech stocks plunged. The Dow (1.0%), the Global Dow (0.8%), and the Russell 2000 (0.5%) posted moderate gains. The S&P 500 fell 0.5%. The Nasdaq dove into correction territory after dropping 2.4% on the day and is down 11.0% from its all-time high. The Nasdaq sits at its lowest level since November 2020. Among the sectors, utilities, materials, financials, industrials, and real estate rose, while information technology and communication services sank. Treasury bond prices continued to slide last Monday, driving yields higher. Crude oil prices fell, while the dollar advanced.