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Today’s Market Wrap Up and a Glimpse Into Tuesday

By:
Gerelyn Terzo
Updated: Aug 16, 2021, 22:18 UTC

Stock index futures are pulling back from record levels.

Today’s Market Wrap Up and a Glimpse Into Tuesday

In this article:

Stocks got off to a bumpy start but found their footing, sending the S&P 500 and Dow Jones Industrial Average to record highs. The Dow tacked on more than 100 points while the S&P 500 was up just modestly, though it was enough for an impressive turnaround. The Dow and the S&P 500 indexes are on winning streaks and have clinched five straight fresh all-time highs. The Nasdaq finished the day lower.

Despite Monday’s gains, investors still have a lot to be skittish about. The delta variant continues to spread, global uncertainty is on the rise and inflation data is hot, the latter of which could lead the Fed to taper its bond-buying program soon.

Stock index futures are pulling back from record levels, with all three of the major stock market indices trading in the red on Monday evening.

Stocks to Watch

  • Tesla shares fell 4% on Monday after a government division launched an investigation into the EV maker’s driver assistance Autopilot system. The National Highway Traffic Safety Administration is behind the probe, which is in response to nearly a dozen accidents in the past three years involving Tesla vehicles with Autopilot engaged.
  • Apple shares were heavily traded today, and the stock was up more than 1%. The iPhone maker is eyeing the return of its in-store classes in the U.S. and Europe by the end of this month, which would be a positive sign for the economy. Nonetheless, the delta variant could throw a wrench into Apple’s plans.
  • Shares of AMC Entertainment rallied 6% on the day after consumers returned to the movie theater. “Free Guy” starring Ryan Reynolds was the blockbuster hit of the weekend.

Look Ahead

On the earnings front, retailers are in focus. Big-box retailer Walmart is poised to release its quarterly results on Tuesday, as is Home Depot. Both stocks are Dow components and could influence the direction of trading in the index.

Retail sales for the month of July will be released on Tuesday. In June, retail sales climbed surprisingly higher. Wells Fargo economists are predicting a modest 0.1% increase for July while the delta variant continues to loom.

Industrial production for July also comes out on Tuesday. Wells Fargo economists are predicting a 0.4% increase as manufacturers continue to grapple with supply chain issues.

About the Author

Gerelyn is a cryptocurrency and blockchain journalist who has been engaged in the space since mid-2017 when bitcoin was embarking on its first major bull run

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