Today’s Trading – Tech Takes Stocks to Third Consecutive Gain as Yields Rise and the Dollar Remains Weaker
May 22, 2017
U.S. stocks started the week with healthy gains as shares of tech companies continued to outshine others. The tech sector led the S&P 0.5% higher, a third consecutive gain, as the Nasdaq outperformed with a session-best 0.8% gain. The S&P ended just 6 points short of completely erasing last Wednesday’s loss that was the steepest for the index since last September. Energy was the only S&P sector to finish lower Monday despite crude prices gaining for a fourth consecutive session. Treasury yields closed higher but failed to add significantly to their early morning levels. The Treasury curve was only marginally steeper after a 1.2 bp increase in the 2-year Treasury yield (1.28%) and a 1.9 bp increase in the 10-year yield (2.25%). The Dollar remained weaker against a basket of major global currencies.