US Markets Are Mixed, Industrials Weigh on the Sentiment
After regaining strength last week, the S&P 500 started this week on a mixed note. The S&P 500 opened higher on Monday but consolidated for most of the day near the opening price. Six out of 11 major S&P 500 sectors declined on March 12. Weakness in healthcare and industrials sectors weighed on the market. Strength in the real estate, IT, and utilities sectors limited the market losses.
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The S&P 500 rallied to five-week high price levels at the end of last week amid the release of the stronger-than-expected jobs report. Carrying forward the sentiment, the market opened higher on Monday but didn’t maintain the upward momentum amid weakness in the industrials sector. Concerns about import tariffs on steel and aluminum dented the sentiment in the industrials sector on Monday. The market is looking forward to the release of February’s US core consumer price index. The index is scheduled to be released at 8:30 AM EST on March 13.
The CBOE Volatility Index (or VIX) measures uncertainty in the market. The index rose 7.8% to 15.78 on March 12. The index is measured on a scale of one to 100 with 20 as the historical average. The VIX is also called the “fear index.” Usually, the index has an inverse relationship with stocks and rises when the S&P 500 falls.
NASDAQ and Dow
The NASDAQ Composite Index and the Dow Jones Industrial Average opened higher on Monday. Despite mixed market sentiment, the NASDAQ Composite Index rallied to record high price levels amid strength in the IT sector. The NASDAQ Composite Index closed the day at 7,588.33 with a gain of 0.36%. On the other hand, the Dow Jones Industrial Average lost strength amid weakness in industrials like Boeing (BA), Caterpillar (CAT), and United Technologies (UTX) on Monday. The Dow Jones Industrial Average declined 0.62% and closed the day at 25,178.61.
Next, we’ll discuss how the S&P 500’s top gainers performed on March 12.