Stocks End Mixed On Muted Session: Rivian Extends Rally
5:03 pm Monday, November 15th, 2021
Wall Street indexes were showing mixed performance on Monday as technology stocks reversed course on concerns over rising Treasury yields, although possible plane orders stemming from the Dubai Airshow pushed up Boeing and the Dow Jones benchmark. The large-cap indices were little changed on Monday, while the small-cap Russell 2000 underperformed.
Likewise, the S&P 500 sectors are embodying a mixed disposition: six sectors are up while five sectors are down. The utilities sector (+1.0%) stands atop the rankings as the only group with a 1% gain; conversely, the materials (-0.5%), information technology (-0.3%), and consumer discretionary (-0.3%) sectors lag.
The Nasdaq is underperforming amid weakness in Tesla (TSLA) and NVIDIA (NVDA). Tesla CEO Elon Musk teased the idea of selling additional shares, while NVDA is down ahead of its earnings report on Wednesday.
The Dow is getting some help from Boeing (BA), which was up 5% after the company received an order for two Boeing 777 freighters from Emirates.
As for the broader market, there aren’t any specific catalysts driving the action, leaving the market in a state of consolidation ahead of the Retail Sales report for October tomorrow morning. Earlier today, the Empire State Manufacturing Survey increased to 30.9 in November (consensus 20.3) from 19.8 in October.
The Treasury market has gradually steepened in the wake of the Empire State Manufacturing Survey, with selling interest concentrated on the longer-end of the curve. The 2-yr yield is currently unchanged at 0.52%, while the 10-yr yield is up three basis points to 1.61%.
Separately, shares of Rivian (RIVN) were now up 90% since its IPO last Wednesday. The bullish price action has been supported by news that the company is thinking about building a new manufacturing plant in Georgia.
