S&P 500 Cons Disc Futures Market News and Commentary
The S&P 500 Index ($SPX) on Monday closed down -0.02%, the Dow Jones Industrials Index ($DOWI) closed down -0.16%, and the Nasdaq 100 Index ($IUXX) closed down -0.19%.
U.S. stock indexes on Monday posted modest losses. Higher T-note yields and increased U.S. Covid infections prompted long liquidation of stocks after the S&P 500 posted a new all-time high Monday and the Dow Jones Industrials posted a new record high last Friday.
Weakness in cruise line operators was a negative factor for the S&P 500 on Monday. Cruise operators retreated after a Barron’s article warned that dividends and share repurchases by cruise line operators are unlikely for several years as the companies focus on debt reduction. The article also said that there might not be “meaningful” free cash flow in cruise operators until 2023 or 2024 because of high interest expenses and capital expenditure for fleet upgrades. Carnival (CCL) closed down more than -5%, Norwegian Cruise Line Holding... Read more