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US STOCKS-Dow ends at record high as tech slides

Stock MarketsMay 06, 2021 04:10
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© Reuters.

* Peleton plunges on treadmill recall after injuries, death
* U.S. private payrolls increase solidly in April - ADP
* Energy, materials lead sectoral gains on S&P 500

(Adds comments, updates prices to close)
By Krystal Hu and Shreyashi Sanyal
May 5 (Reuters) - The Dow Jones Industrial Average ended at
a record high on Wednesday, while Nasdaq gave up its earlier
gains and closed in red.
Energy .SPNY and materials .SPLRCM continued this week's
momentum, leading gains among S&P 500 sectors. Defensive
utilities .SPLRCU and real estate .SPLRCR led sectoral
"Energy, financial, materials, industrials are all
outperforming. They tend to be cyclically oriented sectors and
tend to benefit during periods when the economies are reopening
and expanding," said Terry Sandven, chief equity strategist at
U.S. Bank Wealth Management.
The Philadelphia SE Semiconductor index .SOX recovered
from a sell-off on Tuesday. Megacap technology companies
including Inc AMZN.O and Facebook Inc FB.O and
Alphabet Inc GOOGL.O were down.
Strong economic data and earnings pushed the S&P 500 and
Nasdaq indexes to record high last week, but markets have
wobbled amid concerns about rising inflation and potentially
higher U.S. interest rates.
"Once you have markets hitting the highs we have seen
recently, the one thing investors are worried about is rising
inflation and what that means for profitability of companies,"
said Shawn Cruz, senior market strategist at TD Ameritrade.
Tech sell-off accelerated on Tuesday after Treasury
Secretary Janet Yellen suggested that interest rates might need
to rise in an overheating economy.
She later clarified that a near-term interest rate hike was
not something she was "predicting or recommending" on Tuesday
The ADP National Employment Report showed U.S. private
payrolls increased in April as companies rushed to boost
production amid a surge in demand, powered by massive government
aid and rising vaccinations against COVID-19. A more comprehensive reading in the form of the Labor
Department's non-farm payrolls data is due on Friday.
Unofficially, the Dow Jones Industrial Average .DJI rose
96.99 points, or 0.28%, to 34,230.02, the S&P 500 .SPX gained
2.97 points, or 0.07%, to 4,167.63 and the Nasdaq Composite
.IXIC dropped 51.08 points, or 0.37%, to 13,582.43.
Peloton Interactive Inc PTON.O hit a seven-month low on
its announcement to recall its treadmills amid reports of
multiple injuries and the death of a child in an accident.
Boeing Co BA.N fell after U.S. air safety officials asked
it to supply fresh analysis and documentation showing 737 MAX
subsystems would not be affected by electrical grounding issues.
T-Mobile US Inc TMUS.O jumped as it raised its full-year
postpaid subscriber net additions forecast. Uber Technologies Inc UBER.N is set to report earnings
after markets close on Wednesday.

US STOCKS-Dow ends at record high as tech slides

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