Markets have largely cheered a steady recovery in the labor market this year, but concerns about higher inflation due to a faster-than-expected rebound has hurt sentiment, with investors oscillating between "value" and tech-h
The ProShares S&P Dividend Aristocrats ETF - a measure of companies that have increased their dividends annually for the last 25 years or more - is up 14.3% this year, compared to a 15.8% rise for the benchmark S&P 500.
Initial claims for state unemployment benefits dropped 51,000 to a seasonally adjusted 364,000 in the week ended June 26, while layoffs plunged to a 21-year low in June as companies held on to their workers amid labor shortag
The benchmark S&P index, heavily weighted toward technology stocks, is up 1.8% this month, but the average S&P stock has lagged. The equal-weighted S&P 500 is up just 0.3% in June, which some investors view as a sign of wanin
Mega-cap tech names such as Apple Inc, Microsoft Corp, Google-owner Alphabet Inc, Netflix Inc and Facebook Inc also gained between 0.5% and 0.8% and were among the biggest boosts to the S&P 500 and the Nasdaq.
Expectations of spending from Washington on bridges, roads, and tunnels bolstered so-called value stocks, especially the industrials and materials sectors, both up around 20% this year, ahead of the 12.5% gain for the S&P 500
L Brands jumped about 6% after the Victoria's Secret owner raised its current-quarter profit forecast for the second time this month as it benefits from consumers spending their stimulus checks and relaxation of COVID-19 rest
The S&P 500 bank stocks shed about 3% as the Fed's move means banks will have to resume holding an extra layer of loss-absorbing capital against U.S. Treasuries and central bank deposits from next month.
U.S. Stocks: Shares in Apple Inc, Tesla Inc and Microsoft Corp fell between 1.0% and 2.5%, weighing the most on the tech-heavy index. The S&P 500 technology sector fell 0.9%, while the communication services sector dropped 0.