S&P 500 misses a record | AMC up nearly 15% | SEC watching volatility in some stocks

MON, JUN 07, 2021

EVENING BRIEF

AS OF MON, JUN 07, 2021 • 05:03 ET

DJIA		34630.24
		-0.36%	-126.15

S&P 500		4226.52
		-0.08%	-3.37

NASDAQ		13881.72
		+0.49%	+67.23

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DOW
NAME	LAST	CHG	%CHG
AAPL	125.90	+0.01	+0.01%
MSFT	253.81	+3.02	+1.20%
INTC	57.09	-0.28	-0.49%

S&P 500
NAME	LAST	CHG	%CHG
F	15.88	-0.09	-0.56%
AAPL	125.90	+0.01	+0.01%
GE	13.91	-0.05	-0.36%

NASDAQ
NAME	LAST	CHG	%CHG
AAPL	125.90	+0.01	+0.01%
SIRI	6.60	+0.13	+2.01%
AMD	81.35	-0.23	-0.28%

EDITOR'S NOTE

The S&P 500 edged down slightly on Monday, failing to top its record high from May once again and declining to pick a winner in the debate about where stocks will go next.

From one angle, the index has churned near record highs despite rising concerns about inflation, a change in policy from the Federal Reserve and possible tax increases, potentially leaving room for upside if one of those risks subsides.

From another viewpoint, the broad market has mostly traded sideways for more than a month and looks to have little momentum one way or another, which can make some traders nervous.

Wall Street strategists are generally bullish on the market, though few are predicting a significant jump from this point. The average year-end target for the S&P 500 in CNBC's strategist survey is about 1% above where the index was trading on Monday afternoon.

JPMorgan's Marko Kolanovic said in a note on Monday that the market was poised for another leg higher, likely led by value and cyclical plays. Bank of America technical strategist Stephen Suttmeier said that the S&P 500, Nasdaq and Russell 2000 all had bullish trading patterns.

On the other hand, Morgan Stanley's Mike Wilson said that the market looks close to topped out given the potential roadblocks ahead.

"Our core belief remains that broad equity upside is limited with de-rating, peak revisions, tapering, and higher taxes ahead," Wilson said in a note.