The stock market fell Monday as President Joe Biden announced a $5.8 trillion budget that calls for a substantial increase in defense spending. But defense values have plummeted.
The Nasdaq fell 0.1%. The S&P 500 lost 0.4%. The Dow Jones Industrial Average fell 0.8%. Small caps also fell, with the Russell 2000 down 1.3%.
Volume fell on the Nasdaq and NYSE from the same time on Friday.
Consumer Discretionary SPDR (XLY) climbed 1.9%, making consumer discretionary the biggest gainer among the S&P sectors.
You’re here (TSLA), the second-largest position in the consumer discretionary ETF, rose about 7% after the company announced it was planning a new stock split. Amazon (AMZN), XLY’s largest holding, gained 0.9%.
Overview of the US stock market today
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Last Updated: 12:28 PM ET 03/28/2022
Tesla announces stock split
“Tesla will be asking shareholders to vote at this year’s annual meeting to authorize additional shares to allow for a stock split,” the CEO said. the company said on its Twitter account. The size of the split was not mentioned. Tesla split its shares 5 for 1 in August 2020. After its last stock split, Tesla shares jumped 13% on the day of the announcement, but then fell 16% the following week. Three months later, the stock was up 17%, according to Dow Jones Market Data.
President Biden released a budget of $5.8 trillion on Monday, including $813 billion for defense spending, more than double the 1.6% increase the administration had sought for the budget. defense last year, the Wall Street Journal reported. The proposed budget includes assistance to Ukraine in its fight against Russian aggression.
The price of U.S. crude oil fell 6.5% to $107 a barrel after rising nearly 9% last week. Energy Select Sector SPDR (XLE) fell 2%, making it the weakest S&P sector ETF.
Staar Surgery (STAA) won Food and Drug Administration clearance for its implantable myopia lens on Monday, sending STAA stock up nearly 10%.
Staar says its Evo lens is an alternative to laser vision correction for people who depend on glasses or contact lenses. Surgeons can also remove the lens if necessary. The company estimates there are 100 million potential candidates for the implantable lens in the United States
The stock is still a far cry from the 157.94 cup-with-handle entry it hit last August. The stock attempted to bounce back from its long downtrend.
Apple shares fall on iPhone SE report
Apple fell 0.8% after paring its opening losses, on track to snap a nine-day winning streak. A Nikkei Asia report said the company plans to make around 20% fewer iPhone SEs next quarter. Apple cited weaker demand for the lower-cost model, according to the report.
The Apple+ movie ‘CODA’ won the Best Picture Oscar. It’s the first time a streaming service has won the Best Oscar.
netflix (NFLX) also won an Oscar. Jane Campion won Best Director for ‘The Power of the Dog’. Shares of Netflix fell 0.9%.
Investment Product Partners (CPLP) rose another 4% on Monday, adding to the 15% gain posted on Friday. The thinly traded CPLP was one of many shipping companies that won on Monday, including costamare (CMRE)Zim Embedded Expedition (ZIM) and Matson (MATX), all three of which are IBD 50 shares.
IBD 50 Innovative ETF (FFTY) increased by 0.4%. Vertex Pharmaceuticals (VRTX) broke out of a handleless mug base but the stock faded below the midday entry. The volume was only slightly above average. The relative force line has moved away from the highs.
United States (MUSA) exceeded the buy point of 195.78 of a cup base with handle, but the volume faded. Murphy USA, featured in IBD Stock Spotlight last week, is a lower-cost gas station chain. The buy range is at 205.57.
Brown & Brown (BROTHER) burst from a flat base into heavy volume. The buy range is from the entry 70.85 to 74.39. The company is part of a group of outperforming insurance stocks.
Follow Michael Molinski on Twitter @IMmolinski
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