Stocks turned lower on Wall Street as bond yields made another upward spike, renewing pressure on high-flying technology companies.
The S&P 500 fell 1.3% Thursday, its third straight loss. The Nasdaq pulled back 2.1%. The losses came as the yield on the 10-year Treasury rose sharply during a question-and-answer session with Federal Reserve Chair Jerome Powell during which Powell said that any pickup in inflation in coming months would likely be temporary, disappointing investors who were hoping for a firmer stance against inflation.
The S&P 500 fell 51.25 points, or 1.3%, to 3,768.47.
The Dow Jones Industrial Average fell 345.95 points, or 1.1%, to 30,924.14.
The Nasdaq fell 274.28 points, or 2.1%, to 12,723.47.
The Russell 2000 index of smaller companies fell 60.87 points, or 2.8% to 2,146.92.
For the week:
The S&P 500 is down 42.68 points, or 1.1%.
The Dow is down 8.23 points, or less than 0.1%.
The Nasdaq is down 468.87 points, or 3.6%.
The Russell 2000 is down 54.13 points, or 2.5%.
For the year:
The S&P 500 is up 12.40 points, or 0.3%.
The Dow is up 317.66 points, or 1%.
The Nasdaq is down 164.81 points, or 1.3%.
The Russell 2000 is up 172.07 points, or 8.7%.7 Electric Vehicle (EV) Stocks That Have Real Juice
I’ll start with a disclaimer. You won’t see Tesla (NASDAQ:TSLA) or Nio (NYSE:NIO) on this list. And that’s not because I’m being contrarian. I just view Tesla and Nio as the known quantities in the electric vehicle sector. The goal of this presentation is to help you identify stocks that may be flying under your radar.
Many EV stocks went public in 2020 via a special purpose acquisition company (SPAC). There is both good and bad to that story. The good is that investors have many options for investing in the EV sector. Many of the companies that have entered the market are attempting to carve out a specific niche.
The potentially bad news is that these stocks are very speculative in nature. Whereas companies like Tesla and Nio have a proven (albeit recent) track record, there are things like revenue and orders that investors can analyze. With many of these newly public companies, investors are being asked to buy the story more than the stock and that is always risky.
However, in this special presentation, we’ve identified seven companies that look like they have a story that is compelling enough that investors should be rewarded in 2021.
View the "7 Electric Vehicle (EV) Stocks That Have Real Juice"