Miércoles 10/03/21 Inflacion

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Más de 500 puntos al alza.

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Stocks Climb as Inflation Remains Muted
Dow hits record above 32000 as investors rotate into banks and other economically-sensitive sectors

By and
Updated March 10, 2021 3:00 pm ET
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U.S. stocks rose Wednesday after fresh inflation data showed a muted increase in consumer prices for February and a Treasury auction went off without any surprises.

The Dow Jones Industrial Average jumped 1.6%, on track to close at a new high and above 32000 for the first time, while the S&P 500 gained 0.9%. The Nasdaq Composite, meanwhile, rose just 0.2%, shedding most of its morning gains after it surged higher on Tuesday in one of the best days for the tech sector in months.

Tech stocks are following a now-common pattern. Markets have seesawed in the past few weeks, as investors have watched yields on U.S. government debt surge amid expectations of both higher inflation and an economic recovery.

Those higher yields have narrowed the relative valuation gap between safer bonds and riskier stocks and made bond returns more attractive to some investors.

Since the pandemic started last year, the market has discounted most economic data, preferring to focus on the expected rebound. Now, though, looking ahead for investors means looking for signs of inflation, and by extension changes in monetary policy, said ThinkMarkets analyst Fawad Razaqzada.

“People will be expecting bond yields to edge higher,” he said. “The potential gains in U.S. stocks are going to limited from here.”

There weren’t any flashing inflation warnings on Wednesday. Fresh data showed that a key inflation gauge rose 0.4% last month, in line with expectations. That may help assuage concerns that a sharp increase in inflation would prompt the Federal Reserve to tighten monetary policy.

The yield on the benchmark 10-year Treasury note fell to 1.512%, from 1.545% on Tuesday. This year’s steep rise in yields, which had fallen as low as 0.915% at the start of 2021, partly reflects expectations that the Fed will boost short-term interest rates.

That is because improved economic prospects are fueling bets on sectors such as banking and energy, which would benefit from a rebound, and away from the technology stocks that rallied during Covid-19 lockdowns last year. That has given a boost to the Dow industrials, which have outperformed the S&P 500 this year.

“We have seen a genuine rotation from growth to value,” said Altaf Kassam, head of investment strategy for State Street Global Advisors in Europe. “The companies that were laggards before, like financials and energy, have ruled the roost lately.”

Indeed, on Wednesday the best sectors in the S&P 500 were materials, up 1.6%, financials, up 1.5%, and energy, up 1%. Tech was down 0.1%.

Among individual stocks, Tesla slipped 0.3%, Amazon lost 0.2% and Apple was down 0.6%.

General Electric fell 5% after agreeing to combine its jet-leasing unit with rival AerCap and shut down its GE Capital unit.

GameStop, a favorite of day traders, rose 1.3% in the afternoon, after rising more than 40% earlier in the session.

While slicing the market into growth versus value simplifies the landscape for investors, what was really driving the market last year were stocks that had an almost cultlike popularity, said David Bahnsen, managing partner of Bahnsen Group. Those stocks got overheated and overvalued, while a swath of profitable, stable names were significantly overvalued. That investors would eventually flip on both was “incredibly foreseeable,” he said.

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“It’s a reversal of a popularity contest,” he said.

In the afternoon, the U.S. government auctioned off $38 billion in 10-year Treasury notes. Demand for the 10-year note was in line with recent auctions, with $2.38 of bids for every dollar of Treasuries sold. There were fears that demand would be weaker. The U.S. government’s extraordinary borrowing spree has tested investors’ appetite for new Treasury debt, which is also contributing to pushing yields higher.

Federal Reserve officials have said they would allow inflation to exceed 2% for a spell, before tightening policy. That might take longer than many investors are anticipating, said Willem Sels, chief investment officer at HSBC Private Bank.

“Inflation is still capped by the fact that the demand is still relatively weak in a lot of sectors,” he said. In the longer term, Mr. Sels expects inflation to be low, as government stimulus measures are followed by stringent belt tightening. “It will take a long time before we get to the 2% target.”


The New York Stock Exchange on Tuesday.
Photo: Spencer Platt/Getty Images
Overseas, the pan-continental Stoxx Europe 600 edged up 0.4%.

Among individual stocks, Germany’s Adidas rose 2.8% after reporting sales that beat analysts forecasts and unveiling a strategy targeting online shopping.

Asian stock markets were mixed. Hong Kong’s Hang Seng rose 0.5% while Japan’s Nikkei 225 was flat. China’s Shanghai Composite Index edged down less than 0.1%.

Write to Will Horner at William.Horner@wsj.com and Paul Vigna at paul.vigna@wsj.com

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LAST CHG %CHG
DJIA 32297.02 464.28 1.46
S&P 500 3898.81 23.37 0.60
Nasdaq Composite 13068.83 -4.99 -0.04
Japan: Nikkei 225 29036.56 8.62 0.03
UK: FTSE 100 6725.60 -4.74 -0.07
Crude Oil Futures 64.73 0.72 1.12
Gold Futures 1723.30 6.40 0.37
Yen 108.40 -0.10 -0.09
Euro 1.1930 0.0030