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The Dow Industrials hit a new all-time high on Monday as strength in materials, finance and industrials powered the index. Selling in popular technology stocks also continued. The Dow gained 0.97 percent and the Russell 2000 Index advanced 0.49 percent. The S&P 500 Index fell 0.54 percent and the Nasdaq slid 2.41 percent.

Utilities, financials, and materials were the S&P 500 sector leaders for the day, as information technology and communication services trailed.

SPDR Utilities (XLU) gained 1.41 percent on Monday, SPDR Materials (XLB) 1.34 percent, SPDR Financial (XLF) 1.28 percent, and SPDR Industrial (XLI) 1.05 percent. SPDR Communication Services (XLC) declined 1.34 percent and SPDR Technology (XLK) 2.42 percent.

As one of the major recent additions to the index, Tesla (TSLA) shares took a hit of 5.84 percent for Monday.

Disney (DIS) share increases led the way for the Dow as the company saw a spike of 6.27 percent on the day to close at $201.91. California state officials announced that Disney parks could begin opening for the public as soon as this April, which was encouraging news for potential revenue recoveries sooner than expected.

Value finished reversing its pandemic underperformance, as measured by a pair of Invesco ETFs. Invesco S&P 500 Pure Growth (RPG) rose as much as 30 percent from the start of the pandemic (as measured by the highest price in late February). Invesco S&P 500 Pure Value (RPV) was still nursing losses into February. As of today, RPG’s gains are down to 12.11 percent, while RPV is up 14.20 percent.

Continued progress towards economic reopening fueled daily gains for airline companies as well. United Airlines (UAL) and Southwest (SW) shares rose 7 percent and 6.4 percent, respectively, on Monday. In addition, shifting plans toward a return to office workspaces in the near term drove a 6.83 percent increase for shares of commercial office building landlord Vornado Realty (VNO).

Apple (APPL) declined 4.17 percent on Monday as part of the larger investor rotation away from growth-heavy stocks towards value. Although Apple shares have seen a 63.5 percent increase on the year, they are down more than 11 percent after Monday from the start of the year. Downward pressure on growth-centered stocks like Apple is being driven by higher interest rates.

On Monday, West Texas Intermediate crude oil prices dropped slightly by 0.5 percent to close at $64.75 per barrel for the day. Oil prices temporarily saw a jolt from Sunday attacks on Saudi Arabian oil sites, but concerns over the impact on supply quickly resolved after the production was unaffected. SPDR Energy (XLE) rose 0.12 percent. Through Friday’s close, crude had rallied $20 per barrel in 2021.

Gold prices closed at $1,678.80 an ounce on Monday after a slight loss of 1.16 percent or $19.70 on the day.

The 10-year Treasury note yield ended at 1.59 percent for Monday after an increase of 4.2 basis points. This marked the highest closing percentage for the 10-year yield over the past 12 months. Fidelity Corporate Bond (FCOR) slid 0.72 percent, iShares iBoxx High Yield Corporate Bond (HYG) 0.73 percent, and iShares iBoxx Investment Grade Corporate Bond (LQD) 0.93 percent.

The U.S. Dollar Index looks to have begun its rally with another gain of 0.57 percent. It has turned positively against the euro, yen, and Chinese yuan. iShares MSCI EAFE (EFA) slid 0.35 percent on the day, while iShares MSCI Emerging Markets (EEM) declined 2.69 percent. Chinese tech stocks dominate the top holdings in EEM. iShares China Large-Cap (FXI) fell 3.52 percent.

The Commerce Department reported Monday that wholesale inventories rose 1.3 percent on the month for January in line with consensus projections. The 4.9 percent increase in January sales for wholesalers, well beyond the 0.9 percent consensus expectation, indicates that consumer demand for goods is significantly rising alongside optimism over improving pandemic conditions.

On Monday morning, the Federal Reserve confirmed a three-month extension of the Paycheck Protection Program to June 30, 2021, as opposed to March 31. This extension applies to loans sought by small businesses through the short-term liquidity program, but the existing March 31 deadline will apply as the Fed previously established for additional emergency pandemic facility programs due to lower overall demand for those programs.

The National Federation of Independent Business will release its small-business confidence index today. Analysts believe confidence rose in February.

Consumer price inflation will be out on Wednesday. Economists project 0.4 percent headline inflation last month, with a 0.2 percent rise in core CPI. Producer prices are out on Friday; economists see a 0.4 percent increase.

The University of Michigan’s advanced consumer sentiment survey for March comes on Friday. Analysts expect it will show rising optimism.

The House of Representatives may vote today on the latest version of the highly-anticipated stimulus package, which would include an additional $300 weekly in extra federal unemployment support until September, $350 billion earmarked for state and local support, and direct payments of $1,400 to U.S. adults, which would be phased out per stricter income benchmarks. If the Senate’s latest version of the stimulus bill passes the upcoming House vote as expected on party lines, then President Biden would face pressure to sign the final bill before federal unemployment benefits are set to expire on March 14.

Stocks rallied to end the week on the news of a positive jobs report from the Labor Department. Confirmation of the progress towards economic recovery fueled gains across the three major indexes.

The S&P 500 increased 1.95 percent on Friday and finished the week up 0.81 percent.

The Nasdaq rose by 1.55 percent on Friday. Apple (APPL) and Netflix (NFLX) rose 1.07 percent and 1.0 percent, respectively on the day. The index was down for the week overall by 2.06 percent. Technology Select Sector SPDR (XLK) rose 1.89 percent for the day.

The Dow was up 1.85 percent on Friday as well. The index closed the week with an overall gain of 1.82 percent.

The small-cap Russell 2000 index showed a gain of 2.11 percent for the day but fell 0.40 percent on the week.

Federal Reserve Chairman Jerome Powell sparked a bond market and technology sector sell-off midweek when he didn’t offer any new policies or much in the way of market commentary when he spoke with the Wall Street Journal Jobs Summit. Many investors thought he would at least comment on the rapid rise in bond yields, but instead he confirmed the move in yields was warranted by saying he expected higher inflation by the summer. The 10-year Treasury yield peaked at 1.63 percent on Friday and closed at 1.55 percent, a new 52-week high.

SPDR Technology (XLK) fell 1.32 percent on the week. Subsectors were much harder hit with momentum and meme-stocks being hit hard. iShares PHLX Semiconductor (SOXX) was down 9 percent midweek before closing the week down 4.81 percent. Tesla (TSLA) declined 10.89 percent on the week. That helped drag the popular ARK Innovation ETF (ARRKK) lower by 10.25 percent for the week.

Tesla (TSLA) shares lost 3.78 percent on Friday to close at $597.95. This marked the first trading day that Tesla stock closed below $600 in more than three months.

On Friday, gold prices dropped 0.15 percent for a loss of $2.50 to close at $1,698.20 an ounce. Silver was also down 0.65 percent for a loss of $0.17 to close at $25.30 an ounce.

The U.S. Dollar Index turned higher this week by 1.04 percent. Higher interest rates make U.S. bonds more attractive. Moreover, the strong economic data and dovish language from the Fed could power further gains as the rates rise and the U.S. economy grows faster than Europe and Japan. iShares MSCI EAFE (EFA) benefited from its value-tilt; it gained 0.89 percent. iShares MSCI Emerging Markets (EEM) was slowed by heavy China-tech exposure because they joined in the global tech correction. EEM returned only 0.22 percent for the week.

Energy Select Sector SPDR Fund (XLE) increased 3.74 percent on Friday and 9.98 percent for the week. U.S. crude oil had an impressive increase on Friday of 3.84 percent. It gained $2.45 over the day to close at $66.28 a barrel. Announcements from the Organization of the Petroleum Exporting Countries (OPEC+) indicating that oil production supply will continue to be tightly monitored helped boost crude oil prices in response. For the week, energy was up around 10 percent.

Higher interest rates were good news for financials. SPDR Financial (XLF) advanced 4.40 percent. SPDR Industrial (XLI) climbed 3.12 percent. Vanguard Dividend Appreciation (VIG) benefited from its industrial exposure and rose 1.01 percent. iShares MSCI Edge Minimum Volatility USA (USMV) also did well despite volatility staying relatively low during the tech correction. USMV gained 1.32 percent.

The jobs report released on Friday beat consensus expectations for new jobs created over the month. The 379,000 new jobs added in February surpassed the 200,000 consensus forecasts. The rebound in sectors that have been hit most harshly by the pandemic shutdowns, including tourism, entertainment and hospitality, boosted the overall job numbers well into the green. Average hourly earnings increased 0.2 percent, in line with the consensus.

The U.S. unemployment rate also fell from 6.3 percent to 6.2 percent for February, which still indicates plenty of room for further economic recovery before the federal government, including the Fed, eases off from accommodative policies.

The ISM manufacturing PMI climbed to 60.8 percent in February, beating expectations and up from January. The ISM services PMI eased to 55.3 percent, missing expectations, but still showing a healthy expansion.

Construction spending climbed 1.7 percent in January, more than double forecasts. Motor vehicle sales slowed to an annualized paced of 15.7 million vehicles.

Monday saw an increase in tech stocks, which help fueled gains across the major indexes. This helped move the Nasdaq off of its 4.9 percent drop over the past week. The Russell 2000 Index gained 3.37 percent on Monday, the Nasdaq 3.01 percent, the S&P 500 Index 2.38 percent, and the Dow Jones Industrial Average 1.95 percent.

SPDR Technology (XLK) climbed 3.22 percent on the day as it started reversing last week’s losses. One of the frontrunners in technology was Zoom Communications (ZM). Its shares increased 9.65 percent to close at $409.66. This daily gain largely dispelled concerns over the resumption of in-person activities and the potential for reduced demand going forward for the company’s video conferencing platform, primarily for work activities.

Apple Inc. (AAPL) shares shot up 5.39 on Monday to close at $127.79. Netflix (NFLX) ended the day with a 2.19 percent increase to close at $550.64.

In what was notably the best trading day for the S&P 500 since last June, the index surged 2.38 percent. Its spike was aided by the stabilization and improved performance since last week by financials, IT, and industrials. SPDR Financial (XLF) expanded 3.13 percent with interest rates moving higher once again.

SPDR Energy (XLE) returned 2.60 percent with traders shrugging off a drop in crude oil. West Texas Intermediate briefly fell below $60 before closing at $60.64 per barrel. Data showed China’s economic growth could be slowing. Analysts believe the country has filled its strategic reserve as well.

The U.S. Dollar Index rose 0.09 percent on the day. Even with the slight advance for the dollar, iShares MSCI Emerging Markets (EEM) managed an increase of 2.68 percent for Monday.

Johnson & Johnson (JNJ) shares saw a bump for the day to close 0.54 percent up, after temporarily surging to 2 percent during the day. The U.S. Food and Drug Administration’s authorization for emergency use of the company’s coronavirus vaccine drove the rally, which Johnson & Johnson says that it will have 20 million doses distributed by month’s end.

Boeing Co. shares gained 5.84 percent upon United Airlines’ (UAL) commitment to purchase an additional 25 of its 737 Max models for its travel recovery plan over the next few years. United Airlines saw shares rise 1.2 percent on the day as well.

Progress on the latest $1.9 trillion coronavirus stimulus legislative proposal through the past week also fueled the rally. The proposal, having passed the House, must now be approved in the Senate, which is being urgently pressed by the bill’s supporters within the next two weeks to beat out the expiration of federal jobless benefits.

Gold prices dropped 0.4 percent or $11.30 on the day to close at $1713.50 per ounce. Silver prices were similarly down for the day on Monday with a loss of $0.34 an ounce to close at $26.18.

Monday brought positive news on manufacturing data. The Institute for Supply Management’s (ISM) manufacturing shows an increase for February well above the consensus projection of 58.9 to 60.8, which was up from 58.7 from the month before. This marked the biggest surge in the index’s domestic manufacturing levels over the past three years, as made possible in part from the recent rise in raw material prices.

The growth in the U.S. contrasted with a slowing Chinese PMI. China’s manufacturing PMI slowed, and the services PMI dropped sharply. Although well off its lows from last year, China’s service PMI slowed to levels seen only during the pandemic and the 2008 financial crisis.

Construction spending levels also increased 1.7 percent on the month for January. The Commerce Department’s January report was more than double the increase of 0.8 percent per the consensus expectation. An increase in January of 3.8 percent for residential construction spending helped drive this monthly climb for the industry.

This week, the Fed will publish its updated report on its analysis of the U.S. economy in its Beige Book released this Wednesday. On Thursday, monthly data on domestic factory purchase orders, first-time unemployment claims, and durable goods will be published.

To wrap up the week, the U.S. unemployment numbers will be released. Economists project 218,000 net new jobs, a 6.3 percent unemployment rate (unchanged from the month prior), and a 0.2 percent increase in wages.

Retail earnings season heats up this week with reports from Target (TGT), AutoZone (AZO), Kohls (KSS), Ross Stores (ROST), Nordstrom (JWN), Urban Outfitters (URBN), Abercrombie & Fitch (ANF), Dollar Tree (DLTR), America Eagle (AEO), Costco (COST), Kroger (KR), The Gap (GPS) and Big Lots (BIG).

Other firms reporting this week include Marvell Technology (MRVL), Broadcom (AVGO), Guidewire (GWRE), Okta (OKTA), Wendy’s (WEN), AMC Entertainment Holdings (AMC), Hewlett Packard Enterprise (HPE), and Overseas Shipholding Group (OSG).