Stock index benchmarks were mostly higher Monday morning, with tech-related stocks under pressure as government bond yields extended their rally following the Senate approval of a $ 1.9 trillion COVID-19 relief package. The Dow Jones Industrial Average [: DJIA] was up 121 points, or 0.4%, to 31,606, the S&P 500 SPX Index,
rose 0.1% to 3842, while the Nasdaq COMP Composite Index,
it was 0.2% at 12.899. Expectations of aggressive fiscal spending coupled with a rapid economic reopening as vaccine launches continue have fueled expectations of at least a short-term rise in inflation. That, in turn, has contributed to a surge in bond yields that has helped fuel a shift in growth-oriented stocks with high valuations towards stocks that have lagged behind in the post-COVID stock market recovery. . In corporate news, AMC Entertainment Holdings Inc. AMC shares,
rose as the rebound in “meme” stocks continued from last month’s slide, after Wedbush analyst Michael Pachter doubled his price target ahead of the company’s earnings report, citing growing optimism about the post-pandemic environment. . Pachter raised his target for the stock to $ 5.00 from $ 2.50, but that target was 38% below Friday’s closing price of $ 8.05. AMC and GameStop Corp. GME shares,
They have been the focus of retail investors and short sellers lately. GameStop chose Chewy co-founder Ryan Cohen to lead its ecommerce shift, according to reports.