New Market Highs Are Close | Daily Market Update

Wednesday, June 9, 2021

Top Story

New highs are close

The S&P 500 Index is very close to another new high but is having trouble getting there.

  • Three days in a row it closed within 0.15% of an all-time high but didn’t make a new high—first time since 1964.
  • Nine days in a row it closed within 1% of an all-time high but didn’t make a new high—first time since 2017.
  • The S&P 500 has already made 26 new highs the first five months of 2021, the most since 1998.
  • Many investors are worried about new highs, but future performance after new all-time highs has actually been quite strong.
  • We will take a closer look at new highs later today on the LPL Research blog, available at 1p.m. ET.

Daily Insights

U.S. equities opened little changed following Tuesday’s mixed market results

  • The Nasdaq Composite is approximately 0.3% higher as growth stocks continue their run and the S&P 500 Index is fractionally higher.
  • European equities are mostly lower through midday trading as Germany’s exports increased in April.
  • Asian markets ended their sessions mostly lower with China (Shanghai Composite) an exception, finishing over 0.3% higher.

Technical update

Major indexes spent another day churning just below all-time highs without the S&P 500 managing to eclipse its May 7 record. This morning the yield on the 10-year Treasury is pushing down to 1.50% ahead of the Consumer Price Index (CPI) report on Thursday. 1.46% marks a key level to watch going into and after the report, as it marks a tactical low that was quickly reversed following last month’s print.

Policy Shifts May Challenge Markets

LPL Research contends that policy tailwinds may turn into headwinds in 2022, but economic fundamentals are likely to dominate. Learn more in this week’s Weekly Market Commentary.

Meme Stock Mania

On this week’s LPL Market Signals Podcast, Chief Market Strategist Ryan Detrick and Equity Strategist Jeff Buchbinder examine what meme mania means for investors, explore how policy could impact things for the rest of 2021, and dissect the recent weaker than expected monthly jobs data.



This material is for general information only and is not intended to provide specific advice or recommendations for any individual. There is no assurance that the views or strategies discussed are suitable for all investors or will yield positive outcomes. Investing involves risks including possible loss of principal. Any economic forecasts set forth may not develop as predicted and are subject to change.

References to markets, asset classes, and sectors are generally regarding the corresponding market index. Indexes are unmanaged statistical composites and cannot be invested into directly. Index performance is not indicative of the performance of any investment and do not reflect fees, expenses, or sales charges. All performance referenced is historical and is no guarantee of future results.

Any company names noted herein are for educational purposes only and not an indication of trading intent or a solicitation of their products or services. LPL Financial doesn’t provide research on individual equities.

All information is believed to be from reliable sources; however, LPL Financial makes no representation as to its completeness or accuracy.

All index and market data are from FactSet and MarketWatch.

This Research material was prepared by LPL Financial, LLC.

Securities and advisory services offered through LPL Financial (LPL), a registered investment advisor and broker-dealer (member FINRA/SIPC).

Insurance products are offered through LPL or its licensed affiliates.  To the extent you are receiving investment advice from a separately registered independent investment advisor that is not an LPL affiliate, please note LPL makes no representation with respect to such entity.

  • Not Insured by FDIC/NCUA or Any Other Government Agency
  • Not Bank/Credit Union Guaranteed
  • Not Bank/Credit Union Deposits or Obligations
  • May Lose Value

For Public Use – Tracking # 1-05153575