A day after a jubilant return from the holiday weekend, equity markets merely simmered in Tuesday's trading session.
The Centers for Disease Control and Prevention yesterday evening released new recommendations for those who have contracted COVID-19: most prominently, the agency reduced the suggested isolation time for asymptomatic carriers from 10 days to five. However, Wall Street seemed uninterested in this new development and had little other omicron-related news to glom onto.
The only economic data point of note was the S&P CoreLogic Case-Shiller national home-price index, which showed that home prices jumped by 19.1% in October – still a high rate of growth, though a slower pace of expansion for the third consecutive month. Housing shares responded with a shrug.
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Investors did lean toward safety plays, though, with utility stocks (+0.9%) and consumer staples (+0.6%) finishing as Tuesday's top sector performers.
The S&P 500 took a 0.1% step back from Monday's record highs, to 4,786, while the Nasdaq Composite declined 0.6% to 15,781. The Dow Jones Industrial Average continued the "Santa Claus rally" for now, however, edging 0.3% higher to 36,398.
Other news in the stock market today:
- The small-cap Russell 2000 closed off 0.7% to 2,246.
- U.S. crude oil futures managed to follow up on Monday's gains, settling up 0.5% to $75.98 per barrel.
- Gold futures eked out a 0.1% gain to $1,810.90 per ounce.
- Bitcoin took a big step back Tuesday, dropping 6.7% to $47,817.10. (Bitcoin trades 24 hours a day; prices reported here are as of 4 p.m.)
Industrials: A Value for 2022
Do you like bargain-priced stocks? You'll be happy to know that the "smart money" is very much on your side heading into 2022.
Among the research shops tapping out a steady drumbeat of bullish value calls is Janus Henderson Investors:
"If GDP continues to expand as we expect in 2022 (short-term setbacks notwithstanding) and interest rates inch higher, value-oriented sectors … might once again take the lead," their strategists say. Among them? Materials and financials, which we've shared with readers of late.
But Janus also expects industrial stocks to get a lift. The logic holds – economic growth typically benefits the sector, but in 2022, component makers, equipment manufacturers, engineering firms and other industrials will also benefit as spending from the Infrastructure Investment and Jobs Act is parceled out.
Stock pickers can start studying the space with our 2022 guide to the industrial sector: a selection of 12 highly rated shares that boast promising prospects for the year to come.
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