Growth Stocks Go Down Memory Hole, But Steel Dynamics, Capital One, Burlington Stores Strong | Summary and Q&A

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August 10, 2021
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Investor's Business Daily
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Growth Stocks Go Down Memory Hole, But Steel Dynamics, Capital One, Burlington Stores Strong

TL;DR

Steel stocks surged as a $1.2 trillion infrastructure deal was announced, while growth stocks faced underperformance. Financials and retailers also saw strength in the market.

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Questions & Answers

Q: Why did steel stocks surge in the market?

Steel stocks experienced a surge as a $1.2 trillion infrastructure deal was announced by the Senate. This signaled potential future spending on infrastructure projects, boosting investor confidence in the sector.

Q: Which financial stocks performed well?

Capital One and Wells Fargo broke out to new highs as treasury yields continued to rise. The widening of the 10-year yield benefited financial stocks, turning the previous headwind into a tailwind for their performance.

Q: What were the highlights in the retail sector?

Burlington Stores saw a breakout over a cup with handle base, with the stock rising by 5.5% on strong volume. Discounters and apparel makers also showed positive action in the market, with Target and other retailers experiencing strength.

Q: Why did growth stocks face underperformance?

Reports of weak memory chip prices and rising treasury yields led to concerns in the market, causing a sell-off in growth stocks. This created an environment where investors shifted their focus towards other sectors, such as steel, financials, and retail.

Summary & Key Takeaways

  • Steel makers, such as Steel Dynamics, experienced significant gains as a $1.2 trillion infrastructure deal was announced by the Senate.

  • Financials, including Capital One and Wells Fargo, broke out to new highs as treasury yields continued to rise.

  • Retailers, like Burlington Stores, also saw strong performance, with discounters and apparel makers showing positive action in the market.

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