The Nasdaq landed an overdue comeback
The major indexes logged big wins today, as retreating bond yields sent investors rushing back toward the battered tech sector. The Dow once again notched a record intraday high, while the S&P 500 also scored a win, as investors look forward to tomorrow's vote by the House of Representatives on the $1.9 trillion Covid-19 relief bill.
The big story today, however, was the comeback from the Nasdaq, which turned in its best day since November. The benchmark has been bruised as the tech sector suffered a massive selloff over the last month, but was saved today by wins from behemoths Apple (AAPL), Tesla (TSLA), Amazon.com (AMZN), and Facebook (FB).
Continue reading for more on today's market, including:
- Record highs within reach for Funko stock before earnings.
- According to this bull signal, MS could reach new peaks.
- Plus, which RV stock is hitting the brakes; mixed reactions to SFIX's revenue miss; and why Peloton stock soared.
The Dow Jones Industrial Average (DJI - 31,832.74) rose 30.3 points, or 0.1% for the day. IBM (IBM)) topped the list of winners, rising 4.7%, while Walt Disney (DIS) fell to the bottom of the blue-chips, losing 3.7%.
Meanwhile, the S&P 500 Index (SPX - 3,875.44) added 54.1 points, or 1.4% for the day. The Nasdaq Composite (IXIC - 13,073.83) gained 464.7 points, or 3.7% for the day.
Lastly, the Cboe Volatility Index (VIX - 24.03) shed 1.4 point, or 5.7%, for the day.
- The Earth Fund, Amazon CEO Jeff Bezos' $10 billion environmental think tank, will be led by World Resources Institute's President and CEO Andrew Steer. (CNBC)
- The Centers for Disease Control and Prevention (CDC) announced guidelines for Americans who've been fully vaccinated against Covid-19. (MarketWatch)
- THO is taking a breather after a stellar earnings report.
- Analysts are skeptical on this e-tailer following a revenue miss.
- Peloton stock soared after announcing its entrance into Australia.
Gold Bounces Off of Nine-Month Lows
After a dicey session, oil prices fell on Tuesday, as supply disruption concerns in Saudi Arabia were put to rest in the wake of drone and missile strikes on the country's oil sites. Meanwhile, the softening U.S. dollar countered the possibility for tighter supplies amid output curbs from the Organization of the Petroleum Exporting Countries and its allies (OPEC+). In response, April-dated crude lost $1.04, or 1.6%, to settle at $64.01 per barrel on the day.
Gold prices, meanwhile, rose after hovering near nine-month lows over the last few sessions. Bullion was boosted by retreating U.S. Treasury yields and softening dollar. As a result, April-dated gold added $38.90, or 2.3%, to settle at $1,716.90 an ounce on the day.*
*Editor's Note: A previous version said the dollar strengthened, not softened. We apologize for the error.