September's inflation data will be closely watched tomorrow
It was a quiet day on Wall Street, for the most part. That is, until the final hour, when the Dow shed triple digits to log its third-straight loss. Investors digested the International Monetary Fund's (IMF) slashed global growth forecast, as well as a sharp drop in job openings in August. Supply chain issues also weighed on sentiment, with the S&P 500 and the tech-heavy Nasdaq finishing with their own third consecutive day in the red.
Investors are now shifting their attention to tomorrow's release of the consumer price index for September, as well as last month's Federal Open Market Committee (FOMC) meeting minutes. They are also looking ahead to earnings reports from JP Morgan Chase (JPM) and Delta Airlines (DAL), marking the unofficial beginning of the third-quarter earnings season tomorrow.
Continue reading for more on today's market, including:
- Behind this blue chip stock's pre-earnings leadership shakeup.
- See why Ocugen stock scaled the Nasdaq today.
- Plus, analyst sings ABNB's praises; the pros and cons of REITs; watch this infrastructure stock.
The Dow Jones Average (DJI - 34,378.34) lost 117.7 points, or 0.3%. Nike (NKE) paced the gainers with a 2% pop, while Intel (INTC) fell to the bottom, shedding 2.4%.
The S&P 500 Index (SPX - 4,350.65) shed 10.5 points, or 0.2% for the day, and the Nasdaq Composite (IXIC - 14,465.92) fell 20.3 points, or 0.1% for the day.
Lastly, the Cboe Volatility Index (VIX - 19.85) shed 0.2 point, or 0.8%.
- U.S. Food and Drug Administration (FDA) scientists refused to take a stance on whether to backModerna (MRNA) Covid-19 booster shots, noting two doses protect against severe disease. (CNBC)
- Plug Power (PLUG) rallied towards its sixth consecutive win ahead of its annual symposium later this week, which could give clues as to the company's long-term potential. (MarketWatch)
- Why one analyst predicts more growth for Airbnb stock.
- The pros and cons of investing in real estate investment trusts (REITs).
- This building materials stock has a favorable technical setup.
Gold Prices Snap Losing Streak After IMF Comments
Oil prices kept surging on Tuesday, closing above the psychologically significant $80 level for a second-straight session and a fourth-straight gain. Tight crude supplies as the economy recovers from the pandemic boosted the commodity. In turn, November-dated crude added 12 cents, or 0.2%, to settle at $80.64 a barrel.
Meanwhile, gold prices settled at their highest level in nearly a week to snap a four-day losing streak. The precious metal enjoyed a boost after the IMF cut its economic growth forecast for 2021, citing the lagging global economy. As a result, December-dated gold rose $3.60, or 0.2%, to settle at $1,759.30 an ounce for the day.