The Dow logged its best single-session gain since May 4
Stocks returned from the holiday weekend determined to bounce back from last week's historic bloodbath. The Dow added 641 points to notch its best win since May 4, while the S&P 500 and Nasdaq also settled firmly higher, with energy and mega-cap tech stocks leading the way. The Cboe Volatility Index (VIX) logged its third-straight loss, but closed above the psychologically significant 30 level. Meanwhile, as gas prices rise, U.S. President Joe Biden is reportedly mulling over a holiday on the federal gas tax.
Continue reading for more on today's market, including:
- The sun could soon shine for this solar stock.
- What the Kellogg split means for the stock.
- Plus, Chewy stock upgraded; a C-suite shakeup at DocuSign; and a pre-earnings look at FDX.
The Dow Jones Average (DJI - 30,530.25) added 641.5 points, or 2.2%, for the day. UnitedHealth Group (UNH) led the gainers, adding 6.3%. Walt Disney (DIS), meanwhile, paced the laggards with a 1.1% drop.
The S&P 500 Index (SPX - 3,764.79) rose 90 points, or 2.5% for the day. Meanwhile, the Nasdaq Composite (IXIC - 11,069.30) gained 271 points, or 2.5% for the session.
Lastly, the Cboe Market Volatility Index (VIX - 30.19) fell 0.8 point, or 2.7% for the day.
5 Things to Know Today
- Activision Blizzard (ATVI) shareholders approved a proposal for a public report on the company's efforts to reduce employee abuse, discrimination, and harassment. (CNBC)
- Existing home sales fell 3.4% in May for a fourth-straight monthly drop, amid rising mortgage rates and home prices that have surpassed a record median of $400,00. (MarketWatch)
- Chewy stock surged after scoring a fresh Wedbush upgrade.
- How DocuSign stock reacted to the departure of its CEO.
- What you need to know about FedEx stock before earnings.
Oil Prices Settle Higher Amid Tight Supply
Oil prices settled higher on Tuesday, as black gold worked to partially erase last week's steep losses. Boosting the commodity was a tighter market and the potential for tougher sanctions on Russian crude. In response, July-dated crude expired higher at $1.09, or 1%, to settle at $110.65 per barrel. The new front-month contract for August-dated crude added $1.53, or 1.4%, to settle at $109.52 a barrel.
Gold futures finished lower, however, despite a weaker U.S. dollar. Profit taking, as well as portfolio adjustments, likely weighed on the precious metal. As a result, August-dated gold fell $1.80, or 0.1%, to close at $1,838.80 an ounce.