The S&P traded atop its 200-day moving average for the first time since early March
Stocks roared back to life after the long holiday weekend, ending Tuesday with impressive daily wins. Most notably, the S&P 500 jumped over the the 3,000 level, which coincides with its closely watched 200-day moving average, for the first time since
early March, before ending the day just below the region. Meanwhile, the Dow slid into the close with a nearly 530-point win, while the Nasdaq also enjoyed an impressive daily gain. This broad-market push higher came amid positive progress on a potential coronavirus vaccine, with Novavax (NVAX) reporting its first human study on Monday, and optimism over the gradually
reopening economy.
Continue reading for more on today's market, including:
- Spotify stock under pressure as Amazon steps
into the podcast arena.
- Why it could be a critical summer for the video game sector this year.
- Plus, Deutsche Bank's red-hot options pits; AZO's post-earnings drive higher; and the vaccine plans giving Merck a lift.
The Dow Jones Industrial Average (DJI - 24,4995.11) added roughly 530 points, or 2.2% for the day. All but six constituents finished higher, with Goldman Sachs (GS) at the top of the list on a nearly 9% win, while Microsoft (MSFT)
slid to the bottom on a 1.1% drop.
The S&P 500 Index (SPX - 2,991.77) ended 36.3 points, or 1.2% higher, while the Nasdaq Composite (IXIC - 9,340.22) ended 15.63 points, or 0.2%, higher.
The Cboe Volatility Index (VIX - 28.01) dropped 0.2 point or 0.5%.
5 Items on Our Radar Today
- Senate Majority Leader Mitch McConnell said on Tuesday that Congress will "probably" have to pass another coronavirus relief bill,
and will need to make a decision about whether or not to do so in the coming weeks. The Kentucky Senator added that the success of the economic reopening will inform the decision going forward. (CNBC)
- The New York Stock Exchange's (NYSE) floor has partly been reopened today, following a two-month closure as part of the global lockdown measures. Just 25% of the NYSE's staff is back on the floor for the time being, while most trading is still being done electronically. (MarketWatch)
- Bearish comments from Deutsche
Bank's CEO brought options players out of the woodwork.
- Behind AZO's post-earnings pop.
- A look at Merck's coronavirus vaccine plans.
Data courtesy of Trade-Alert
Economic Optimism Buoys Oil While Gold Dips Lower
An uptick in demand, paired with optimism over a continued drop in crude supplies, pushed oil futures higher today. July-dated crude added $1.10 cents, or 3.3%, to settle at $34.35 a barrel.
The general optimism felt on Wall Street pushed gold futures lower on Tuesday. Gold for June delivery settled down $29.90, or 1.7% to $1,705.60 an ounce.