The Nasdaq Composite walked away with marginal gains
The back-and-forth price action of this week continued today with the Dow and S&P 500 both taking a turn lower to close Thursday's session. The blue-chip index was weighed down by a lackluster quarterly report from Cisco (CSCO), while "reopening" stocks such as Gap (GPS) and American Airlines (AAL) prevented the S&P 500 from netting a new intraday record high. And while the Nasdaq Composite managed to hang on and close in the black, it walked away with minimal gains.
Investors are still digesting the new unemployment data, which showed initial jobless claims under the 1 million mark for the first time since March. Meanwhile, the stalemate in Congress over a second round of coronavirus stimulus seems far from a conclusion.
Continue reading for more on today's market, including:
- Why Cisco stock plummeted despite a fourth-quarter earnings beat.
- This at-home fitness stock is sweating news of Apple entering the space.
- Plus, everything you need to know about pairs trading; a movie theater chain is reopening 100 locations; and some gift ideas for the options trader in your life.
The Dow Jones Industrial Average (DJI - 27,896.72) dropped 80.1 points, or 0.3% for the day. Apple (AAPL) finished with a 1.8% jump, pacing the 10 gainers. Coca-Cola (KO) paced the 20 laggards with a less than 1% fall.
Meanwhile, the S&P 500 Index (SPX - 3,373.43) fell 6.9 points, or 0.2% for the day. The Nasdaq Composite (IXIC - 11,042.50) earned 30.3 points, or 0.3% for today's session.
Lastly, the Cboe Volatility Index (VIX - 22.13) dropped 0.2 point, or 0.7%, for the day.
- Facebook outlined the threats it anticipates to counter ahead of the 2020 election, including attempts from President Donald Trump to discredit mail-in voting. (CNBC)
- Uber and Lyft said they may have to stop operating in California if the companies are forced to classify drivers as employees instead of contractors. (MarketWatch)
- Here is everything you need to know about the pros and cons of pairs trading.
- This move theater stock jumped after it announced plans to reopen 100 locations.
- Do you have options traders in your life? These are some gifts they would love.
Data courtesy of Trade-Alert
Gold Bounces Back Despite Optimistic Job Data
Oil futures finished lower on Thursday, after the International Energy Agency (IEA) lowered its demand forecast for 2020. Israel also entered a diplomatic agreement with the United Arab Emirates, further pressuring prices. September-dated crude fell $0.43, or 1%, to end at $42.24 a barrel.
Meanwhile, gold futures scored their third win this week, despite briefly falling at the wake of better-than-expected jobs data. Gold for December delivery rose $21.40, or 1.1%, to settle at $1,970.40 an ounce.