The SPX and Nasdaq both hit record closes
Stocks closed mixed today, with all three benchmark's coming off modest weekly losses, as investors prepare for a busy week of earnings and economic data. The Dow dropped 61 points, while the S&P 500 and Nasdaq both captured record closes. Inflation pressure permeated the broader market today, as the word itself was mentioned plenty during several earnings calls, with many companies planning on raising costs. Meanwhile, Dr. Anthony Fauci said today that he expects a turning point in the pandemic "within the next few weeks" if vaccinations continue at their current pace. On the flip side, the U.S., alongside several other countries, committed to sending PPE and other supplies to India as the region's Covid-19 case count continues to explode.
Continue reading for more on today's market, including:
- Call traders are targeting this Canadian pot stock.
- E-tailer hit with bear notes ahead of earnings.
- Plus, SHW hits fresh record high; downgrade weighs on BBY; and the tech giant making big moves.
The Dow Jones Industrial Average (DJI - 33,981.57) dipped 61.9 points, or 0.2%. American Express (AXP) topped the list of blue chips with a 4.2% gain, while Procter & Gamble (PG) landed at the bottom after dropping 2%.
The S&P 500 Index (SPX - 4,187.62) added 7.5 points, or 0.2%, while the Nasdaq Composite (IXIC - 14,138.78) gained 122 points or 0.9%.
Lastly, the Cboe Volatility Index (VIX - 17.64) gained 0.3 point, or 1.8% for the day.
- Corn futures jumped to their highest level in more than seven years. See what was behind this push higher. (CNBC)
- Vaccinated Americans may soon be able to travel to Europe, and the news has sent airline stocks higher. (Marketwatch)
- SHW continues to capture fresh all-time highs ahead of earnings.
- The tech retailer downgraded as other sectors thrive.
- A look at Apple stock after it revealed its big investment plans.
Gold Jumps as Investors Await Fed Meeting
Oil prices extended last week's losses ahead of Wednesday's OPEC+ meeting, as rising Covid-19 cases in India put pressure on supply/demand. June-dated crude fell 23 cents, or 0.4%, to settle at $61.91 a barrel.
Gold prices ended higher today, as investors await this week's U.S. GDP reading and Fed meeting results. June-dated gold added $2.30, or 0.1%, to settle at $1,780.10 an ounce.