The major indexes struggled for direction for most of the day
Despite a strong start to the session, all three major benchmarks erased earlier gains to finish Tuesday in the red. The Dow logged an 81-point drop, while the S&P 500 was also lower, after both struggled for direction for most of the afternoon. The Nasdaq registered modest losses as well, as Big Tech resumed its slide, and Amazon (AMZN) came under fire on the heels of an antitrust lawsuit over its pricing.
Reopening plays, namely cruise and airline stocks, kept some of today's losses in check. Meanwhile, bitcoin is still contending with the closely watched $38,000 mark, as investors weighed comments from Tesla's (TSLA) Elon Musk regarding recent sustainability talks with bitcoin miners against another bull note for crypto-exchange bigwig Coinbase (COIN), this time from JPMorgan.
Continue reading for more on today's market, including:
- This airline stock soared after revising its quarterly forecast.
- Option bulls blasted recovering Shake Shake stock.
- Plus, one struggling weed name to track; Moderna's latest vaccine update; and a post-earnings look at RUTH.
The Dow Jones Average (DJI - 34,312.46) fell 81.5 points, or 0.2% for the day. Boeing (BA) led the Dow components with a 1.4% rise, while Amgen (AMGN) paced the laggards, falling 2.3%.
Meanwhile, the S&P 500 Index (SPX - 4,188.13) shaved 8.9 points, or 0.2% for the day. The Nasdaq Composite (IXIC - 13,657.17) dropped 4 points, or 0.03% for the day.
Lastly, the Cboe Volatility Index (VIX - 18.84) added 0.4 point, or 2.4% for the day.
- Senate Republicans plan on sending a $1 trillion counteroffer to U.S. President Joe Biden's infrastructure on Thursday, after it was already cut from $2.3 trillion. (CNBC)
- One analyst in particular is optimistic about Beyond Meat's (BYND) prospects, as people return to restaurants amid ramped up Covid-19 vaccinations.(MarketWatch)
- This pot concern presents a favorable risk/reward ratio right now, according to one analyst.
- An upbeat Covid-19 vaccine update pushed Moderna stock higher.
- Diving into whether RUTH is a worthy investment after its earnings beat earlier this month.
Gold Prices Approach Significant Resistance Area
Oil prices inched higher on Tuesday, holding onto their weekly highs as investors continued to monitor negotiations with Iran over a nuclear deal, which would warrant the lifting of sanctions. In turn, July-dated crude added 2 cents, or 0.03%, to settle at $66.07 per barrel.
Gold prices saw a more significant move higher, on the other hand, to settle near the $1,900 an ounce mark, which is a significant area of resistance. The safe haven commodity got a boost from declining U.S. consumer confidence data, as well as a dip in new home sales. As a result, June-dated gold rose $13.50, or 0.7%, to settle at $1,898 an ounce.