All three major benchmarks moved higher on Friday
The major indexes ended May with a bang, as economic recovery optimism helped all three benchmarks land weekly wins. For one, the Dow rose 64 points, as traders contended with inflation data that was higher than anticipated, but not as dramatic as some had feared. Meanwhile, the S&P 500 and Nasdaq also scored daily gains of their own. For the month, both the Dow and S&P 500 notched wins.
In other news, meme stocks were in the spotlight once again, after AMC Entertainment (AMC) surged more than 30% as it became the latest target of Reddit’s WallStreetBets forum. Investors were also keeping an eye on infrastructure talks in Washington, D.C., after Senate Republicans sent U.S. President Joe Biden a $928 billion counteroffer.
Continue reading for more on today's market, including:
- Boeing stock dropped off after a delay in airplane deliveries.
- The dismal data behind BIG's post-earnings pullback.
- Plus, 12 cannabis stocks lighting up Wall Street; why options traders blasted ULTA; and checking in with PVH ahead of earnings.
The Dow Jones Average (DJI - 34,529.45) added 64.8 points, or 0.2% for the day, and 0.9% on the week. Salesforce.com (CRM) led the Dow components with a 5.4% rise, while Boeing (BA) paced the laggards, falling 1.5%. For the month, the DJI added 1.9%.
Meanwhile, the S&P 500 Index (SPX - 4,204.11) rose 3.2 points, or 0.08% for the day, and 1.1% on the week. The Nasdaq Composite (IXIC - 13,748.74) jumped 12.5 points, or 0.09% for the day, and 2.1% on the week. For the month, the SPX added 0.5% and the IXIC shed 1.5%.
Lastly, the Cboe Volatility Index (VIX - 16.76) added 0.2 point, or 0.1% for the day, and lost 16.8% on the week. For the month, the VIX backpedaled nearly 10%.
- A new federal bill looks to prohibit social media platforms from using algorithms that discriminate based on protected characteristics like race and gender. (CNBC)
- The single-dose Johnson & Johnson (JNJ) coronavirus vaccine has been approved for emergency use by the United Kingdom's medicine regulator. (MarketWatch)
- These 12 marijuana stocks lit up Wall Street over the past week.
- Options traders blasted Ulta stock on the heels of a quarterly beat.
- Checking in with Calvin Klein's parent ahead of earnings.
Oil, Gold Prices Notch Weekly, Monthly Gains
Oil prices snapped their longest winning streak since February on Friday, but were still able to notch 4.3% monthly and weekly rises. The negative price action came after prices for U.S. crude settled at their highest level since 2018, and investors awaited comments from an Organization of the Petroleum Exporting Countries (OPEC) meeting. As a result, July-dated crude dropped 53 cents for the day, or 0.8%, to settle at $66.32 per barrel.
Gold prices were also higher, surging back above the significant $1,900 level. Boosting the yellow metal today was a higher-than-expected inflation reading. On the day, August-dated gold rose $6.80, or 0.4%, to settle at $1,905.30 an ounce. The safe haven asset was also up 7.8% for April, and also managed to score a 1.5% gain this past week.