The Dow lost 126 points on Monday
The Dow and S&P 500 continued to churn just below their respective record highs today, with the former extending its midday losses to clock a 126-point drop. The Nasdaq was able to claw its way out of the red, however, settling with a modest win, as many Big-Tech names strengthened. This mostly muted trading action comes ahead of this Thursday's Consumer Price Index (CPI) reading, which could sway future Federal Reserve inflation decisions. Meanwhile, a growing number of "meme" stocks remain squarely in the lime light, staging wild swings while the broader market remains relatively quiet.
Continue reading for more on today's market, including:
- What bulls are expecting for CLOV, following today's Reddit-fueled rally.
- Morgan Stanley has little hope for this insurance stock, post-pandemic.
- Plus, Visa stock gets an upgrade; Reddit traders target RMED; and USCR gets a boost on buyout buzz.
The Dow Jones Average (DJI - 34,630.24) fell 126.2 points, or 0.4% for the day. Microsoft (MSFT) led the Dow components with a 1.2% rise, while Merck & Co (MRK) paced the laggards, falling 1.8%.
Meanwhile, the S&P 500 Index (SPX - 4,226.52) shed 3.4 points, or 0.1% for the day. The Nasdaq Composite (IXIC - 13,881.72) rose 67.2 points, or 0.5% for the day.
Lastly, the Cboe Volatility Index (VIX - 16.42) settled the day flat.
- The U.S. Food and Drug Association (FDA) just approved Biogen's (BIIB) Alzheimer's drug, aducanumab -- marking the first new treatment for the disease in almost two decades. (CNBC)
- Apple's (AAPL) latest iOS 15 upgrade will include an update that will make its FaceTime feature more universally available in an effort to be more competitive with other video chat names such as Zoom (ZM). (MarketWatch)
- The blue-chip stock that Piper Sandler thinks has plenty of post-pandemic potential.
- Another heavily shorted name caught in the latest "meme" stock cycle.
- Buyout buzz is giving US Concrete stock a huge boost.
There are no earnings of note today.
Imminent Iran Nuclear Deal Puts Pressure on Oil Prices
Oil prices cooled from Friday's two-year year highs as investors kept a close eye on an imminent nuclear deal with Iran, which will likely lift sanctions on Tehran and potentially raise global supply. July-dated crude lost 39 cents, or 0.6%, to settle at $69.23 per barrel, though early in the day it managed to hit $70.
Gold prices continued to rise on Monday, though they fell just short of the psychologically significant $1,900 yet again. The weakening dollar aided today's rise, though the 10-year Treasury yield also inched higher, which could put pressure on the precious metal in the near-term. August-dated gold rose $6.80, or 0.4%, to settle at $1,898.80 an ounce for the day.