The S&P 500 notched a fresh closing high
Stocks logged notable gains today, as Wall Street eyed a very hot consumer price index (CPI) reading and just shrugged. In fact, the consumer price index rose at its fastest level since the summer of 2008. Experts are speculating that today's reading will be just a drop in the bucket, and that this momentum will eventually even out as the economy returns to its pre-pandemic normalcy.
With most investors able to shake off some of this week's inflation anxieties, the S&P 500 notched a record intraday and closing high, as well as a notable percentage gain. The Dow and Nasdaq also maintained sizable wins for most of the session, with the former settling with a 20-point pop. While there's still volatility among "meme" stocks -- the majority of which plummeted on Thursday -- Wall Street's "fear gauge," the Cboe Volatility Index (VIX), fell to its lowest settlement since February 2020.
Continue reading for more on today's market, including:
- What options traders were pricing in for Chewy stock before earnings.
- Why FCEL's short-lived rally fizzled out.
- Plus, Skechers lands new athletic partnership; MRNA pushes to extend Covid-19 vaccine to teens; and WFC looks ready to bounce.
The Dow Jones Average (DJI - 34,466.24) added 19.1 points, or 0.1% for the day. Walgreens Boots Alliance (WBA) led the Dow components with a 3.5% rise, while Caterpillar (CAT) paced the laggards, falling 3.8%.
Meanwhile, the S&P 500 Index (SPX - 4,239.18) added 19.6 points, or 0.5% for the day. The Nasdaq Composite (IXIC - 14,020.33) added 108.6 points, or 0.8% for the day.
Lastly, the Cboe Volatility Index (VIX - 16.10) dropped 1.8 point, or 10.1%.
- Amazon.com (AMZN) just announced in an internal memo that it expects its employees to work in the office three days a week, with a goal of returning "to an office-centric culture as our baseline." The company still plans to give corporate workers the freedom to work remote two days per week. (CNBC)
- U.S. President Joe Biden said that a donation of 500 million doses of the Covid-19 vaccine will encourage donations from other wealthy countries. The speech was delivered in the U.K., just one day ahead of the G-7 summit. (MarketWatch)
- Skechers stock is kicking higher on partnership with European football legend.
- Moderna pushes for emergency use authorization of its vaccine in teens.
- Is Wells Fargo stock ready to break free from its early summer holding pattern?
Oil Inches Higher Despite Easing of Sanctions on Iran
Oil prices rose again, notching another two-and-a-half-year high, bolstered by yesterday's decline in U.S. crude inventories. Putting some pressure on prices, however, was news that the Biden administration lifted sanctions imposed on several Iranian energy companies and officials. July-dated crude added 33 cents, or 0.5%, to settle at $70.29 per barrel.
Rising inflation gave gold prices a boost, and the precious metal tacked on another daily win, as the 10-year Treasury yield tumbled and the U.S. dollar remained static. August-dated gold added 90 cents, or almost 0.1%, to settle at $1,896.40 an ounce for the day.