The Dow erased a triple-digit pop today
The major indexes gave back most of their midday gains to settle flat on Tuesday, but not before the S&P 500 and Nasdaq both hit another set of intraday highs -- the former logging its fourth-straight record peak, and the latter its second. The indexes also just barely eked out fresh closing highs as well. The Dow, meanwhile, erased a triple-digit lead to finish the day with a quiet nine-point pop. Investors kept an eye on surging home prices for April, a better-than-expected consumer confidence reading for June, and a swell in the financial sector, thanks to several banks hiking quarterly dividends. However, some anxieties over the spreading Delta variant of Covid-19, paired with investors taking a step back during the relatively quiet summer months, may have ultimately put some weight on markets.
Continue reading for more on today's market, including:
- The latest meme stock to burst onto the scene.
- Why TXT is quickly becoming an analyst favorite.
- Plus, when to bet on ALG; bulls eye upside for FCEL; and is FSLY's pullback worth playing?
The Dow Jones Average (DJI - 34,292.29) gained 9 points, or 0.03% for the day. Of the 30 Dow components, Nike (NKE) saw the biggest jump, adding 2.4%, while Boeing (BA) fell to the bottom, shedding 1.7%.
Meanwhile, the S&P 500 Index (SPX - 4,291.80) rose 1.2 points, or 0.03% on the day. The Nasdaq Composite (IXIC - 14,528.33) added 27.8 points, or 0.2% for the day.
Lastly, the Cboe Volatility Index (VIX - 16.02) added 0.3 point, or 1.7%.
- Uber Technologies (UBER) has joined the growing number of U.S. companies establishing new work-from-home rules, announcing that it will ask its corporate employees to be in the office 50% of the time. (CNBC)
- Australia just announced that the AstraZenica (AZN) Covid-19 vaccine will be available to all adults in an effort to speed up sluggish vaccination rates in the country. (MarketWatch)
- This industrial stock could present an attractive entry point for traders soon.
- Options bulls are betting on some redemption for beaten-down FCEL.
- Is there still time to get in on Fastly stock's recent pullback?
There are no earnings of note today.
Oil Inches Higher Ahead of OPEC+ Decision
Oil prices moved slightly higher on Tuesday, ahead of the Organization of the Petroleum Exporting Countries and its allies' (OPEC+) decision on whether or not to further curb crude output, with members expected to ease these curbs by roughly 500,000 barrels per day, beginning in August. As a result, August-dated crude gained 7 cents, or just under 0.1%, to settle at $72.98 per barrel.
Gold prices dropped to their lowest level since mid-April, as bond yields rose and the U.S. dollar firmed up. In turn, August-dated gold dropped $17.10, or 1%, to settle at $1,763.60 an ounce.