The S&P 500 neared record levels as well
The Nasdaq jumped to a fresh record close today, following its intraday high, while the S&P 500 inched toward record levels -- fresh off its 7th-straight monthly win -- and the Dow dropped 48 points. Disappointing jobs data highlighted the morning, as the ADP employment report showed private payrolls increasing by 374,000, which is far below Wall Street's estimate of 600,000, and investors are looking ahead to Friday's nonfarm payrolls for direction. Meanwhile, U.S. data showed manufacturing growth despite labor shortages, as the ISM manufacturing index rose to 59.9% in August from July's 59.5%.
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The Dow Jones Average (DJI - 35,312.53) fell 48.2 points, or 0.1%. Walt Disney (DIS) led the Dow winners today with a 1.2% gain, while Caterpillar (CAT) paced the laggards with a 1.3% loss.
The S&P 500 Index (SPX - 4,524.09) added 1.4 points, or 0.03%, while the Nasdaq Composite (IXIC - 15,309.38) jumped 50.2, or 0.3%.
Lastly, the Cboe Volatility Index (VIX - 16.11) lost 0.4 point, or 2.3%.
- In a new report, the U.N.'s World Meteorological Organization says that Hurricane Ida may be the most expensive hurricane yet. (MarketWatch)
- Apple (AAPL) announced which states would be the first to offer digital driver's licenses on iPhones. (CNBC)
- A glance at BRC ahead of tomorrow's earnings report.
- Unpacking the pilot lawsuit against Southwest Airlines.
- Plenty of short interest to unwind for SFM.
Oil Rises After OPEC+ Meeting
Oil prices finished slightly higher today, after the Organization of the Petroleum Exporting Countries and its allies (OPEC+) confirmed its plan to boost oil production by 400,000 barrels per day each month. Meanwhile, the commodity is continuing to recover from Hurricane Ida October-dated crude rose 9 cents, or 0.1%, to settle at $68.59 a barrel.
Gold prices fell, as investors unpacked the disappointing U.S. jobs report. December-dated gold fell lost $2.10, or 0.1%, to settle at $1,816 an ounce.