The Dow shed 166 points today
The Septembers doldrums and today's quadruple witching Friday are making their case once again, with the Dow shedding 166 points on Friday, while also logging its third-straight weekly loss. Both the S&P 500 and tech-heavy Nasdaq closed deep into the red as well, also settling lower for the week. A wave of caution is taking over Wall Street, as investors weigh seasonality, rising Covid-19 infections, and next week's Federal Reserve meeting. Elsewhere, the Food and Drug Administration (FDA) recommended that Pfizer (PFE) booster shots be only distributed for those aged 65 and over or high-risk.
Continue reading for more on today's market, including:
- These 9 cannabis stocks lit up the news cycle this week.
- Why this brokerage firm is singing Accolade stock's praises.
- Plus, a winning software name; unpacking Eli Lilly's antibody drug buzz; and product delays hurt TTWO.
The Dow Jones Average (DJI - 34,584.88) fell 166.4 points, or 0.5% for the day, and 0.06% for the week. Amgen (AMGN) led the winners with a 0.9% pop, while Dow (DOW) fell to the bottom, shedding 2.9%.
The S&P 500 Index (SPX - 4,432.99) dropped 40.8 points, or 0.9% for the day, and 0.5% for the week. Meanwhile, the Nasdaq Composite (IXIC - 15,043.97) shed 138 points, or 0.9% for the day, and 0.5% for the week.
Lastly, the Cboe Volatility Index (VIX - 20.81) added 2.1 points, or 11.3% for the day, but shed 0.7% for the week.
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Meme cryptocurrency
Shiba Inu surged more than 25% on Friday, after it became popular among social media traders less than a day after its Coinbase (COIN) debut. (M
arketWatch)
- Options experts said suspicious trades were made after Goldman Sachs (GS) acquired GreenSky for $2.2 billion, with one trader making a 3,900% gain in one day. (CNBC)
- This software stock could be both a short- and long-term winner.
- Eli Lilly made headlines after a revision to its Covid-19 antibody drug.
- Take-Two Interactive stock downgraded after announcing product delays.
There were no earnings of note.
Gold Logs Weekly, Daily Losses a U.S. Dollar Strengthens
Oil prices settled lower on Friday, tough the commodity still managed to add 3.2% for the week. Prices have been cooling off after surging to their highest level since late July this week, as delta variant fears hurt the outlook for global demand growth. In turn, October-dated crude fell 64 cents, or 0.9%, to settle at $71.97 a barrel today.
Gold prices logged a 2.3% weekly loss and a third-consecutive daily drop, settling at their lowest level in over five weeks. A strengthening U.S. dollar, as well as this week's upbeat retail sales data are behind today's negative price action. As a result, December-dated gold fell $5.30, or 3%, to settle at $1,751.40 an ounce.