The S&P 500 and Nasdaq settled below breakeven
The Dow kicked off the last week of September with a 71-point win -- its fourth straight -- as the 10-year U.S. Treasury yield surged to its highest level since June. Strength in the energy and bank sectors, as well as the travel industry, helped the blue-chip index, while economic and Covid-19 fears eased.
Elsewhere, the S&P 500 finished below breakeven to snap a three-day win streak, while the Nasdaq settled with a modest loss, as tech stocks tumbled in the face of higher interest rates. Investors are also eyeing Washington, D.C., where lawmakers need to pass a new U.S. budget to avoid a possible government shutdown. In other news, durable goods orders for August beat Wall Street's expectations.
Continue reading for more on today's market, including:
- Gores Guggenheim stock popped after its latest merger.
- Call traders blasted Best Buy stock following analyst praise.
- Plus, media name drops to annual lows; Box stock looks to extend win streak; and will Delta stock keep flying?
The Dow Jones Average (DJI - 34,869.37) added 71.4 points, or 0.2% for the day. Dow Inc (DOW) paced the gainers with a 5.1% pop, while Salesforce.com (CRM) fell to the bottom, shedding 2.1%.
The S&P 500 Index (SPX - 4,443.11) fell 12.4 points, or 0.3% for the day. Meanwhile, the Nasdaq Composite (IXIC - 14,969.97) shaved 77.7 points, or 0.5% for the day.
Lastly, the Cboe Volatility Index (VIX - 18.76) added 1 point, or 5.7% for the day.
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Product shortages are possible ahead of the holiday shopping season, as Chinese factories face
power cuts to meet government energy use targets. (M
arketWatch)
- Wells Fargo (WFC) paid $37 million to settle a government lawsuit accusing the company ofovercharging 771 businesses on foreign-exchange transactions from 2010 through 2017. (CNBC)
- This media name hit annual lows following a round of bear notes.
- Box stock was looking to extend its winning streak after an upgrade.
- Will technical tailwinds keep Delta stock moving forward?
There were no earnings reports of note.
Oil Settles Just Shy of 3-Year Highs After Analyst Comments
Oil prices surged to settle at a nearly three-year high on Monday, as lower U.S. crude inventories and higher demand continued to boost the commodity. In addition, Goldman Sachs hiked its price target to $90 per barrel, noting the lasting effects of Hurricane Ida. In response, November-dated crude added $1.47, or 2%, to settle at $75.45 a barrel.
Gold prices were also higher, notching their second-straight win as Treasury yield levels cooled from today's highs. Investors are still eyeing the Federal Reserve's plans to taper billions of economic stimulus, while brushing off concerns surrounding China Evergrande Group. As a result, December-dated gold rose 30 cents, or 0.02%, to settle at $1,752 an ounce.