The Dow dropped 6 points on Thursday
The Dow followed up yesterday's intraday high and triple-digit pop with a lackluster session, spending most of Thursday in the red before settling the day with a 6-point loss. Meanwhile, the S&P 500 strung together its seventh-consecutive daily win, as well as a record close, while the Nasdaq finished comfortably higher as well. Well-received earnings from Tesla (TSLA) kept some wind at the broader market's back, though a post-earnings bear gap from IBM (IBM) weighed heavily on the Dow. Elsewhere, investors digested better-than-expected jobless claims, which hit their lowest level since the beginning of the pandemic.
Continue reading for more on today's market, including:
- The FAANG stock struggling for direction ahead of its quarterly report.
- 2 big-name oil stocks Evercore ISI likes.
- Plus, Pinterest acquisition rumors swirl; the current state of the cannabis sector; and unpacking Crocs' impressive earnings.
The Dow Jones Average (DJI - 35,603.08) lost 6.3 points or 0.02% for the day. Nike (NKE) paced the gainers with a 2.4% pop, while IBM fell to the bottom, shedding 9.6%.
The S&P 500 Index (SPX - 4,549.78) added 13.6 points, or 0.3% for the day. The Nasdaq Composite (IXIC - 15,215.70) tacked on 94 points, or 0.6% for the day.
Lastly, the Cboe Volatility Index (VIX - 15.01) lost 0.5 point, or 3.1% for the day.
- A U.S. Food and Drug Administration (FDA) decision to allow Covid-19 vaccine boosters was followed by a meeting within the Centers for Disease Control and Prevention (CDC) to discuss which patient groups will be eligible for the shots. (MarketWatch)
- Support for U.S. President Joe Biden is fading, according to an All-America Economic Survey, which showed just 41% of the public approved of him. (CNBC)
- How options traders reponded to PayPal's potential acquisition of Pinterest.
- Schaeffer's Senior Market Strategist dives into the cannabis sector.
- Crocs stock surged after posting an earnings and revenue beat.
Oil Snaps 5-Day Win Streak on Profit-Taking
Oil prices snapped a five-day win streak on Thursday, settling lower as investors participated in some profit-taking off the commodity's multi-year highs. The most active December-dated crude contract shed 92 cents, or 1.1%, to settle at $82.50 a barrel.
Gold prices edged lower as well, as investors took a break from using the precious metal to hedge against inflation. Predictions that the upcoming Federal Reserve meeting could provide a headwind for gold also kept a lid on gains today. December-dated gold lost $3, or 0.2%, to settle at $1,781.90 an ounce for the day.