The Dow dropped for the second-straight day
The Dow fell for a second-straight day, as weak price action and choppy trading once more took hold of Wall Street. The S&P 500 and Nasdaq finished comfortably in the black though, both scoring record closes along the way. Jobless claims and corporate earnings dominated the conversation today, with chip stocks enjoying a halo lift from Nvidia's (NVDA) upbeat quarterly report. Elsewhere, Wall Street's "fear gauge," the Cboe Volatility Index (VIX), climbed to a one-week high but continues to trade in a tight range.
Continue reading for more on today's market, including:
- Two tech stocks investors should be watching.
- Why this retailer could be a short-term contrarian play.
- Plus, CSCO's supply chain headwinds; Sonos' post-earnings options activity; and the investing potential of a fast food staple.
The Dow Jones Average (DJI - 35,870.95) lost 60.1 points or 0.2% for the day. Apple (AAPL) was the best-performing Dow stock once more, adding 2.8%, while Cisco Systems (CSCO) led the 19 laggards with a 5.5% drop.
The S&P 500 Index (SPX - 4,704.54) added 15.6 points, or 0.3% for the day, while the Nasdaq Composite (IXIC - 15,933.71) gained 72.1, or 0.5% for the day.
Lastly, the CBOE Market Volatility Index (VIX - 17.59) added 0.5 point, or 2.8% for the day.
- As a three-year project that is expected to begin in Spring of 2022, CVS Health (CVS) plans to close around 300 stores to reduce overhead. A notable increase in online orders is a large driver behind the move, says the drugstore chain. (MarketWatch)
- In an effort to combat the rising Covid-19 case count in the region, Greece's Prime Minister Kyriakos Mitsotakis said those who are unvaccinated will no longer be allowed to enter restaurants, movie theaters, museums, and gyms -- regardless of a negative test. (Reuters)
- Blue-chip powerhouse slides on supply chain issues.
- Home audio name struggles on heels of revenue miss.
- Fast food stock set to fall flat for investors this year.
Gold Suffers Retreat From Yesterday's Highs
Oil prices gained today, bouncing off six-week lows. Investors are still playing the wait-and-see game with regards to crude released from strategic reserves and the amount needed to combat spiking demand. December-dated crude added65 cents, or 0.8% to settle at $79.01 a barrel today.
Gold futures gave back most of Wednesday's gains, as U.S. Treasury yields and a rising dollar continues to add pressure. December-dated gold shed $8.80 or, 0.5%, to settle at $1,861.40 an ounce, for the day.