Investors rotated back into tech after Tesla's quarterly win
Stocks rebounded on Thursday, erasing earlier losses as investors rotated back into the tech sector. The Dow and Nasdaq scored triple-digits gains, with the latter enjoying strong earnings from Tesla (TSLA) and a weaker U.S. dollar, while the S&P 500 saw a more modest pop. All three major indexes scored a third-straight daily win, brushing off worse-than-expected weekly jobless claims, which hit an eight-month high last week. Elsewhere, the Cboe Volatility Index (VIX) -- known as Wall Street's fear gauge -- registered its sixth loss in seven sessions.
Continue reading for more on today's market, including:
- Carnival's $1 billion stock deal had shares sinking.
- How options traders reacted to Tesla's earnings win.
- Plus, LLY could stay red-hot; DocuSign stock downgraded; and analyst turns bullish on software name.
The Dow Jones Average (DJI - 32,036.90) gained 162.1 points, or 0.5% for the day. Boeing (BA) led the gainers, adding 1.9%. Verizon Communications (VZ) paced the losers, shedding 2.9%.
The S&P 500 Index (SPX -3,998.95) added 39.1 points, or 1% for the day. Meanwhile, the Nasdaq Composite (IXIC -12,059.61) rose 162 points, or 1.4% for the session.
Lastly, the Cboe Market Volatility Index (VIX - 23.11) lost 0.8 point, or 3.2% for the day.
5 Things to Know Today
- U.S. President Joe Biden, who is fully vaccinated and has received two booster shots, tested positive for Covid-19 and is experiencing mild symptoms. (CNBC)
- Rivian Automotive (RIVN) popped after Amazon.com's (AMZN) started to roll out its custom-made electric delivery vans in several U.S. cities, including Baltimore and Chicago. (MarketWatch)
- Multiple levels of support indicate Eli Lilly stock has more room to run.
- Piper Sandler downgraded DocuSign stock on too many headwinds.
- Which software stock soared after scoring fresh bullish coverage.
Gold Bounces Back in a Big Way
Oil prices fell to their lowest level in a week, as black gold’s short-term demand outlook faces scrutiny. September-dated crude, which is currently the front-month contract, lost $3.53, or 3.5%, to finish at $96.35 per barrel.
Gold prices, meanwhile, snapped back, surging in response to the European Central Bank’s (ECB) first interest rate hike in 11 years. August-dated gold added $13,20, or 0.8%, to close at $1,730.40 an ounce.