The Dow and S&P 500 settled near breakeven
Stocks took a breather on Thursday afternoon, erasing earlier gains despite a surprise drop in the producer price index (PPI) for July. The Dow finished up just 27 points, even after strong earnings from Walt Disney (DIS). Meanwhile, the S&P 500 gave back gains to settle slightly below breakeven, while the Nasdaq registered a loss. Elsewhere, Federal Reserve official Mary Daly said it is early to “declare victory” on inflation, and reiterated she expects a 50 basis point hike in September.
Continue reading for more on today's market, including:
- How Home Depot stock is faring before earnings.
- This insurance stock looks poised to extend its rally.
- Plus, what analysts said about BMBL; amusement park stock plummets; and Cisco falls victim to cyberattack.
The Dow Jones Average (DJI - 33,336.67) rose 27.2 points, or 0.08% for the day. Walt Disney (DIS) led the gainers, adding 4.7%. Johnson & Johnson (JNJ) paced the laggards, falling 2.1%.
The S&P 500 Index (SPX - 4,207.27) shed 3 points, or 0.07% for the day. Meanwhile, the Nasdaq Composite (IXIC - 12,779.91) lost 74.9 points, or 0.6% for the session.
Lastly, the Cboe Market Volatility Index (VIX - 20.20) added 0.5 point, or 2.3% for the day.
5 Things to Know Today
- U.S. President Joe Biden is expected to make a decision on broader federal student loan forgiveness by Aug. 31, when the pause on payments expires. (CNBC)
- Social media giant Twitter (TWTR) will reintroduce election misinformation features ahead of U.S. midterms to crack down on false and misleading posts. (Reuters)
- Analysts chimed in on Bumble stock after mixed quarterly results.
- A top-and-bottom line miss weighed on this amusement park stock.
- Cisco Systems stock held steady despite a major cyberattack.
Oil Prices Move Higher Amid European Heatwaves
Oil prices were higher on Thursday, after heatwaves in Europe and lower natural-gas supplies prompted the International Energy Agency (IEA) to raise its forecast for global oil-demand growth. September-dated crude added $2.41, or 2.6%, to settle at $94.34 per barrel for the day.
Meanwhile, gold prices settled lower for the first time in roughly one week. More economic data pointing to cooling inflation in the U.S. had traders rotating out of the safe-haven commodity and into other assets. In turn, December-dated gold dropped $6.50, or 0.4%, to close at $1,807.20 an ounce.