The Nasdaq closed at its highest level since April
Stocks reversed earlier losses on Monday to score solid wins, as traders brushed off disappointing economic data out of China, as well as a surprise interest rate cut. The Dow added 151 points to log a fourth-straight gain -- its longest win streak since May. The Nasdaq and S&P 500 also finished comfortably higher, the former notching its highest close since April 21. Investors now look to this week's incoming slew of retail earnings, with Home Depot (HD), Target (TGT), and Walmart (WMT) on the docket.
Continue reading for more on today's market, including:
- Why options traders blasted this biotech stock.
- American Eagle stock facing bearish trendline.
- Plus, behind POSH's rebound; Bed Bath & Beyond stock rallies; and headwinds for 2 China-based names.
The Dow Jones Average (DJI - 33,912.44) added 151.4 points, or 0.5% for the day. Visa (V) led the gainers, adding 2.4%. Chevron (CVX) paced the laggards, falling 1.9%.
The S&P 500 Index (SPX - 4,297.14) rose 17 points, or 0.4% for the day. Meanwhile, the Nasdaq Composite (IXIC - 13,128.05) gained 80.9 points, or 0.6% for the session.
Lastly, the Cboe Market Volatility Index (VIX - 19.95) rose 0.4 point, or 2.2% for the day.
5 Things to Know Today
- Stores and suppliers are clashing over product prices as inflation drives up costs, with profits under pressure at consumer products companies and retailers. (CNBC)
- Social media giant Snap (SNAP) hit 1 million paid subscribers on Snapchat+, as the company looks to reduce its reliance on advertising revenue. (MarketWatch)
- Poshmark stock bounced from its recent slump following a bull note.
- Premium buyers added steam to Bed Bath & Beyond stock's rally.
- These 2 China-based stocks tumbled after dismal economic data.
There were no notable earnings reports today.
Gold, Oil Prices Breach Key Levels
Oil prices settled lower on Monday, as investors grew concerned about the disappointing economic data out of China. Plus, the the possibility of an Iran nuclear deal helped push black gold below the psychologically significant $90 level for the first time in more than one week. September-dated crude fell $2.68, or 2.9%, to settle at $89.41 per barrel for the day.
Gold prices also finished lower, settling below the key $1,800 level for their lowest close in over one week as well. A stronger U.S. dollar was partially to blame for the precious metal's tumble. December-dated gold shed $17.40, or 1%, to close at $1,798.10 an ounce.