The Dow is on its best win streak since late May
The Dow stayed hot today, reversing this morning's premarket losses to nab a fifth-straight gain and third consecutive triple-digit win. It's also the blue-chip index's longest win streak since May 27. Meanwhile, the S&P 500 settled slightly above breakeven for a third-straight gain, while the Nasdaq logged a modest loss.
Upbeat quarterly results from the likes of Walmart (WMT) and Home Depot (HD) gave the retail sector a boost, with Target (TGT) enjoying a nice pop ahead of tomorrow's earnings call. A sharp drop in housing starts for July likely capped investor sentiment, though the Cboe Volatility Index (VIX) closed under 20 for the third day in a row.
Continue reading for more on today's market, including:
- Don't bet on Delta Air Lines stock, per this bear signal.
- Puts red-hot after analyst calls Zoom stock a "sell."
- Plus, more on two blue-chip retail earnings; and health stock pops on activist investor news.
The Dow Jones Average (DJI - 34,152.01) added 239.6 points, or 0.7% for the day. Walmart (WMT) led the gainers, adding 5.1%. 3M (MMM) paced the laggards, falling 0.8%.
The S&P 500 Index (SPX - 4,305.20) rose 8.1 points, or 0.2% for the day. Meanwhile, the Nasdaq Composite (IXIC - 13,102.55) shed 25.50 points, or 0.2% for the session.
Lastly, the Cboe Market Volatility Index (VIX - 19.69) rose shed 0.3 point, or 1.4% for the day.
5 Things to Know Today
- American Airlines (AAL) agreed to buy 20 supersonic Overture planes from Boom Supersonic to dramatically cut trans-Atlantic and trans-Pacific flight times. (CNBC)
- The International Federation of Association Football (FIFA) moved the World Cup kickoff to Nov. 20 to give Qatar a Sunday evening slot with the global audience. (MarketWatch)
- Walmart surged to its highest level since May after today's earnings beat.
- Home Depot stock brushed off a 3% drop in quarterly customer transactions.
- Unpacking this health stock's surge on the heels of activist investor buzz.
Oil Prices Log Worst Close Since January
Oil prices moved lower on Tuesday to notch their lowest close since January. Demand and recession fears, a potential Iran nuclear deal, and disappointing global economic data all weighed on black gold. September-dated crude lost $2.88, or 3.2%, to settle at $86.53 per barrel for the day.
Gold prices were also lower, marking their second-straight session in the red. Housing starts data pushed U.S. Treasury yields higher, dulling the precious metal. In turn, December-dated gold dropped $8.40, or 0.5%, to close at $1,789.70 an ounce.