Investors unpacked disappointing home sales data today
Stocks ebbed and flowed on Thursday, as investors unpacked a drop in initial jobless claims, mixed retail earnings, and existing home sales data for July. After trading more than 200 points lower at its session lows, the Dow surged in late-afternoon trading -- and held on amid the subsequent breather -- to eke out a modest win. The Nasdaq and S&P 500 scored gains of their own, but all three indexes finished well off their session highs.
In other news, St. Louis Federal Reserve President James Bullard told the Wall Street Journal he “would lean toward” an aggressive interest rate hike next month. Meanwhile, Minneapolis Fed President Neel Kashkari said there is "more work to do in raising rates to bring inflation down.”
Continue reading for more on today's market, including:
- Fresh analyst coverage props up Mattel stock.
- This cloud stock could overcome long-term resistance.
- Plus, KSS brushes off quarterly win; bears double down on apparel stock; and unpacking Snowflake stock's surge.
The Dow Jones Average (DJI - 33,999.04) rose 18.7 points, or 0.06% for the day. Cisco Systems (CSCO) led the gainers, adding 5.8%. Meanwhile, Walgreens Boots Alliance (WBA) paced the laggards, falling 5.3%.
The S&P 500 Index (SPX - 4,283.74) added 9.7 points, or 0.2% for the day. Meanwhile, the Nasdaq Composite (IXIC - 12,965.34) gained 27.2 points, or 0.2% for the session.
Lastly, the Cboe Market Volatility Index (VIX - 19.56) shed 0.3 point, or 1.7% for the day.
5 Things to Know Today
- CSCO was on track for its best day since November 2020, after the company reported a strong annual forecast and a second-quarter profit win. (CNBC)
- The baby-formula shortage appears to be easing, with 25% more products in stores and online nationwide as opposed to three months ago. (MarketWatch)
- A slashed forecast cast a shadow on Kohl's big earnings day.
- Checking in with this apparel stock ahead of its earnings report.
- Upbeat quarterly results and guidance boosted Snowflake stock.
Oil Prices Reclaim Key Level
Oil prices extended their rally on Thursday, settling at their highest level in almost one week, while reconquering the psychologically significant $90 level. The commodity is still enjoying tailwinds from a drop in gasoline and gas prices. September-dated crude added $2.39, or 2.7%, to settle at $90.50 per barrel on the day.
Gold prices, meanwhile, logged their fourth consecutive loss in the wake of today's better-than-expected jobless data. A stronger U.S. dollar weighed on the safe-haven metal. December-dated gold shed $5.50, or 0.3%, to close at $1,771.20 an ounce.