The Dow reversed its steep midday losses
The Dow staged an impressive rebound from its earlier losses, snapping a four-day losing streak alongside the S&P 500, while the Nasdaq extended its losses to five consecutive sessions as energy and tech weighed. Apart from a dip in weekly jobless claims for last week, there was a flood of other economic data today as well.
The S&P Global U.S. Manufacturing Purchasing Managers' Index (PMI) for August fell to 51.5 from July's 52.5 for the lowest reading in over two years. The Institute for Supply Management (ISM) manufacturing index held at 52.8% in August.
Continue reading for more on today's market, including:
- Struggling Sonos stock flashes bull signal.
- Nvidia stock had a rough day on restricted chip sales.
- Plus, PSTG brushes off bull notes; 2 stocks tumbling after earnings.
The Dow Jones Average (DJI - 31,656.42) added 146 points, or 0.5% for the day. Johnson & Johnson (JNJ) was the top performer with a 2.5% rise, while Boeing (BA) landed at the bottom of the list with a 4.1% drop.
The S&P 500 Index (SPX - 3,966.85) gained 11.9 points, or 0.3% for the day, while the Nasdaq Composite (IXIC -11,785.13) lost 31.1 points, or 0.3%.
Lastly, the Cboe Volatility Index (VIX - 25.56) lost 0.3 point, or 1.2% for today's session.
5 Things to Know Today
- Chinese authorities have locked down Chengdu, a city of 21 million people, due to an outbreak of Covid-19 cases. (Marketwatch)
- Though only a small fraction of what is damaged by floods is insured globally, flood losses covered by insurance jumped to $80 billion from 2011 to 2020 - double the previous decade -- and totaled $20 billion last year alone. (CNBC)
- Data storage tech name brushes off upbeat results.
- Forecast cut sent Signet jewelers stock lower.
- Behind this telecom equipment maker's dismal day of trading.
Oil, Gold Start Month Lower
Oil prices moved lower on Thursday, following their third-straight month in the red. Lockdowns in China weighed on sentiment, as investors await Monday's oil production decision from the Organization of the Petroleum Exporting Countries (OPEC+). October-dated crude shed $2.94, or 3.3%, to settle at $86.61 a barrel on the New York Mercantile Exchange.
Fresh off their fifth-straight negative month, gold prices fell for a fifth consecutive session to a six-week low. December-dated gold dropped $16.90, or 1%, to settle at $1,709.30 per ounce, its lowest finish since July 20.