All three major benchmarks extended last week's gains
The market started the week on a high note, extending last week's rebound, as investors await tomorrow's key inflation data. The three major indexes secured their fourth-straight daily wins, with the Dow boasting a nearly 230-point gain. Energy was the best-performing sector today, though the Utilities Select Sector SPDR Fund (XLU) hit a record high. Meanwhile, Wall Street's "fear gauge," the Cboe Volatility Index (VIX), snapped a three-day losing streak after suffering its worst week since June.
Continue reading for more on today's market, including:
- Call traders have been targeting Cleveland-Cliffs stock.
- Adobe stock hit with a pre-earnings downgrade.
- Plus, BMY options traders change their tune; Google reveals spinoff; and CVNA receives bull note.
The Dow Jones Average (DJI - 32,381.34) added 229.6 points, or 0.7% for the day. Apple (AAPL) paced the winners with a 3.9% rise, while Amgen (AMGN) landed at the bottom of the list with a 4.1% drop.
The S&P 500 Index (SPX - 4,110.41) tacked on 43.1 points, or 1.1% for the day, while the Nasdaq Composite (IXIC - 12,266.41) added 154.1 points, or 1.3%.
Lastly, the Cboe Volatility Index (VIX - 23.87) gained 1.1 points, or 4.7%.
5 Things to Know Today
- Apple's latest software update, iOS 16, will allow users to edit and delete messages. (CNBC)
- Soybean futures are on the rise after the U.S. cut its production outlook. Both the soybean and corn balance sheets show the likelihood of elevated prices for an extended period of time. (Marketwatch)
- Pharma name boosted on FDA approval
- Google just revealed a secret spinoff.
- Analyst sees substantial upside for Carvana stock.
There were no earnings of note today.
Oil, Gold Rise on the Day
Oil prices climbed for the third-straight day, as the Iran nuclear deal hit was delayed once again. October-dated crude rose 99 cents, or 1.1%, to $87.78 a barrel on the New York Mercantile Exchange.
Gold futures climbed today as treasury yields and the dollar fell. December-dated gold added $12, or 0.7%, to settle at $1,740.60 per ounce -- its highest price in two weeks.