The Nasdaq and S&P 500 also cut their afternoon gains
Stocks were able to erase their morning losses during the second half of the day, but wound up shedding those gains within the last hour of trading. The Dow snapped its two-day rally with a 42-point loss, though it managed to stay above the psychologically significant 30,000 level. Both the Nasdaq and S&P 500 turned in modest losses as well, while investors unpacked better-than-expected private payrolls data for September. The ISM services index for last month also beat Wall Street's estimates. Meanwhile, the Cboe Volatility Index (VIX) marked its fourth consecutive daily loss.
Continue reading for more on today's market, including:
- Cruise giant tossing Covid-19 protocols overboard.
- Twitter options running red-hot on revived buyout bid.
- Plus, how CAG is faring before earnings; bank stock drawing bearish attention; and analyst praises Airbnb stock.
The Dow Jones Average (DJI - 30,273.87) shed 42.5 points, or 0.1% for the day. Nike (NKE) led the gainers, adding 2.8%, while Goldman Sachs (GS) paced the laggards with an 1.9% loss.
The S&P 500 Index (SPX - 3,783.28) lost 7.7 points, or 0.2% for the day. Meanwhile, the Nasdaq Composite (IXIC - 11,148.64) dropped 27.8 points, or 0.3% for the session.
Lastly, the Cboe Volatility Index (VIX - 28.55) fell 0.5 point, or 1.8% for the session.
5 Things to Know Today
- Declining enrollment and underfunding are weighing heavily on the higher education system, as more question the return on investment of four-year degrees. (CNBC)
- Gross domestic product (GDP) growth could resume in the third quarter, after the U.S. international trade deficit for August fell to a 15-month low. (MarketWatch)
- Checking in with Conagra stock ahead of tomorrow's earnings call.
- The bank stock pelted with bear notes today.
- Why Bernstein thinks Airbnb could be the largest travel platform in five years.
There were no notable earnings reports today.
Gold Loses Luster as Bond Yields Bounce Back
Oil prices were higher on Wednesday, after the Organization of the Petroleum Exporting Countries and their allies (OPEC+) cut oil production by 2 million barrels per day. What's more, the Energy Information Administration (EIA) reported a weekly drop in U.S. crude, gasoline, and distillate supplies. November-dated crude added $1.24, or 1.4%, to close at $87.76 per barrel.
Meanwhile, gold prices settled lower as bond yields and the U.S. dollar recovered. Also weighing on the precious metal today was an upbeat private payrolls report, which may embolden the central bank. December-dated gold shed $9.70, or 0.6% to close at $1,720.80 an ounce.