The S&P 500 and Dow logged substantial gains of their own
Stocks started the week strong, with the Dow adding 551 points and reclaiming the psychologically significant 30,000 level. Both the S&P 500 and Nasdaq racked up big wins as well, the latter logging its best single-session gain since July 27. Investors are unpacking the opening salvo of earnings season; Bank of America (BAC) was among the first to report, with tech giants and blue-chip names to follow later this week.
Continue reading for more on today's market, including:
- Checking in with struggling natural gas ETF.
- Splunk stock extended a bounce off five-year lows.
- Plus, oil stock to buy; Alcoa's red-hot options pits; and Roblox's big day.
The Dow Jones Average (DJI - 30,185.82) added 551 points, or 2.8% for the day. JPMorgan Chase (JPM) led the gainers, adding 4.2%. Walgreens Boots Alliance (WBA) was the only blue-chip stock in the red, shedding 0.7%.
The S&P 500 Index (SPX - 30,185.82) rose 94.9 points, or 2.6% for the day. Meanwhile, the Nasdaq Composite (IXIC - 10,675.80) gained 354.4 points, or 3.4% for the session.
Lastly, the Cboe Volatility Index (VIX - 31.37) dropped 0.7 point, or 2% for the session.
5 Things to Know Today
- Members of the U.K. Conservative Party are pressuring Prime Minister Liz Truss to resign after just six weeks in the role, after a failed budget caused turmoil. (CNBC)
- The Centers for Disease Control and Prevention (CDC) identified a new Covid-19 variant that made up 11.4% of cases within the U.S. last week. (MarketWatch)
- Now could be the right time to bet on Marathon Oil stock.
- Alcoa stock has seen high options volume lately.
- Options bulls blast Roblox stock amid the company's impressive metrics.
Gold Prices Bounce Back as U.S. Dollar Weakens
Oil prices settled lower on Monday, as recession fears and the prospect of aggressive interest rate hikes continued to weigh on the commodity. November-dated crude fell 15 cents, or 0.2%, to finish at $85.46 per barrel, extending last week's losses.
Meanwhile, gold prices finished higher, bouncing off their lowest close this month. The precious metal enjoyed tailwinds from a weaker U.S. dollar and cooling bond yields. December-dated gold added $15.10, or 0.9%, to close at $1,664 an ounce.