The Dow recorded a new intraday record high but finished off those session highs
It was a mixed Monday on Wall Street. The Dow recorded a new intraday high and record close, but pared healthier gains from earlier in the session. The Nasdaq shed triple digits, as traders cycled out of tech and into the energy sector. The S&P 500 finished lower as well, but much more modestly, while Wall Street's "fear gauge," the Cboe Volatility Index (VIX), rose for the fourth time in five trading days.
Continue reading for more on today's market, including:
- Don't sweat this defense stock pullback.
- Revisiting three Chinese stocks after PDD's plummet.
- Plus, the worst stock on Wall Street today; PLNT's praise; and SolarEdge's c-suite shakeup.
5 Things to Know Today
- Canada is matching U.S. tariffs on Chinese-made electric vehicles. (CNBC)
- What the war in Gaza is doing to Israel's economy. (MarketWatch)
- PDD's quarterly whiff did numbers on the stock.
- Analyst calls fitness stock a "bullish fresh pick."
- Who is keeping the lights on at SolarEdge?
There are no U.S. earnings reports of note today.
Libya Adds to Global Crude Supply Worries
Oil prices got some unexpected help today, after Libya added to crude worries by announcing it would halt output and exports. This update in tandem with rising tensions between Israel and Hezbollah added even more fuel to the fire regarding investors' anxieties surrounding global crude supply disruptions. In response, October-dated West Texas Intermediate (WTI) crude gained $2.59, or 3.5%, to close at $81.43 per barrel.
Gold prices got a bump as well, nearing all-time highs as investors kept betting on a September interest rate cut. At last glance, gold for December delivery added 0.3% to settle at $2,555.20 per ounce.