S&P 500, Nasdaq Snap Losing Streaks Following Fed Update

The Federal Reserve said it would start tapering its asset-buying program as soon as mid-November

Digital Content Manager
Oct 13, 2021 at 4:30 PM
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The S&P 500, and Nasdaq snapped their three-day losing streaks today, erasing midday losses. The Dow traded on both sides of the aisle before closing flat, while the tech-heavy Nasdaq logged a triple digit win as investors sorted through the latest from the Federal Reserve, which released minutes from the Federal Open Market Committee's September meeting this afternoon.

The central bank said it could soon begin gradually tapering its monthly asset-purchase program starting in mid-November. A higher-than-expected jump in the consumer price index (CPI) weighed on stocks for the majority of the day, though an encouraging earnings report from JPMorgan Chase (JPM) offered a possible glimpse into the upcoming earnings season. 

Continue reading for more on today's market, including:

  • The 2 housing stocks bulls should avoid right now. 
  • Checking in with Johnson & Johnson stock before earnings. 
  • Plus, the bank stock for bulls; behind FUBO's red-hot rally; and why QCOM jumped today.

The Dow Jones Average (DJI - 34,377.81) lost 0.5 point, unchanged for the day. Salesforce.com (CRM) paced the gainers with a 1.9% pop, while American Express (AXP) fell to the bottom, shedding 3.5%.

The S&P 500 Index (SPX - 4,363.80) added 13.2 points, or 0.3% for the day, and the Nasdaq Composite (IXIC - 14,571.63) tacked on 105.7 points, or 0.7% for the day.

Lastly, the Cboe Volatility Index (VIX - 18.64) shed 1.2 point, or 6.1%.

Closing Summary 1013

NYSE Nasdaq 1013

  1. As early as next month, the U.S. government will begin to tap pediatricians for its Covid-19 vaccine rollout in children aged five to 11. (CNBC
  2. Meanwhile, in Russia, the country is gearing up to provide 300 million doses of its Sputnik V Covid-19 vaccine to the U.N.-supported COVAX initiative, though the World Health Organization (WHO) has not yet approved the vaccine. (MarketWatch)
  3.  A look at PNC stock's impressive pre-earnings rally and record highs
  4.  The streaming newcomer that looks ready to rise even higher.
  5. Qualcomm stock may have found its bottom. 

Earnings 1013

UVOL 1013

Oil Hits Seven-Year High Before Snapping Win Streak

Oil prices saw their rally cut short today, though earlier in the day the commodity hit a seven year high as investors continue to monitor concerns over tightening energy supplies. In turn, November-dated crude lost 20 cents, or 0.3%, to settle at $80.44 a barrel.

The recent inflation reading weakened the U.S. dollar and bond yields, and as a result, gold prices rose to their highest level in roughly one month. December-dated gold rose $35.40, or 2%, to settle at $1,794.70 an ounce for the day.



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