Stocks Fail to Extend Rally in Sluggish Session

A strong energy sector and durable-goods orders for May capped today's losses

Digital Content Manager
Jun 27, 2022 at 4:32 PM
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After treading water most of the day, stocks ultimately failed to build off of last week's rally. The Dow shed 62 points, while both the S&P 500 and Nasdaq logged modest losses as well, as investors questioned whether stocks are oversold or have bottomed out. Tech stocks took a hit today as the 10-year Treasury yield rose. A strong energy sector and upbeat durable-goods orders for May helped pare today's losses, though.

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

  • This mining stock is a hit with options traders.
  • Why one brokerage firm called Etsy stock a "hold."
  • Plus, crypto stock downgraded; the latest on the Spirit Airlines buyout; and the drug stock up over 50% today. 

The Dow Jones Average (DJI -  31,438.26) dropped 62.4 points, or 0.2% for the day. UnitedHealth Group (UNH) led the gainers, adding 2%. Salesforce (CRM), meanwhile, paced the laggards with a 2.5% drop.

The S&P 500 Index (SPX - 3,900.11) shed 11.6 points, or 0.3% for the day. Meanwhile, the Nasdaq Composite (IXIC - 11,524.55) lost 83.1 points, or 0.7% for the session.

Lastly, the Cboe Market Volatility Index (VIX - 26.95) fell 0.3 point, or 1% for the day.

closing summary june 27

nyse and nasdaq

5 Things to Know Today

  1. A LendingClub report showed more than half of Americans are living paycheck to paycheck amid surging inflation, including 30% of those earning $250,000 or more.  (CNBC)
  2. Pfizer (PFE) and BioNTech (BNTX) said their updated Covid-19 booster protects again the omicron variant, as hospitalizations hit three-month highs. (MarketWatch)
  3. The cryptocurrency stock gutted by Goldman Sachs.
  4. A $2.7 billion buyout bid weighed on Spirit Airlines stock.
  5. How this pharmaceutical stock won the day. 

There were no notable earnings reports today.

uvol june 27 

Oil Prices Edge Higher on Easing Demand Fears

Oil prices settled higher on Monday, while also closing at their highest level in roughly one week. Today's strong stateside economic data boosted black gold, easing demand fears as the Group of Seven (G7) looked to cap Russian oil prices. As a result,  August-dated crude added $1.95, or 1.8%, to settle at $109.57 per barrel.

Meanwhile, gold prices finished lower, as investors monitored the potential for additional restrictions on oil from Russia. In turn, August-dated gold fell $5.50, or 0.3%, to close at $1,824.80 an ounce.

 

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