Tech Stocks Power Nasdaq to New High; Longest VIX Losing Streak in 6 Months

All three benchmarks secured big weekly wins

by Patrick Martin

Published on Mar 9, 2018 at 4:26 PM

Stocks skyrocketed today, powered by this morning's jobs report and a planned meeting between U.S. and North Korean leaders. The Dow finished over 400 points higher, while the S&P 500 secured a win of its own. It was the Nasdaq that stole the show, however, as the tech-rich index rode a strong day from FAANG stocks to a record high and a sixth straight daily win -- its longest winning streak since early January. All three benchmarks locked in big weekly wins as well. Amidst all the optimism, the Cboe Volatility Index -- Wall Street's "fear gauge" -- suffered a sixth straight drop, marking its longest losing streak in six months. 

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

  • The tech signal flashing for the first time in two years.
  • This FAANG stock locked up a sixth straight win today.
  • Bears piled on this slumping Apple supplier.
  • Plus, how the Obamas boosted Netflix; a Stitch Fix earnings preview; and all about options assignment.

The Dow Jones Industrial Average (DJI - 25,335.74) finished up 440.5 points, or 1.8%. It gained 3.3% for the week. Today saw 29 Dow components close in positive territory, led by Chevron (CVX) with a 3.4% gain. Verizon (VZ) stock broke even.

The S&P 500 Index (SPX - 2,786.57) gained 47.6 points, or 1.7%, and added 3.5% for the week. The Nasdaq Composite (IXIC - 7,560.81) gained 132.9 points, or 1.8%, for its sixth straight win. It also scored a weekly win of 4.2%. 

The Cboe Volatility Index (VIX - 14.64) finished 1.9 points, or 11.5%, lower for its sixth straight losing session. It shed 25.3% for the week. 

 

closing index summary march 9

nyse and nasdaq stats march 9

5 Items on Our Radar Today

  1. Ahead of an April 5 proxy fight with Broadcom (AVGO), Qualcomm (QCOM) discontinued the role of its executive chairman. Meanwhile, in an open letter to Congress, Broadcom said it won't "sell any critical national security assets to foreign companies" if the QCOM purchase is approved. (Reuters)
  2. Bitcoin continued its freefall today, as the controversial cryptocurrency fell below $9,000. It shed roughly 20% for the week, and continues to face pressure from regulatory agencies. (MarketWatch)
  3. How Obama buzz sent Netflix stock to record highs. 
  4.  This retail stock could make big moves next week.
  5.  The ABCs of options assignment.

 

corporate earnings march 9

 unusual options volume march 9

Data courtesy of Trade-Alert

Jobs Data Lifts Oil, Gold To Weekly Wins

April-dated crude futures jumped $1.92, or 3.2%, to end at $62.04 per barrel, snapping a two-day losing streak thanks to strong jobs data, easing geopolitical concerns, and broad-market tailwinds. For the week, oil gained 1.3%, emboldened by a decline in the Baker Hughes rig count in the U.S -- the first drop in seven weeks. 

Gold futures for April delivery gained $2.30, or 0.2%, to close at $1,324 an ounce, as subpar wage growth in the U.S. weighed on the dollar. For the week, the metal gained 0.05%. 


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