Dow Climbs After Nonfarm Payrolls; Tech Surge Boosts Nasdaq

This was just more of the same from the Nasdaq, as the tech-heavy index had a big week

Josh Selway
Jun 1, 2018 at 4:25 PM
facebook twitter linkedin


The Dow got a big boost today from this morning's upbeat nonfarm payrolls report, spending the entire session in triple-digit-gain territory. The S&P 500 followed the Dow's lead, but the Nasdaq outshined them both thanks to a huge rally in the tech sector, with FAANG stocks leading the way. The Nasdaq also had the best week of the three major benchmarks, as the Dow actually settled the holiday-shortened week in the red. Outside of the jobs data, traders digested an announcement from President Donald Trump that the June 12 meeting with North Korea is back on.

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

The Dow Jones Industrial Average (DJI - 24,635.21) jumped 219.4 points, or 0.9%, with 26 of the 30 blue chips closing with gains. Intel (INTC) had the best day, rallying 3.4%, while Chevron (CVX) paced the three losers, dropping 0.4%. The index settled the week 0.5% lower.

The S&P 500 Index (SPX - 2,734.62) rallied 29.4 points, or 1.1%, and the Nasdaq Composite (IXIC - 7,554.33) surged 112.2 points, or 1.5%. The SPX added 0.5% for the week, and the Nasdaq jumped 1.6%.

The Cboe Volatility Index (VIX - 13.46) shed 2 points, or 12.8%, but managed a 1.8% weekly win.

Real Closing Indexes June 1

Real NYSE and Nasdaq June 1

5 Items on Our Radar Today

  1. An Uber driver fatally shot a passenger in Denver this morning. Uber does not allow drivers or passengers to carry firearms, but it's still not clear if the driver was working at the time of the shooting. (USA Today)
  2. President Trump allegedly ordered Energy Secretary Rick Perry to take steps to keep coal and power plants alive. The president's order would force grid operators to buy the plants' power, news that sparked a small rally in coal stocks. (CNBC)
  3. The bull note that sent Microsoft stock to record high
  4. Why traders should consider these Jack Dorsey stocks.
  5. An analyst is targeting decade-plus highs for AMD shares.

 

Corporate Earnings Chart June 1

Unusual Options Activity June 1

Data courtesy of Trade-Alert

Oil Prices Fall Again

Oil prices fell again on fears of increased global output levels. July-dated crude futures slipped $1.23, or 1.8%, to $65.81 per barrel. Oil ends the week down 3.1%

Gold prices cooled following today's upbeat economic data. Gold scheduled for August delivery gave back $5.40, or 0.4%, to close at $1,299.30 an ounce, putting its weekly loss at 0.7%.


A Schaeffer's exclusive!

The Expert's Guide

Access your FREE trading earnings guide for Q3 before it's too late!


  
 

Partnercenter