Nasdaq Nabs Longest Win Streak Since March

TSLA stock was in focus after Musk talked of going private

Managing Editor
Aug 7, 2018 at 4:26 PM
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U.S. stocks finished the day with healthy gains, with the Dow up triple digits to log its highest close since February, and the S&P 500 landing its highest close since the Jan. 26 record high. The Nasdaq, meanwhile, scored a sixth straight gain, marking its longest winning streak since March. Also noteworthy, the VIX, or the stock market's "fear gauge," fell to its lowest close since January. Another day of impressive corporate earnings helped push markets higher in today's session, though focus shifted to Tesla (TSLA), which was temporarily halted after CEO Elon Musk said he might take the company private.

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

The Dow Jones Industrial Average (DJI - 25,628.91) gained 126.7 points, or 0.5%. Twenty-two blue chips closed the day higher, led by Caterpillar (CAT), which picked up 2.1%. Meanwhile, Apple (AAPL) paced the eight decliners with a 0.9% drop.

The S&P 500 Index (SPX - 2,858.45) rose 8 points, or 0.3%, while the Nasdaq Composite (IXIC - 7,883.66) picked up 24 points, or 0.3%.

The Cboe Volatility Index (VIX - 10.93) shed 0.3 point, or 3%, for the day.

closing indexes summary august 7

nyse and nasdaq stats august 7

5 Items on our Radar Today

  1. Just one day after reporting better-than-expected second-quarter earnings and revenue, SeaWorld Entertainment (SEAS) announced it will be cutting 125 jobs as part of a company-wide restructuring. The firm said it will provide "severance benefits and transition assistance" for those impacted. (MarketWatch)
  2. D.A. Davidson analyst Tom Forte is predicting Amazon's (AMZN) push into the travel and gas station industries. Alongside his reiterated "buy" rating for the FAANG stock, Forte acknowledged that rival Costco (COST) sees at least 10% of its profit come from gas stations, and "Amazon could sell consumers not only the airline tickets and hotel accommodations, but also everything they need for their trip." (CNBC)
  3. Nike (NKE) stock could have more room to run.
  4. Array Biopharma (ARRY) just scored an FDA nod.
  5. A rallying cybersecurity stock backed by analysts.

corporate earnings august 7

unusual options activity august 7

Data courtesy of Trade-Alert

Gold Rebounds on Softening Dollar

Oil logged another day of gains after the Trump administration's sanctions on Iran went into effect. September-dated crude finished up 0.2%, or 16 cents, to settle at $69.17 per barrel.

Gold managed to eke out a win after the dollar softened against a basket of foreign currencies. December-dated gold futures finished 60 cents, or 0.5%, higher, at $1,218.30 an ounce.


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