Nasdaq Snatches Record High on Tesla Sweep

Oil hit another annual low

Managing Editor
Feb 4, 2020 at 4:35 PM
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U.S. stocks marked another day of impressive gains. Most notably, Tesla's (TSLA) two-day record-breaking surge sent the Nasdaq to a record-breaking peak of its own, just above 9,485 points. A lead in tech also helped lift the index, as shares of Apple (AAPL) and a handful of chip stocks induced additional tailwinds. The Dow, meanwhile, added over 400 points, brushing off coronavirus concerns despite an increase in fatalities to 426. 

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

The Dow Jones Industrial Average (DJI - 28,807.63) added 407.8 points, or 1.4% for the day. Apple paced the 27 winners with a 3.3% gain, while Exxon Mobil (XOM) lead the three losers with a 1.3% drop.

The S&P 500 Index (SPX - 3,297.59) tacked on 48.7 points, or 1.5%. Meanwhile, the Nasdaq Composite (IXIC - 9,467.97) marked its highest close ever, up 194.6 points, or 2.1%, earlier hitting an all-time peak of $9,485.38.

The Cboe Volatility Index (VIX - 16.05) shed 1.9 point, or 10.7%.

indexes feb 4

NYSE feb 4

5 Items on Our Radar Today

  1. SpaceX's Starlink internet service is now available in Australia, after the company's space regulation provider gave initial approval for the network. Even further, on Jan. 24, the The Australian Communications and Media Authority (ACMA) had added SpaceX to its “Foreign Space Objects Determination” list. (CNBC)
  2. On the heels of the highly anticipated Democratic party's Iowa caucus being delayed after the initial votes cast Feb. 3, an official statement has been released saying the "majority" of results will be shared today by 5 p.m. ET. On the ballot is Senator Elizabeth Warren, Senator Bernie Sanders, former Vice President Joe Biden, and Pete Buttigieg. (MarketWatch)
  3. Clorox just cleaned up after sharing fiscal second-quarter earnings.
  4. The Starbucks (SBUX) rival swimming in analyst praise.
  5. The fitness stock that bulls are betting on before earnings.

earnings chart feb 4

UVOL Feb 4

Data courtesy of Trade-Alert

Gold, Oil Mark Another Disappointing Session

Oil continued its journey lower in today's session, as fears grew over weakening long-term demand. In fact, March-dated crude futures lost 50 cents, or 1%, to settle at $49.61 per barrel -- or below $50 for the first time in over 12 months. 

Gold futures finished in the red as well, marking their lowest close in half a month. Strength in stocks and bond yields alongside the Chinese government's move to aid its economic rout served as significant drivers. Gold for April delivery dropped $26.90, or 1.7%, to settle at $1,555.50 an ounce.


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