The Nasdaq Composite notched a fifth-straight win
The Dow fell for another day, while the S&P scraped by, closing just above breakeven. At it's lowest mark the blue-chip index was down nearly 300 points, but did pare some losses by session close. Meanwhile, the Nasdaq Composite outperformed, locking in a five-day win streak. The volatility seen in the market today was fueled by U.S. weekly jobless claims that came in higher than analysts expected. Fears of a second wave have also been mounting, as an increase of COVID-19 cases have surfaced in several parts of the country.
- La-Z-Boy stock is takes a pre-earnings breather.
- Why bulls are charging toward CVS stock.
- Plus, KB Home preps for earnings; SPOT runs hot amid on podcast deals; and United States Steel stock suffers on share offering.
The Dow Jones Industrial Average (DJI - 26,080.10) was off 39.5 points, or 0.2% for the day. Procter & Gamble (PG) is today's winner, rising 1.2% to finish the day. Meanwhile, American Express (AXP) fell to the bottom, ending 1.7% lower.
Meanwhile, the S&P 500 Index (SPX - 3,115.34) pulled together 1.9 point, or 0.06%, and the Nasdaq Composite (IXIC - 9,943.05) added 32.5 points, or 0.3%.
Meanwhile, the Cboe Volatility Index (VIX - 32.94) lost 0.5 point, or 1.6%, for the day.
5 Items on Our Radar Today
- Conditions are improving in the mid-Atlantic region, according to a gauge of manufacturing from the Philadelphia Fed. The region's business conditions index rose to 27.5 in June, well above last month's -43.1. (MarketWatch)
- The U.S. Supreme Court voted to block President Donald Trump's efforts to end the Obama-era, Deferred Action for Childhood Arrivals (DACA) program, which shields nearly 700,000 young undocumented immigrants from deportation. (Bloomberg)
- KB Home stock is wobbly ahead of its earnings report.
- Spotify stock just surged on these major podcast deals.
- A share offering sent United States Steel stock plummeting.
Data courtesy of Trade-Alert
Oil Rises After OPEC Meeting
Oil prices rose slightly, after a meeting hosted by the Organization of the Petroleum Exporting Countries (OPEC) ushered investors to look toward holding producers accountable for complying to production cuts. As a result, July-dated crude tacked on 88 cents, or 2.3%, to settle
at $38.84 per barrel.
Second-wave fears coupled with this week's jobs data sent the sent gold lower. Gold for August delivery fell $4.50, or 0.3%, to settle at $1,731.10 per ounce.