The major indexes rose to begin July
Stocks closed mixed to kick off July, guided mostly higher by positive COVID-19 news and optimistic U.S. economic data. However, the Dow failed to hold onto gains despite Pfizer's (PFE) latest vaccine announcement. This upbeat data is promising, as both Arizona and California reported record spikes in new infections. In other news, the S&P 500 and Nasdaq Composite managed to grab gains, after the Institute for Supply Management (ISM) announced that manufacturing in the U.S. grew to its highest level in over a year -- a far cry from its May contraction -- and private payrolls data revealed a a 2.4 million jump for June.
- This REIT stock isn't slowing down.
- Bull note sends Comcast stock higher.
- Plus, Facebook CEO's latest promise; Netflix named a new executive; and FDX rose on an earning beat.
The Dow Jones Industrial Average (DJI - 25,734.97) fell 77.9 points, or 0.3% for the day. Pfizer lead the charge, rising 3.2%, while Walgreen Boots Alliance (WBA) lagged the list, falling 3.7%.
Meanwhile, the S&P 500 Index (SPX - 3,115.86) gained 15.6 points, or 0.5% on the day. The Nasdaq Composite (IXIC - 10,154.63) added 95.9 points, or 1%
for today's session.
Meanwhile, the Cboe Volatility Index (VIX - 28.62) lost 1.8 points, or 6%, for the day.
5 Items on Our Radar Today
- Stay-at-home orders drove U.S. vehicle sales down by more than 30% in the second quarter, according to sales forecasts from auto research firms. (CNBC)
- May saw outlays for construction spending fall over 2%, according to the Commerce Department. The department explained further that projects fell at a seasonally adjusted annual rate of $1.36 trillion. (MarketWatch)
- FB rose after CEO Mark Zuckerberg promised to address hate speech.
- A new executive move just sent Netflix stock up.
- FedEx attracted analysts after reporting earnings.
Data courtesy of Trade-Alert
Gold Backpedals From 2011 Peak
Black gold enjoyed a day in the sun, after a drawdown in inventories from record highs and positive manufacturing data sent prices up -- though gains were capped by the continuing surge of coronavirus cases. As a result, September-dated crude rose 58 cents, or 1.5%, to settle at $39.92 per barrel for the day.
Gold prices fell from yesterday's enine-year high, as equities soared after U.S. manufacturing data came back positive. August-delivery gold lost $20.60, or 1.1%, to settle at $1,779.90 an ounce.