The Nasdaq rose to yet another record high
The major indexes rose to start the week, including the rallying Nasdaq Composite, which hit yet another record high as FAANG stocks outperformed, with Amazon (AMZN) and Netflix (NFLX) both reaching all-time highs. The Dow and S&P 500 also gained, even as the World Health Organization (WHO), which just received a letter endorsed by over 200 scientists that believe coronavirus can spread in the air, confirmed another 200,000 coronavirus cases worldwide in the last day. Additionally, a series of notable deals are boosting the market, including Warren Buffet's first major deal amid the pandemic volatility. As reopening continues throughout the country, though paused in various "hotspot" states, investors will be looking for indicators as to whether this bullish run can continue.
- Flashing bull signal could push CHWY higher.
- Tesla competitor sees options volume surge on strong sales.
- Plus, the energy stock falling on a failed pipeline deal; the big electric vehicle name soaring; and a software stock received an upgrade.
The Dow Jones Industrial Average (DJI - 26,287.03) rose 459.7 points, or 1.8% for the day. Goldman Sachs Group (GS) rose to the top of the list of winners today, finishing 5% higher, Pfizer (PFE) closed flat, and Walmart (WMT) was the lone loser, shedding 0.3%.
Meanwhile, the S&P 500 Index (SPX - 3,179.72) gained 49.7 points, or 1.6% on the day. The Nasdaq Composite (IXIC - 10,433.65) added 226 points, or 2.2% for today's session.
Meanwhile, the Cboe Volatility Index (VIX - 27.94) gained 0.3 point, or 0.9%, for the day.
5 Items on Our Radar Today
- The Institute for Supply Management's (ISM) index of nonmanufacturing companies jumped in June to 57.1% for its largest increase since the survey was created in 1997. Service-style companies are thriving on the reopening, though the question is whether or not it will last. (Marketwatch)
- In a unanimous decision, the Supreme Court ruled against "faithless electors," which are members of the electoral college who rule against their states' popular vote, saying states can enforce what the elector pledged. (MarketWatch)
- Dominion Energy stock dropped on pipeline halt.
- TSLA surged to record highs on expansion news.
- Upgraded CyberArk stock sports attractively priced premiums.
There were no earnings of note today.
Data courtesy of Trade-Alert
Gold Rose, Oil Flat to Begin Week
Oil prices didn't move much today, with limited changes in broader economic or coronavirus-related news. August-dated crude fell 2 cents, or 0.05%, to settle at $40.63 a barrel.
Gold prices built on last weeks gains to finish higher, likely moving upwards due to the weakness of the dollar. August-delivery added $3.50, or 0.2%, to settle at $1.793.50 an ounce.