The Nasdaq found another record high before pulling back
The major indexes fell today, with the Dow extending its losses as the market lost steam due to wariness surrounding increasing coronavirus cases around the globe. The World Health Organization
(WHO) warned that while the death toll has kept falling despite the growing number of cases, there is a lag in that data, and it should not come as a surprise if it begins to spike. The Nasdaq, which hit another record intraday high after a tech boost, also found itself in the red to end the day
as FAANG stocks backpedaled, snapping a five-day win streak alongside the S&P 500. Meanwhile, a government report showed a record 6.5 million people either found jobs or were rehired in May.
- Vaccine grant sent this pharma giant soaring.
- Solar-powered deal just shot VSLR higher.
- Plus, the gene therapy stock making moves; semiconductor stock snagged a record high; and the food stock seeing attractively priced premiums.
The Dow Jones Industrial Average (DJI - 25,890.18) fell 396.9 points, or 1.5% for the day. Walmart (WMT) rose to the top of today, finishing 6.8% higher. At the bottom of the Dow today was Boeing (BA), with a 4.8% loss.
Meanwhile, the S&P 500 Index (SPX - 3,145.32) lost 34.4 points, or 1.1% for the day. The Nasdaq Composite (IXIC - 10,343.89) dropped 89.8 points, or 0.9% for today's session.
Meanwhile, the Cboe Volatility Index (VIX - 29.43) gained 1.5 points, or 5.3%, for the day.
5 Items on Our Radar Today
- A consistent skeptic in regard to the severity of the coronavirus, Brazilian President Jair Bolsonaro announced that he has tested positive. (Reuters)
- The Centers for Disease Control and Prevention (CDC) reported that 9% of workers at meat and poultry processing plants across 14 states have been diagnosed with COVID-19. The conditions at these plants make it very difficult to social distance. (CNBC)
- Sangamo Therapeutics stock was given a "buy" rating.
- NVDA sees strength in the video game department.
- This food giant has pulled back to a historically bullish trendline.
Data courtesy of Trade-Alert
Oil Prices Remain Static, Gold Surges
Oil prices barely budged again today, despite pressure from COVID-19's resurgence. August-dated crude fell one cent, or 0.02%, to settle at $40.62 a barrel.
Gold prices finished at their highest since September of 2011, climbing on doubts about the coronavirus and the economy. August delivery rose $16.40, or 0.9%, to settle at $1,809.90 an ounce.