Stocks Gain Traction on Outperforming Tech

The U.S. surpassed 3 million coronavirus cases

Assistant Editor
Jul 8, 2020 at 4:36 PM
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After oscillating above and below fair value for most of the day, the major indexes posted a recovery, with the Dow finishing up over 170 points. Capping indexes from any major surges was data out of John Hopkins University that the U.S. has officially surpassed 3 million coronavirus cases. However, aiding today's limited gains were outperforming tech stocks such as Apple (AAPL), which soared to a fresh record high and sent the Nasdaq upward.

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  • Plus, short interest drops on this oil stock; tobacco stock brushes off downgrade; and one biopharma gets a boost.

The Dow Jones Industrial Average (DJI - 26,067.28) added 177.1 points, or 0.7% for the day. Walt Disney (DIS) rose to the top of the Dow, finishing 2.7% higher, while Dow (DOW) landed at the bottom with a 3.2% loss. 

Meanwhile, the S&P 500 Index (SPX - 3,169.94) rose 24.6 points, or 0.8% for the day. The Nasdaq Composite (IXIC - 10,492.50) gained 148.6 points, or 1.4% for today's session.

Meanwhile, the Cboe Volatility Index (VIX - 28.08) lost 1.4 points, or 4.6%, for the day.

Closing Indexes Summary July 8

NYSE and Nasdaq Stats July 8

5 Items on Our Radar Today

  1. TikTok, the popular social media platform owned by Chinese tech company Bytedance, is under scrutiny by the U.S. government, as both Secretary of State Mike Pompeo and President Donald Trump have mentioned banning it. In response, the company beefing up their lobbying team.  (CNBC)
  2. U.S. President Trump threatened to cut off funding to schools unless they reopen in the Fall, saying that the federal health agency’s guidelines for reopening schools are “very tough & expensive.” Individual states still appear to be creating their own plans for reopening. 
  3. Oil stock could be headed for more trouble. 
  4. Tobacco giant brushed off analyst bear notes.  
  5. Biogen stock hot after FDA application. 


Corporate Earnings July 8

Unusual Options Activity July 8

Data courtesy of Trade-Alert

Gold Reaches Another Nine-Year High

Oil finished at a four-month high after a static couple of days, helped by signs of improving energy demand and a reported rise in net U.S. petroleum imports. August-dated crude rose 28 cents, or 0.7%, to settle at $40.90 a barrel. 

Gold prices climbed for a fourth-straight session to finish, once again, at their highest since September 2011 as prospects of potential bank stimulus to help failing economies surface. August delivery rose $10.70, or 0.6%, to settle at $1,820.60 an ounce.

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