Major Indexes Give Back Significant Gains

The S&P 500 briefly broke above its year-to-date breakeven mark before falling back

Deputy Editor
Jul 13, 2020 at 4:35 PM
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It was a notable day for the S&P 500 and Nasdaq, with the former breaking back above its year-to-date breakeven mark, and the latter hitting a record high of 10,824.79. Both pulled back and into the red by session close, however, the Nasdaq retreating on a lag in tech stocks. The Dow also shed most of its gains, closing up just 10 points, despite earlier rising over 500 points as vaccine updates boosted the market, sending Pfizer (PFE) and UnitedHealth Group (UNH) soaring. Looking ahead, investors will watch the round of bank earnings due out this week. 

  • Canadian cannabis stock climbs following an upgrade. 
  • Largest U.S. deal could make ADI more competitive. 
  • Plus, bears blast homebuilding stock; Industrial supplier up ahead of earnings; and the healthcare stock buoyed by coronavirus testing. 

The Dow Jones Industrial Average (DJI - 26,085.80) rose 10.5 points, or 0.04% for the day. Pfizer rose to the top of the Dow, finishing 4.1% higher, while Microsoft (MSFT) once again fell to the bottom, with a 3.1% loss.

Meanwhile, the S&P 500 Index (SPX - 3,155.22) lost 29.8 points, or 0.9% for the day. The Nasdaq Composite (IXIC - 10,390.84) dropped 226.6 points, or 2.1% for today's session.  

Meanwhile, the Cboe Volatility Index (VIX - 32.19) gained 4.9 points, or 18%, for the day.

Closing Indexes Summary July 13

NYSE and Nasdaq Stats July 13

5 Items on Our Radar Today

  1. After a series of disagreements between the two countries, China announced "corresponding sanctions" against the United States, following Washington's moves to penalize senior Chinese officials over the treatment of Uighur Muslims held in detention centers in the western region of Xinjiang. (Reuters)
  2. New York Governor Andrew Cuomo issued an Emergency Health Order ordering travelers from states with a high number of coronavirus cases to provide a location form before leaving the airport. (MarketWatch)
  3. Analysts look mostly pessimistic on KB Home stock. 
  4. Options just surged on Fastenal stock ahead of earnings. 
  5. Healthcare concern posts sunny second-quarter outlook. 

Corporate Earnings July 13

Unusual Options Activity July 13

Data courtesy of Trade-Alert

Oil Falls as Investors Await OPEC+ Decision

Oil prices dropped today, while traders await the OPEC+ meeting next week to decide whether or not to extend production cuts. August-dated crude fell 45 cents, or 1.1%, to settle at $40.10 a barrel.

Gold prices closed their first gain in three sessions, likely due to the spike in coronavirus cases and strong investment in gold-backed exchanged-traded funds according to analysts. Gold for august delivery rose $12.20, or 0.7%, to settle at $1,814.10 an ounce.

 

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