Dow, S&P 500 Score Seventh Straight Win

It's the Dow's longest win streak since September 2019

Digital Content Manager
Aug 10, 2020 at 4:32 PM
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The three major indexes kicked off the week with a variety of reactions. The Dow scored its seventh straight win -- the best winning streak since September 2019 -- thanks to big gains from the likes of Nike (NKE), Boeing (BA), and Caterpillar (CAT). The S&P 500 eked out a marginal win for a seventh day in the black, while remaining a chip-shot off an intraday record high. The Nasdaq Composite dropped, though, hurt by significant losses from technology giants such as Facebook (FB), Netflix (NFLX), and Amazon (AMZN).

Investors are still unpacking U.S. President Donald Trump's executive orders, signed over the weekend after an agreement on additional COVID-19 stimulus could not be reached in Congress.

Continue reading for more on today's market, including:

    • McDonald's is embroiled in some legal drama
    • Options bulls are lighting up this cannabis stock after a revenue beat.
    • Plus, Twitter sets eyes on TikTok; a pharmaceutical stock could catapult even higher; and Kodak's million-dollar government loan gets pulled. 

    The Dow Jones Industrial Average (DJI - 27,791.44) gained 358 points, or 1.3% for the day. Boeing (BA) finished with a 5.5% jump, pacing the 23 gainers. Merck & Co (MRK) paced the seven laggards with a less than 1% fall.

    Meanwhile, the S&P 500 Index (SPX - 3,360.47) added 9.2 points, or 0.3% for the day. The Nasdaq Composite (IXIC - 10,968.36) dropped 42.6 points, or 0.4% for today's session.

    Lastly, the Cboe Volatility Index (VIX - 22.13) lost 0.1 point, or 0.4%, for the day.

    Closing Summary August 10

    Nyse Nasdaq August 10

    1. Airline shares took off after federal data showed air travel hit the highest volume in nearly five months, and political support for more aid continued to grow. (CNBC)
    2. A Republican senator called President Donald Trump's executive orders to provide additional; relief during the pandemic an "unconstitutional slop." (MarketWatch)
    3. Social media giant Twitter expressed interest in buying video-sharing app Tiktok. 
    4. A historically bullish signal could catapult this pharmaceutical stock even higher.
    5. Eastman Kodak's $765 million loan is on the rocks on suspicions of "recent wrongdoing."

    Earnings August 10

    Unusual Options August 10

    Data courtesy of Trade-Alert

    Gold on the Rise Again After Short Breather 

    Oil futures finished higher to start the week, lifted by upbeat Chinese factory data and positive comments from Saudi Aramco Chief Executive about a rise in energy demand. September-dated crude was up 72 cents, or 1.8%, to end at $41.94 a barrel. 

    Meanwhile, gold futures also inched higher, attempting to return to a trend that had the commodity breaking historical records for five straight sessions. Gold for December delivery jumped $11.70, or 0.6%, to settle at $2,039.70 an ounce.

     

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