Dow, S&P 500 Pivot Lower, Snap Win Streaks

Optimism over a new stimulus bill is fading as well

Fernanda Horner
Aug 11, 2020 at 4:36 PM
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There was a frantic finish on Wall Street today. Russia's vaccine news and hopes of a U.S. stimulus deal stoked investor optimism for most of the day, but by the end of the session, that excitement had worn off. The Dow and S&P 500 both snapped their seven-day winning streaks -- with the latter falling short of a new record high -- ultimately pivoting lower in the final hour of trading. Meanwhile, the tech-heavy Nasdaq suffered a triple-digit loss, with Big Tech names Apple (AAPL) and Amazon (AMZN) reporting steep declines.

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

    • Novavax has enough capacity to meet COVID-19 vaccine demand in the U.S.
    • This mall giant just brushed off a massive second-quarter revenue drop.
    • Plus, cannabis stock blasted with bear notes; a bullish signal for a technology stock; and what to expect from Apple's stock split.

    The Dow Jones Industrial Average (DJI - 27,686.91) lost 104.5 points, or 0.4% for the day. JPMorgan Chase (JPM) finished with a 3.2% jump, pacing the 14 gainers. Chevron (CVX) paced the 15 laggards with a less than 1% fall.

    Meanwhile, the S&P 500 Index (SPX - 3,333.69) lost 26.78 points, or 0.8% for the day. The Nasdaq Composite (IXIC - 10,782.82) dropped 185.5 points, or 1.7% for today's session.

    Lastly, the Cboe Volatility Index (VIX - 24.03) gained 1.9 points, or 8.6%, for the day.

    closing summary august 11

    nyse nas august 11

    1. Democrats urged intelligence agencies to clarify the nature of threats to the 2020 election, after a report said Russia is undermining Biden's campaign. (MarketWatch)
    2. Walmart is the latest major grocery chain to partner with Instacart to offer same-day delivery, starting up more trouble for rivals Amazon and Whole Foods. (CNBC)
    3. A cannabis stock got blasted with bear notes after an earnings and revenue miss.
    4. This technology stock is cooling off, but still flashing a bull signal.
    5. Here is what to expect from Apple's four-for-one stock split from late July.

    Earnings August 11

     

    Unusual Options August 11

    Data courtesy of Trade-Alert

    Gold Falls From Grace as Bond Yields Break Out

    Oil futures finished lower on Tuesday, after a report from the Energy Information Administration showed lower expectations for U.S. crude output, as well as higher oil prices this year. September-dated crude was down 33 cents, or 0.8%, to end at $41.61 a barrel. 

    Meanwhile, gold futures suffered steep losses and their largest single-session decline since March, as a breakout from 10-year treasury yields dulled the demand for the safe-haven asset. Gold for December delivery fell $93.40, or 4.6%, to settle at $1,946.30 an ounce.


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