Big Tech Comes to Wall Street's Rescue

The Nasdaq nabbed a closing high as a result

Fernanda Horner
Aug 20, 2020 at 4:28 PM
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Big Tech stepped in to save all three major indexes on Thursday, after stocks spent a majority of the day in the red, struggling to overcome the latest weekly jobless claims report that saw first-time unemployment filings climb back above the 1 million mark. The Dow managed to snap its three-day losing streak, while the S&P 500 was also able to finish the day in the black. The tech-heavy Nasdaq Composite outperformed on its way to a record close, thanks to substantial gains from Facebook (FB), Netflix (NFLX), and Tesla (TSLA), the latter of which crossed the $2,000 level for the first time ever.

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

    • Movie theater stock upgraded due to its "escapism" potential.
    • Best Buy stock took a breather ahead of its second-quarter earnings report.
    • Plus, Shake Shack stock upgraded; Tesla rival announces a new battery leasing service; and a refresher on short interest. 

    The Dow Jones Industrial Average (DJI - 27,739.73) added 46.8 points, or 0.2% for the day. Microsoft (MSFT) finished with a 2.3% jump, pacing the 11 gainers. Coca Cola (KO) paced the 19 laggards with a less than 0.1% fall.

    Meanwhile, the S&P 500 Index (SPX - 3,385.51) earned 10.7 points, or 0.3% for the day. The Nasdaq Composite (IXIC - 11,264.95) gained 118.5 points, or 1.1% for today's session.

    Lastly, the Cboe Volatility Index (VIX - 22.72) gained 0.2 point, or 0.8% for the day.

    closing summary august 20

    nyse nasdaq august 20

    1. Ride-sharing giant Lyft (LYFT) is suspending service in California as of Thursday night, after a court ordered the company to classify drivers as employees(CNBC)
    2. Joe Biden is set to give a crucial speech tonight as he accepts the Democratic Party's nomination for president from his home state of Delaware. (MarketWatch)
    3. Shake Shack stock picked up both an upgrade and price-target hike today.
    4. Nio launched a service that allows drivers to skip pricey battery packs.
    5. These are some important things you should know about short interest.

    Earnings August 20

    unusual options August 20

    Data courtesy of Trade-Alert

    Gold, Oil Futures Register Consecutive Losses 

    Oil futures finished lower again on Thursday, as the rise in weekly jobless claims increased concerns over the outlook of gasoline demand. As a result, September-dated crude dropped 35 cents, or 0.8%, to end at $42.58 a barrel.

    Meanwhile, gold futures also settled lower for the second day in a row, after the dollar continued to grow stronger and Federal Reserve officials said they were not interested in resorting to unconventional methods to keep interest rates low, regardless of the central bank's dismal economic outlook. Gold for December, the most-active contract, fell $23.80, or 1.2%, to settle at $1,946.50 an ounce.


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