The Dow was the only index to finish the day in the red
The major indexes cooled off to end Tuesday's session, after spending most of the day broadly higher as trade tensions between China and the U.S. seemed to ease. Both the S&P 500 and Nasdaq finished the day with marginal gains, with a surge in newly built home sales offsetting news that consumer confidence fell for a second straight month. Meanwhile, the Dow took a sharp turn and dropped more than 100 points, giving traders some pause after Apple (AAPL) finally snapped its five-session winning streak.
Continue reading for more on today's market, including:
- Blue-chip stock soared after being added to the Dow.
- Medical device manufacturer easily bested analysts' estimates.
- Plus, Delta stock moves on with pilot furloughs; J M Smucker stock registers best day in months; and a pharma stock moved higher after an acquisition.
The Dow Jones Industrial Average (DJI - 28,248.44) dropped 60 points, or 0.2% for the day. Microsoft (MSFT) finished with a 1.3% jump, pacing the nine gainers. Exxon Mobil (XOM) paced the laggards with a 3.2% fall.
Meanwhile, the S&P 500 Index (SPX - 3,443.62) earned 12.3 points, or 0.4% for the day. The Nasdaq Composite (IXIC - 11,466.47) gained 86.8 points, or 0.8% for today's session.
Lastly, the Cboe Volatility Index (VIX - 22.03) dropped 0.3 point, or 1.5% for the day.
- A temporary payroll tax cut that is in place to help the economy recover could deplete Social Security trust funds by 2023, if it becomes permanent. (CNBC)
- U.S. COVID-19 deaths topped 177,000 as the Food and Drug Administration (FDA) Commissioner conceded he misspoke on new treatment's efficacy. (MarketWatch)
- Delta stock noted over-staffing as it moved forward with pilot furloughs.
- J M Smucker stock reported a blowout earnings.
- This pharma stock's acquisition expanded non-opioid treatment options.
Data courtesy of Trade-Alert
Oil Extends Gains as Hurricane Threatens Gulf of Mexico
Oil futures were higher again on Tuesday, after tropical storm Marco landed and Laura got upgraded to a hurricane, which is expected to land in the Gulf of Mexico later this week. The storms forced 80% of offshore crude-oil production in the region to shut down, and sparked refinery cuts. As a direct result, October-dated crude added 73 cents, or 1.6%, to end at $43.35 a barrel.
Meanwhile, gold futures settled lower as top U.S. and China officials reaffirmed their commitment to the initial phase of a Sino-American trade deal, easing tensions. Gold for December, the most-active contract, fell $16.10, or 0.8%, to settle at $1,923.10 an ounce.