Major Indexes Rebound on FAANG Rally

Gold rallied once again on a weakened dollar

Assistant Editor
Sep 9, 2020 at 4:35 PM
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After plunging over 600 points in yesterday's session, the Dow made an epic comeback today and finished over 430 points higher. This comes as investors attempt to brush off news that AstraZeneca's (AZN) vaccine candidate was suspended, as well as an increase in U.S. job openings for July -- which rose for the third consecutive month, and bested analysts' estimates. Elsewhere, the Nasdaq and S&P 500 closed notably higher as well, climbing their way back toward record highs as FAANG stocks rebounded after losing $1 trillion in market value over the last three days. Additionally, Tesla (TSLA) reversed course and rose over 7%, after yesterday notching its worst day ever.

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

    • AstraZeneca stock fell after suspending its coronavirus vaccine trials.
    • Fresh highs could be in store for this Dow giant
    • Plus, Vroom stock earns an analyst note; more on Energizer's battery drama; and Stitch Fix stock lands analyst upgrade.

    The Dow Jones Industrial Average (DJI - 27,940.47) gained 439.6 points, or 1.6% for the day. Microsoft (MSFT) finished with a 4.3% rise, pacing the 26 gainers. Walgreens Boots Alliance (WBA) fell 2.1%, leading the list of four laggards.

    Meanwhile, the S&P 500 Index (SPX - 3,398.96) added 67.1 points, or 2% for the day. The Nasdaq Composite (IXIC - 11,141.56) rose 293.9 points, or 2.7% for today's session.

    Lastly, the Cboe Volatility Index (VIX - 28.81) lost 2.7 points, or 8.4%, for the day.

    indexessept9

    NYSEsept9

    1. Just after former Vice President Joe Biden raised $364 million, President Donald Trump's reelection campaign and its joint Republican committees raised $210 million in August. (CNBC)
    2. Senate leaders are looking toward a vote tomorrow regarding a slimmed-down bill that Democrats previously rejected. The vote will also see both political parties vying for public perception just ahead of Election Day. (Bloomberg)
    3. JPMorgan Securities is hot on this e-commerce name.
    4. Energizer's latest battery drama sent the stock lower.
    5. One analyst's note helped SFIX pivot higher.

    Earnings Chart Sept 9

    UVOL sept 9

    Data courtesy of Trade-Alert

    Oil Rebound Capped by Increasing COVID-19 Cases

    After falling below $40 for the first time since June during yesterday's session, Oil futures reversed course and rose today. Still, mounting coronavirus cases has capped gains as investors worry about the possibility of a steady recovery in global demand. As a result, October-dated crude was up $1.29, or 3.5%, to end at $38.05 a barrel for the day.

    As the U.S. dollar continues to weaken and COVID-19 vaccines keep running into speed bumps, gold prices saw a rise today. In fact, they reached their highest level in nearly a week as investors drifted toward the precious metal. Gold for December, added $11.70, or 0.6%, to settle at $1,954.90 an ounce.

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