Major Indexes Backpedal After Brief Respite

Gold marked a third consecutive gain

Deputy Editor
Sep 10, 2020 at 4:32 PM
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Brushing off yesterday's small rally, stocks once again fell during a session of volatile trading, as the tech sector pulled back after a one-day respite. The Dow finished the day over 400 points lower, despite earlier trading over 200 points above fair value, as investors pore over dismal U.S. jobs data. Elsewhere, the Nasdaq and S&P 500 fell into the red as well, just one session after the latter posted its best day in months.

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

    • This Apple supplier could soar higher.
    • Why Barrick Gold stock is within a chip-shot of multi-year highs.
    • Plus, Spotify stock is attracting bulls; GME powered down after earnings; and ZS slipped despite an quarterly beat.

    The Dow Jones Industrial Average (DJI - 27,534.58) lost 405.9 points, or 1.5% for the day. McDonald's (MCD) was today's only winner, finishing the day with a 0.7% rise. Apple (AAPL) fell 3.3%, leading the list of 29 laggards.

    Meanwhile, the S&P 500 Index (SPX - 3,339.19) was off 59.8 points, or 1.8% for the day. The Nasdaq Composite (IXIC - 10,919.59) fell 222 points, or 2% for today's session.

    Lastly, the Cboe Volatility Index (VIX - 29.71) gained 0.9 point, or 3.1%, for the day.

    Closing Indexes Sept 10

    NYSESept10

    1. Twitter just announced a new policy to remove or label tweets containing false information in an attempt to limit any undermining of the upcoming U.S. election. (CNBC)
    2. U.S. wholesale inventories tumbled past analysts' estimates for July. Inventories dropped by 0.3%, implying they could still hinder economic growth in the current quarter. (Yahoo Finance)
    3. Analysts are piling on this red-hot streaming stock.
    4. GameStop stock plummeted after a disappointing earnings report.
    5. An earnings and revenue beat weren't enough to bolster Zscaler stock.

    Earnings Chart Sept 10

    UVOLSept10

    Data courtesy of Trade-Alert

    Gold Continues Climb on Weakened Dollar

    A surprise excess in crude stockpiles last week eased oil prices today. Crude inventories rose 2 million barrels in this time frame, according to the U.S. Energy Information Administration (EIA). As a result, October-dated crude lost 75 cents, or 2%, to end at $37.30 a barrel for the day.

    Gold prices once again saw a rise today, thanks to the continued weakening of the U.S. dollar. Adding pressure was the European Central Bank (ECB) keeping its policy unchanged alongside disappointing jobless claims in the U.S. Gold for December, added $9.40, or 0.5%, to settle at $1,964.30 an ounce.

     

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