Stocks Fall Amid Vaccine Confusion, Big Tech Blunder

Gold closed up shop at its lowest level in over a week

Deputy Editor
Sep 17, 2020 at 4:34 PM
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Big Tech and mixed messages concerning coronavirus vaccine progress put pressure on the broader market today, resulting in stocks closing today's volatile session with hefty losses. The Dow fell 130 points, after U.S. President Donald Trump and the director of the Centers for Disease Control and Prevention (CDC) relayed conflicting information regarding the timeline of a widely distributed COVID-19 vaccine. Elsewhere, the S&P 500 stumbled, while the Nasdaq fell considerably alongside shares of major technology stocks. One positive takeaway from the day can be found in better-than-expected jobs data.

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

    • Metlife stock's billion-dollar boost. 
    • Bull signal flashing for this mining stock.
    • Plus, two sinking cruise stocks; more on Perrigo's voluntary recall; and CVS is pivoting higher after an upgrade.

    The Dow Jones Industrial Average (DJI - 27,901.98) shed 130.4 points, or 0.5%. Walgreens Boots Alliance (WBA) paced the list of winners today, finishing the day 2.6% higher. Meanwhile, Goldman Sachs (GS) landed at the bottom with a 2.9% drop.

    Meanwhile, the S&P 500 Index (SPX - 3,357.01) fell 28.5 points, or 0.8% for the day. The Nasdaq Composite (IXIC - 10,910.28) lost 140.2 points, or 1.3% for today's session. 

    Lastly, the Cboe Volatility Index (VIX - 26.46) rose 0.4 point, or 1.6%.

    Indexes Sept 17

    NYSE Sept 17

    1. Nearly 8 million policyholders are expected to take home a piece of around $2.7 billion in premium rebates from insurers this year -- nearly double the $1.4 billion issued last year. (CNBC)
    2. Cheap and fast COVID-19 tests are on the way, but risk inaccuracies as U.S. manufacturers aim to produce around 100 million per month by the end of the year. (Reuters)
    3. Contradictory vaccine comments sank these cruise stocks.
    4. Perrigo stock is reeled after a voluntary recall.
    5. An "overweight" rating helped CVS pivot higher.

    There were no earnings of note today.

    UVOLsept17

    Data courtesy of Trade-Alert

    Oil Jumps Higher on Latest OPEC Pledge

    Oil prices rose yet again on Thursday, after the Organization of the Petroleum Exporting Countries (OPEC+) pledged to crack down on countries that did not meet output cuts. October-dated crude added 81 cents, or 2%, to settle at $40.97 per barrel.

    Gold prices finished the session at their lowest level in over a week. The fall comes after the U.S. Federal Reserve put a lid on investors' hopes for additional stimulus in response to the ongoing coronavirus pandemic. In response, Gold for December-delivery lost $20.60 or 1.1%, to settle at $1,949.90 an ounce.

     

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