Big Tech, Economic Data Send Indexes Marginally Higher

Gold managed to snap its losing streak

Deputy Editor
Sep 24, 2020 at 4:32 PM
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The tech sector had a volatile afternoon, resulting in a session of modest gains for major indexes. The Dow finished the day 50 points higher, as investors pored over a plethora of economic data, including new home sales and jobless claims. Meanwhile, the S&P 500 and Nasdaq ended the day marginally higher as well, as the shares of tech giants backpedaled in the last hour of trading.

Elsewhere, it was reported that House Democrats are in the process of compiling another stimulus plan in response to the coronavirus pandemic. The legislation could be voted on as early as next week, and would total in the ballpark of $2.4 trillion.

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

    • FedEx stock was named a "pandemic winner."
    • UnitedHealth dances toward buyout of pharmacy startup.
    • Plus, Warren Buffett's company aids an acquisition; Darden notched an upbeat earnings report; and Rite Aid has exciting COVID news.

    The Dow Jones Industrial Average (DJI - 26,815.44) rose 52.3 points, or 0.2%. Goldman Sachs (GS) led the list today, topping the list of two winners with a 4.8% rise. Meanwhile, Boeing (BA) landed at the bottom with a 3.4% drop.

    Meanwhile, the S&P 500 Index (SPX -3,246.59) tacked on 9.7 points, or 0.3% for the day. The Nasdaq Composite (IXIC - 10,672.27) added 39.3 points, or 0.4% for today's session.

    Lastly, the Cboe Volatility Index (VIX - 28.51) lost 0.07 point, or 0.2% for the day.

    IndexesSept24

    NYSESept24

    1. Some states have given child-care providers the go-ahead to reopen their doors, but attendance is still down while a large amount of centers and programs remain closed. (CNBC)
    2. According to New York Federal Reserve President John Williams, the pandemic has taken an especially big toll on communities of color, and the road to recovery could be lengthy. (Yahoo Finance)
    3. E.W. Scripps stock surged on an acquisition deal.
    4. A fiscal first-quarter earnings boosted this Olive Garden parent.
    5. Rite Aid announced plans to expand COVID-19 testing.

    Earnings Chart Sept 24

    UVOLSept24

    Data courtesy of Trade-Alert

    Oil, Gold Notch Wins Despite Reignited COVID Fears

    The bullish impact of a fall in inventories was countered by a strong U.S. dollar and rising coronavirus cases abroad, resulting in steadied oil prices Thursday. Concerning the latter point, Britain, Germany, and France have all imposed new travel restrictions, deterring fuel demand. In response, November-dated crude tacked on 38 cents, or 1%, to settle at $40.31 per barrel for the day.

    Meanwhile, gold notched a modest rise, amid the dollar's advance as fears reignite in response to rising COVID-19 cases. Additionally, fading hopes of additional fiscal stimulus resulted in gold for December-delivery adding $8.50 or 0.5%, to settle at $1,876.90 an ounce for the day.

     

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