Coronavirus cases rose in New York City
Stock fell today, their first loss in four days, as New York City experienced another outbreak of coronavirus cases; however, losses were capped as reports showed consumer confidence rose more than analysts anticipated in September. The Dow fell 131 points while the S&P 500 and Nasdaq Composite closed just below fair value as well. Travel stocks felt the heat today in particular, in response to the mounting fears of subsequent virus outbreaks. Elsewhere, investors will be tuned in tonight to the first presidential debate between U.S. President Donald Trump and former Vice President Joe Biden.
Continue reading for more on today's market, including:
- Are Hershey stock's holiday projections overblown?
- Despite an earnings beat, UNFI fell after the company's CEO retired.
- Plus, more on INFO's earnings beat; Microsoft stock dips flat after an outage; and one retailer is reaping the benefits of a positive outlook.
The Dow Jones Industrial Average (DJI - 27,452.66) fell 131.4 points, or 0.5%. Nike (NKE) led the list today, leading the winners with a 1.6% rise. Meanwhile, Chevron (CVX) paced the small list of three losers today, notching a 2.8% drop.
Meanwhile, the S&P 500 Index (SPX - 3,335.47) lost 16.1 points, or 0.5% for the day. The Nasdaq Composite (IXIC - 11,085.25) shed 32.3 points, or 0.3% for today's session.
Lastly, the Cboe Volatility Index (VIX - 26.27) tacked on 0.1 point, or 0.3% for the day.
- New York's John F. Kennedy International Airport could see the return of United Airlines' services beginning possibly in early 2021. (CNBC)
- Amy Coney Barrett, U.S. President Donald Trump's choice to replace the late Ruth Bader Ginsburg on the Supreme Court, met with senators at the U.S. Capitol today. (Reuters)
- IHS Markit stock was boosted by positive third-quarter results.
- Unpacking Microsoft's major outage after updating its servers.
- Big Lots stock is taking advantage of upped guidace.
There are no notable earnings to report.
Gold Prices Rise to Highest Level in a Week
Oil prices reversed course from yesterday and fell during today's session, as worries over fuel demand weigh. The worries are not unwarranted, however, as COVID-19 cases rise in Europe and the U.S. In response, November-dated crude fell $1.31, or 3.2%, to settle at $39.29 per barrel for the day.
Gold prices on the other hand rose to their highest level in a week as the dollar weakened and hopes mounted for additional fiscal stimulus. Gold for December delivery gained $20.90 or 1.1%, to settle at $1,903.20 an ounce for the day.