The Dow, S&P 500, and Nasdaq all traded on both sides of the aisle today
After trading on both sides of the aisle throughout the day, all three benchmarks pivoted lower in the final hour of trading to close in the red. Despite a Federal Reserve "beige book" report noting that most parts of the country are seeing "slight to modest" economic growth, the chances of Congress negotiating a pre-election second stimulus appear to be growing slimmer.
Sentiment waned after NBC reported that Senate Majority Leader Mitch McConnell is discouraging the administration to agree to a bill for fear of dividing Republicans on major legislation before the election. Meanwhile, Wall Street's "fear gauge," the Cboe Volatility Index (VIX), snapped its seven-day win streak.
Continue reading for more on today's market, including:
- Cryptocurrency service pushes PayPal stock higher.
- Analysts weighed in on Netflix stock after its ugly earnings today.
- Plus, a Chinese video stock to target; new highs for Pinterest stock; and AAP rises on a lofty bull note.
The Dow Jones Industrial Average (DJI - 28,210.82) lost 98 points, or 0.4%. Travelers (TRV) had another big day at the top of the Dow, adding 5.8%, while Goldman Sachs (GS) landed at the bottom of the Dow with a 2.5% loss.
Meanwhile, the S&P 500 Index (SPX - 3,435.56) fell 7.6 points, or 0.2% for the day, while the Nasdaq Composite (IXIC - 11,516.69) dropped 31.8 points, or 0.3%.
Lastly, the Cboe Volatility Index (VIX - 28.65) lost 0.7 point, or 2.4%.
- Since coronavirus has investors utilizing economic data in different and untraditional ways, one of the indicators that is now highlighted is mobility data. (MarketWatch)
- Most Big Tech stocks upped their lobbying spending in the third quarter as they face increasing scrutiny. (CNBC)
- Bilibili stock has an enticing technical setup.
- Pinterest stock reaches record highs as sector succeeds.
- The brokerage bunch is confident in Auto Parts stock.
Oil Falls as Demand Fears Resurface
Oil futures fell sharply today as coronavirus-related restrictions give way to wariness about energy demand. December-dated crude fell $1.67, or 4%, to settle at $40.03 a barrel.
Gold futures rose for the third-straight day to their highest close since mid-September, brushing off higher bond yields with a boost from the weakening U.S. dollar. December gold added $14.10, or 0.7%, to settle at $1,929.50 an ounce.