Dow Pulls Back on Day, Snags Best Month Since 1987

Sentiment was hurt by the Trump administration blacklisting threats

Deputy Editor
Nov 30, 2020 at 4:29 PM
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After an incredible month of gains, stocks fell as investors looked to cash in. Market sentiment was also impacted by the Trump administration's threats to blacklist Chinese chipmaker SMIC, alongside CNOOC, an offshore oil and gas producer. The Dow fell 271 points for the day's session, led by losses from Salesforce.com (CRM) and Chevron (CVX), but rose over 11.5% for the month, its best since 1987. Similarly, the S&P 500 fell for the day, while the Nasdaq was relatively flat, and both indexes logged wins for the month.

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

  • An upgrade wasn't enough to keep UAL afloat.
  • Another vaccine update, another record high for Moderna stock.
  • Plus, how WORK brushed off a downgrade; which grocery giant could beat expectations again; and one diamond stock that could be worth the risk.

The Dow Jones Industrial Average (DJI - 29,638.64) shed 271.7 points, or 0.9% on the day, but rose 11.8% in November. Apple (AAPL) led the Dow components with a 2.1% rise, while Chevron (CVX) paced the laggards, falling 4.5%.

Meanwhile, the S&P 500 Index (SPX - 3,621.63) fell 16.7 points, or 0.5%, for the day. The Nasdaq Composite (IXIC - 12,198.74) lost 7.1 points, or 0.06% for the day. The indexes rose 10.8% and 11.9%, respectively, for the month.

Lastly, the Cboe Volatility Index (VIX - 20.57) fell 0.3 point, or 1.3% for the day, and 45.9% this month.

closing summary nov 30

nyse nasdaq nov 30

  1. The U.S. Federal Aviation Administration (FAA) reported the "first mass air shipment" of vaccines for the novel coronavirus on Friday. (CNBC)
  2. Several women were named to President-elect Joe Biden's economic policy team today, with former Federal Reserve Chair Janet Yellen being named Treasury secretary nominee. (Reuters)
  3. Slack stock surged despite a downgrade from Barclays. 
  4. Kroger is poised to lock in a fourth-straight earnings beat.
  5. This diamond stock is worth betting on.

There were no earnings of note today.

UVOLNov30

Oil Marks Notable November Gain

Oil prices fell today, with talks between the Organization of the Petroleum Exporting Countries and its allies' (OPEC+) set to take place, leaving investors wondering about the coalition's pledge to cut outputs. Still, vaccine hopes kept losses in check. As a result, January-dated crude, shed 19 cents, or 0.4%, to settle at $45.34 a barrel, but gained 26.7% this month.

Meanwhile, gold prices fell, too, pacing for their worst month in four years as investors shifted their focus to riskier assets due to optimism about a COVID-19 vaccine. In response, March-dated gold fell $7.20, or 0.4%, to settle at $1,780.90 an ounce for the day, and lost 5.6% in November.

 

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