Dow, S&P 500 Move Lower as Nasdaq Stays Hot

Cities across the nation are bringing back measures to curb COVID-19 spread

Digital Content Manager
Dec 7, 2020 at 4:28 PM
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Stocks were mixed on Monday, as a consensus on further coronavirus stimulus remained far from reach, and a rising number of infections weighed heavy on investors' minds. The Dow fell roughly 148 points to settle just above the significant 30,000 level, with Intel (INTC) and Caterpillar (CAT) steering the benchmark away from Friday's record close.

The S&P 500 also finished in the red, while the tech-heavy Nasdaq scored a third-straight gain and intraday record high thanks to FAANG names Apple (AAPL) and Facebook (FB). Elsewhere, cities across the nation are bringing back stricter social distancing measures as hospitalizations climb to unprecedented levels.

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

  • Chinese e-commerce giant wants a piece of the digital currency buzz.
  • McDonald's stock downgraded on deteriorating international markets.
  • Plus, Cisco stock drops on acquisition news; options bulls blast social media stock; and the right time to buy DBI.

The Dow Jones Industrial Average (DJI - 30,069.79) lost 148.5 points, or 0.5% on the day. Boeing (BA) led the Dow components with a 2.3% rise, while Intel (INTC) paced the laggards, falling 3.4%.

Meanwhile, the S&P 500 Index (SPX - 3,691.96) fell 7.2 points, or 0.2% for the day. The Nasdaq Composite (IXIC - 12,519.95) was up 55.7 points, or 0.5% for the day.

Lastly, the Cboe Volatility Index (VIX - 20.79) fell 0.5 point, or 2.3% for the day.

Closing Summary Dec 7

nyse nas dec 7

  1. A federal judge dismissed a lawsuit that sought to overturn President Donald Trump’s election loss to Joe Biden in Georgia 90 minutes into the hearing. (CNBC)
  2. A $908 billion coronavirus package proposed by lawmakers includes extra unemployment benefits, but not another round of stimulus checks. (MarketWatch)
  3. Cisco stock drops after multi-million dollar acquisition.
  4. Options bulls blast social media stock amid fresh records.
  5. Is now the right time to buy Designer Brands stock?

Earnings Dec 7

UVOL Dec7

Oil Prices Fall as Investors Fear Increased Production Levels

Oil prices were lower today, with expectations for fuel demand dropping as the number of COVID-19 cases rises. Analysts are also anticipating the post-Thanksgiving surge to trigger more restrictions, and for oil-producing countries to increase production levels in 2021. As a result, January-dated crude dropped 50 cents, or 1.1%, to settle at $45.76 a barrel. 

Meanwhile, gold prices ended the day higher, with the spread of COVID-19 in the U.S. and progress toward another stimulus package increasing demand for the safe-haven commodity. Talks between the United Kingdom and the European Union (EU) regarding a Brexit deal also boosted sentiment. In response, February-dated gold added $26, or 1.4%, to settle at $1,866 an ounce for the day.

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