The Dow lost triple digits for the day
It was a fairly unimpressive day for stocks, with the Dow settling 179 points lower, while the S&P 500 also settled in the red. Meanwhile, the Nasdaq Composite eked out modest gains thanks to a handful of Big Tech names, scoring its third-straight record close, after spending most of the day struggling for direction. Despite the lukewarm trading session -- sparked by disappointing blue-chip earnings and waning optimism over President Joe Biden's Covid-19 relief plan -- all three indexes grabbed weekly gains.
Continue reading for more on today's market, including:
- Six red-hot pot stocks investors shouldn't sleep on.
- The SPX ratio to keep an eye on heading into next month.
- Plus, Ford gets a bull note; SLB brushed off an earnings beat; and 3M stock gears up for quarterly report.
The Dow Jones Industrial Average (DJI - 30,996.98) fell 179 points, or 0.6% for the day, and added 0.6% for the week. Home Depot (HD) led the gainers with a 1.8% pop, while IBM (IBM) fell to the bottom of the barrel with a 9.9% dip.
Meanwhile, the S&P 500 Index (SPX - 3,841.47) settled 11.6 points, or 0.3% lower for the day, but tacked on a roughly 2% weekly win, while the Nasdaq Composite (IXIC - 13,543.06) rose 12.2 points, or nearly 0.09% for the day, and 4.2% for the week.
Lastly, the Cboe Volatility Index (VIX - 21.91) added 0.6 point, or 2.8% for the day. For the week, the index dropped nearly 10%.
- The Center for Disease Control and Prevention (CDC) just approved mixing the Pfizer (PFE) and Moderna (MRNA) vaccines in "exceptional situations." (CNBC)
- The release of the newest James Bond movie, "No Time to Die," has been pushed back for a third time due to the pandemic, and will now air on Oct. 8. (MarketWatch)
- Ford's latest product launch is on one analyst's radar.
- Schlumberger Stock pulled back, despite an earnings beat.
- Another blue-chip name slated to report report earnings next week.
Oil Prices Log Daily, Weekly Losses
Gold continued to tumble today, ending lower as the U.S. dollar regained strength. The yellow metal enjoyed its biggest weekly win since December, however. February-dated gold trimmed $9.70, or 0.5%, to finish at $1,865.20 per ounce, but added 1.4% for the week.
A higher-than-expected rise in U.S. crude inventories, paired with surging coronavirus cases in China, gave oil a run for its money on Friday, pushing the commodity toward daily and weekly losses. March-dated crude dropped 86 cents, or 1.6% for the day, to settle at $52.27 per barrel, and fell 0.2% for the week.