Stocks Notch Weekly Wins Though Optimism Wanes

The Nasdaq managed its third-straight record close, however

Digital Content Manager
Jan 22, 2021 at 4:44 PM
facebook twitter linkedin


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%. 

Closing Indexes Summary Jan 22

NYSE and Nasdaq Stats Jan 22

  1. The Center for Disease Control and Prevention (CDC) just approved mixing the Pfizer (PFE) and Moderna (MRNA) vaccines in "exceptional situations." (CNBC)
  2. 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) 
  3. Ford's latest product launch is on one analyst's radar
  4. Schlumberger Stock pulled back, despite an earnings beat.
  5. Another blue-chip name slated to report report earnings next week. 

Earnings 0122

Unusual Options Activity Jan 22

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.

 

If you are not making money with options, you aren’t buying options like this…

There is no options strategy that more perfectly approaches trading the fastest moving and most volatile stocks available in the marketplace than this one. In fact, there is no strategy that better utilizes put options for optimal returns and a real trading edge over other traders in the exact same market. New options traders fail out at an incredible rate without proper trade research, execution timing, and option picking. Capitalize on Schaeffer’s 100+ years of options trading excellence with the most coveted product launch in company history. Don't waste another second... join us right now before the next round of trades are released!

 


 


 
Special Offers from Schaeffer's Trading Partners