The Nasdaq notched another intraday high earlier today
Both the S&P 500 and Nasdaq Composite managed to notch modest wins on Monday, after spending most of the afternoon in the red. And while the latter did not manage to recapture its fresh intraday highs, a significant amount of optimism surrounding Big Tech earnings -- specifically Apple (AAPL) -- led the index to its fourth-straight record closing high. The Dow was not as lucky though, wrapping up the day with a nearly 37-point drop.
Elsewhere, concerns that speculative trading on heavily shorted names like GameStop (GME) and Bed Bath & Beyond (BBBY) could bring the broader market down are brewing on Wall Street. Happenings in Washington are still top of mind as well, as U.S. President Joe Biden works to advance a $1.9 trillion stimulus plan, despite Republican opposition.
Continue reading for more on today's market, including:
- J.P. Morgan Securities cools off on pandemic-stricken fitness stock.
- What's really going on with GameStop stock's meteoric rise?
- Plus, apparel stock aims to please; checking in with LVS ahead of earnings; and options bulls blast AMC as cash rolls in.
The Dow Jones Industrial Average (DJI - 30,960.00) fell nearly 37 points, or 0.1% for the day. Apple (AAPL) led the gainers with a 2.8% pop, while American Express (AXP) fell to the bottom of the barrel with a 5% dip.
Meanwhile, the S&P 500 Index (SPX - 3,855.36) settled 13.9 points, or 0.4% higher, while the Nasdaq Composite (IXIC - 13,635.99) rose 92.93 points, or 0.7%.
Lastly, the Cboe Volatility Index (VIX - 23.19) added 1.3 point, or 5.8% for the day.
- The Department of Justice (DOJ) has launched an investigation into whether current or former officials attempted to improperly "alter the outcome of the 2020 Presidential Election." (CNBC)
- Rochelle Walensky, the newest director of the Centers for Disease Control and Prevention (CDC), said on Monday that she could not tell how many vaccine doses the U.S. has. (MarketWatch)
- How one apparel name is hoping to keep analysts happy after earnings.
- This casino stock's quarterly report will be a key event for investors this week.
- AMC's million-dollar cash grab brought in the options bulls today.
Gold Extends Losses as Investors Eye Fed Meeting
Gold notched its third-straight drop today, with government bond yields pulling back while the U.S. dollar hardened ahead of this week's Federal Reserve monetary policy decision, which is expected to have another dovish outcome. February-dated gold lost $1, or 0.1%, to finish at $1,855.20 per ounce.
Meanwhile, reports that Iraq is planning on cutting production, and news that Libya is looking at disruptions to crude exports amid payment conflicts drove oil prices higher on Monday. March-dated crude added 50 cents, or 1% for the day, to settle at $52.77 per barrel.