The Dow closed the day 118 points lower
Stocks fell during today's session, as the market succumbed to a bout of profit-taking, with all three major benchmarks pulling back from last week's gains. The Dow closed 123 points lower, snapping a three-day win streak, while the Nasdaq also dropped triple-digits, and the S&P 500 landed modestly in the red. Meanwhile, Bitcoin continued its slump after a rollercoaster weekend, bringing the shares of Tesla (TSLA) down with it.
Continue reading for more on today's market, including:
- Options bulls target tech name despite recent slump.
- A look at KMX after its new partnership announcement.
- Plus, keep an eye on this engineering stock; PGR faltering from recent peak; and the blue-chip giant kicking off another earnings week.
The Dow Jones Industrial Average (DJI - 34,077.63) dipped 123 points, or 0.4% for the day. Walgreen Boots Alliance (WBA) topped the list of blue chips, adding 0.9%, while IBM (IBM) dropped to the bottom for the second-straight day after shedding 1.7%.
Meanwhile, the S&P 500 Index (SPX - 4,163.26) dropped 22.2 points or 0.5% for the day, while the Nasdaq Composite (IXIC - 13,914.77) lost 137.6 points, or 1%.
Lastly, the Cboe Volatility Index (VIX - 17.29) added 1 point, or 6.4%.
- A look at European soccer's proposed Super League and the enormous backlash it has created. (MarketWatch)
- The Food and Drug Administration (FDA) has asked Emergent to pause its manufacturing of Covid-19 vaccine materials, while regulators investigate the plant responsible for ruining millions of shots. (CNBC)
- President Biden's infrastructure plan could give VMI a boost.
- Progressive stock receives a downgrade after recent highs.
- Behind Coca-Cola's top-line earnings beat.
Oil Rises on Heels of Libya's Halt in Output
Oil futures rose today amid reports that Libya has halted output in some of its oil fields -- continuing the recent positive supply/demand sentiment. May-dated crude added 25 cents, or 0.4%, to settle at $63.38 a barrel.
Gold futures pulled back from their recent rally to settle lower today. June-dated gold fell $9.60, or 0.5%, to settle at $1,770.60 an ounce.