Major Benchmarks Log Losses Despite Big Tech Bounce

March job openings hit a new record as employers struggle to find workers

Digital Content Manager
May 11, 2021 at 4:41 PM
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Today marked another volatile session on Wall Street, as investors jumped back on the Big Tech bandwagon just hours after its massive selloff started to impact other sectors, including energy and industrials. The Dow closed with a 473-point drop, logging its worst day since Feb. 26. The S&P 500 and tech-heavy Nasdaq closed the session lower as well, despite erasing some of this morning's more substantial losses. Meanwhile, Wall Street's fear gauge -- the Cboe Volatility Index (VIX) -- moved back above the 20 mark to clock its highest close since March 11.

A mix of short covering, as well as a rush to buy the dip on stocks were the biggest contributors to today's tech comeback, stoking some of this market volatility. In other news, job openings hit a fresh record in March, though the Labor Department reported employers are struggling to fill these positions.

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

  • TSLA and NIO moved in opposite directions today.
  • Options bears blasted Home Depot stock despite bull notes.
  • Plus, massive retailer announces spinoff; unpacking SPCE's earnings miss; and a streaming giant to buy on the dip.

The Dow Jones Industrial Average (DJI - 34,269.16) shed 473.7 points, or 1.4% for the day. Salesforce.com (CRM) led the Dow components with a 0.8% rise, while Travelers (TRV) paced the laggards, falling 3.1%.

Meanwhile, the S&P 500 Index (SPX - 4,152.10) fell 36.3 points, or 0.9% for the day. The Nasdaq Composite (IXIC - 13,389.43) shaved 12.4 points, or 0.09% for the day.

Lastly, the Cboe Volatility Index (VIX - 21.84) added nearly 2.2 points, or 11.1% for the day.

 closing summary 0511

nyse nasdaq 0511

  1. Democrats are moving to advance an elections reform bill that will influence registration, voting, campaign finance and congressional redistricting. (CNBC)
  2. Some gas stations in the Southeast U.S. are running out of gasoline as Colonial Pipeline works to restore service following a ransomware attack. (MarketWatch)
  3. Retail giant dips after announcing it will split into two companies.
  4. Virgin Galactic stock moved lower on an earnings miss.
  5. Flashing bull signal says to buy the dip on Roku stock.
 

Corporate Earnings May 11

UVOL 0511

Gold Snaps Four-Day Winning Streak 

Oil prices turned volatile on Tuesday, but ultimately finished slightly higher as Colonial Pipeline worked to restore its systems by the end of the week, following a cyberattack that forced shutdowns. In turn, June-dated crude added 36 cents, or 0.3%, to settle at $68.55 per barrel. 

Gold prices snapped a four-day winning streak, however, as they fell from a three-month high. Weighing down the yellow metal was a rise in U.S. Treasury yields, which impacted demand. As a result, June-dated gold shaved $1.50, or 0.1%, to settle at $1,836.10 an ounce. 

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