Stocks Bounce Back as Investors Buy Beaten-Up Tech

The CDC said fully vaccinated people can stop wearing masks in most indoor settings

Digital Content Manager
May 13, 2021 at 4:33 PM
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The Dow clawed back on Thursday to finish the day up over 433 points, just one session after it registered its worst loss since January. The S&P 500 and Nasdaq managed to log notable wins as well, with the latter getting a boost as traders took advantage of the limping tech sector and bought on the dip. The closely watched Cboe Volatility Index (VIX), meanwhile, clocked its biggest one-day drop since March 1. 

While inflation fears remain, investors largely brushed off data that showed a 6% year-over-year jump in producer prices for April. Reopening stocks also got a boost, after the Centers for Disease Control (CDC) said fully vaccinated people no longer need to wear face masks or socially distance in most indoor settings.

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

  • Analysts had high hopes for Disney ahead of this evening's pivotal earnings report
  • Tesla rebuffs bitcoin amid unsustainable mining concerns.
  • Plus, analysts dismiss BMBL's earnings beat; unpacking MGM's surge; and home improvement name attracts slew of bull notes.

The Dow Jones Average (DJI - 34,021.45) rose 433.8 points, or 1.3% for the day. Home Depot (HD) led the Dow components with a 2.7% rise, while Chevron (CVX) was the only loser for the day, falling 0.6%.

Meanwhile, the S&P 500 Index (SPX - 4,112.50) added 49.5 points, or 1.2% for the day. The Nasdaq Composite (IXIC - 13,124.99) jumped 93.3 points, or 0.7% for the day.

Lastly, the Cboe Volatility Index (VIX - 23.13) lost 4.5 points, or 16.2% for the day.

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  1. More than 1 million Americans in 14 states will lose their unemployment benefits early, after Republican leaders in those states moved to cut off federal aid. (CNBC)
  2. Colonial Pipeline Co. reportedly paid Eastern European hackers a nearly $5 million ransom in the form of cryptocurrency within hours of the cyberattack. (Bloomberg)
  3. Analysts shunned Bumble stock despite its blowout earnings beat. 
  4. MGM surged on Las Vegas gaming floors returning to full capacity.
  5. The home improvement retailer getting pummeled withbull notes this week.

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Oil Snaps Win Streak as Colonial Pipeline Operations Resume

Oil prices snapped a four-day winning streak on Thursday, tumbling to their lowest close since April, after Colonial Pipeline resumed operations on the U.S. East Coast, following a cyberattack that led to shutdowns. Investors were also keeping an eye on rising Covid-19 cases in India, which is one of the world's largest oil importers. In response, June-dated crude fell $2.26 , or 3.4%, to settle at $63.82 per barrel. 

Gold prices finished slightly higher, on the other hand. Inflation concerns are still spooking investors, as well as a stronger U.S dollar and Treasury yields. Nonetheless, June-dated gold rose $1.20, or 0.1%, to settle at $1,824 an ounce. 

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