Dow Logs Triple-Digit Pop, Nasdaq Snaps Weekly Losing Streak

The Nasdaq, meanwhile, snapped a four-week losing streak

Digital Content Manager
May 21, 2021 at 4:29 PM
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Stocks started the Friday trading session on an upbeat note, bolstered by record-setting manufacturing data and yet another potential rebound for beaten-down tech. While the Dow maintained most of these gains, settling with a 123-point pop -- the Nasdaq dipped back below breakeven sometime in the early afternoon, and the S&P 500 turned red just before the closing bell. The tech-heavy index is the only one of the three to log a weekly win, snapping a four-week slump. The S&P 500 and Dow, on the other hand, both fell for the second week in a row. Meanwhile, bitcoin is getting bruised yet again, as many global leaders promise to crack down on cryptocurrency regulation. 

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

  • 6 pot stocks investors should have on their radar this month. 
  • This Schaeffer's favorite for 2021 isn't done rallying yet. 
  • Plus, why SONO looks set to surge; KSU snaps losing streak; and checking in with MRNA amid a big vaccine update.

The Dow Jones Average (DJI - 34,207.84) added 123.7 points, or 0.4% for the day. Boeing (BA) led the Dow components with a 3.2% rise, while Apple (AAPL) paced the laggards, falling 1.5%. For the week, the blue-chip index shed 0.5%. 

Meanwhile, the S&P 500 Index (SPX - 4,155.86) dropped 3.3 points, or a little under 0.1% for the day. The Nasdaq Composite (IXIC - 13,470.99) sloughed off 64.8 points, or 0.5% for the day. The former lost 0.4% this week, while the latter added 0.3%. 

Lastly, the Cboe Volatility Index (VIX - 20.15) fell 0.5 point, or 2.5% for the day, and added 7.1% on the week.

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  1. PointsBet, a sports betting firm, has just entered a partnership with the Women's National Basketball Association (WNBA), which will give consumers a way to watch the WNBA with added PointsBet betting odds. This marks the first women's pro sports deal for the company. (CNBC)
  2. A study from the Federal Reserve Bank of New York showed Americans applying for any form of credit fell 45.6% during the pandemic to 34.6% in October 2020 -- marking a record low since the study began in 2013. (MarketWatch)
  3. Why Sonos stock sounds like music to our ears this summer. 
  4. The merger termination that helped KSU snap a five-day losing streak.
  5. Moderna's Covid-19 vaccine wins approval in two more countries. 

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Gold Snaps Six-Day Streak, But Logs Another Weekly Win

Oil prices settled higher on Friday, though they suffered a drop for the week. Boosting the liquid gold was news of a possible storm formation on the Gulf of Mexico, which could slash energy production and activity in the area. Progress on a restored nuclear deal with Iran did keep a lid on prices for most of the week, though. In turn, June-dated crude added $1.64, or 2.7%, to settle at $63.58 per barrel for the day, but lost 2.7% for the week. 

Inflation anxieties, and a hardening U.S. dollar wound up sending gold prices lower on Friday, effectively snapping the precious metal's six-day win streak. The commodity did nab its third-weekly win, however. June-dated gold lost $5.20, or 0.3%, to settle at $1,876.70 an ounce on the day, but managed to rise 2.1% for the week. 

 

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