Stocks Start Week Strong Thanks to Big Tech, Bitcoin Bounce

Bitcoin staged a roughly 12% rebound off its weekend lows

Digital Content Manager
May 24, 2021 at 4:39 PM
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Stocks kicked off the last week of what has been a volatile month on an upbeat note, thanks to strength in the tech sector as well as growing interest in reopening plays. The Dow added 186 points, while the S&P 500 also registered notable gains. The tech-heavy Nasdaq notched a triple-digit win as well, with Alphabet (GOOGL), Facebook (FB) and Microsoft (MSFT) adding more than 2% each on Monday.

Investors were also keeping an eye on bitcoin, after the cryptocurrency staged a roughly 12% bounce, following a dip below the $32,000 mark over the weekend. Also boosting Wall Street's sentiment was news that Covid-19 cases in the U.S. have fallen to their lowest level in almost a year.

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

  • Options traders blasted SPCE after a successful test flight.
  • HP stock moved higher on pre-earnings praise from Citigroup.
  • Plus, oil name plummets on billion-dollar merger; DG attracts hefty BofA downgrade; and Martin Marietta Materials stock pops on acquisition buzz.

The Dow Jones Average (DJI - 34,393.98) added 186.1 points, or 0.5% for the day. Microsoft (MSFT) led the Dow components with a 2.3% rise, while Amgen (AMGN) paced the laggards, falling 1.3%.

Meanwhile, the S&P 500 Index (SPX - 4,197.05) rose 41.2 points, or 1% for the day. The Nasdaq Composite (IXIC - 13,661.17) jumped 190.2 points, or 1.4% for the day.

Lastly, the Cboe Volatility Index (VIX - 18.40) lost 1.8 point, or 8.7% for the day.

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  1. A new study showed two doses of the vaccines developed by Pfizer (PFE) and BioNTech (BNTX), or AstraZeneca (AZN) and Oxford University, offer effective protection against the Covid-19 variant discovered in India. (CNBC)
  2. Steel and iron futures fell in China after the country announced a "zero tolerance" crackdown on commodities trading, following a surge in prices. (MarketWatch)
  3. This oil name plummeted after announcing a billion-dollar merger.
  4. Dollar General stock attracted a hefty BofA bear note earlier today.
  5. A major acquisition helped Martin Marietta Materials stock move higher.

There were no notable earnings reports today.

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Gold Notches Five-Month High as U.S. Dollar Weakens

Oil prices were higher on Monday, after a U.S. official reportedly said Iran is unlikely to comply with nuclear commitments that would warrant the lifting of sanctions against the country, allowing Tehran's crude exports back into the market. However, U.S. Secretary of State Antony Blinken said Iran's decision remains unclear. In turn, July-dated crude rose $1.58, or 2.5%, to settle at $65.16 per barrel.

Gold prices also scored a win to kick off the week, surging to their highest level since January. The safe-haven commodity got a boost from weaker U.S. dollar and Treasury yields, as well as bitcoin's volatility. As a result, June-dated gold rose $7.80, or 0.4%, to settle at $1,884.50 an ounce.

Make the Most of the next Expiration Week Countdown!


 




 
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