Dow Extends Win Streak to 5 as Markets Log Muted Wins

Stocks were somewhat muted on Wednesday

Digital Content Manager
Jun 2, 2021 at 4:37 PM
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Stocks saw a relatively muted afternoon, with the Nasdaq struggling for direction for most of the day, before settling slightly higher. Meanwhile the Dow and S&P 500 both stuck close to breakeven for the second half of the session before eking out marginal wins -- marking the blue-chip index's fifth-consecutive daily win on a 25-point pop. The S&P 500, on the other hand, spent another day just within reach of its record highs.

Weighing on the market were seemingly ever-present inflation anxieties, this time just ahead of Friday's nonfarm payrolls report, which could be a factor in the Federal Reserve's inflation decision later in the month. Energy stocks continued to bounce back, spurred on by optimism surrounding the economic reopening and last weekend's travel surge. 

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

  • Which meme stock is still taking the market by storm. 
  • The best stock to snag in June. 
  • Plus, a reopening pick for bulls; a closer look at NXTS; and Etsy's billion-dollar acquisition.

The Dow Jones Average (DJI - 34,600.38) added 25.1 points, or 0.07% for the day. Walgreens Boots Alliance (WBA) led the Dow components with a 1.9% rise, while Dow Inc (DOW) paced the laggards, falling 2.1%.

Meanwhile, the S&P 500 Index (SPX - 4,208.12) added 6.1 points, or 0.1% for the day. The Nasdaq Composite (IXIC - 13,756.33) tacked on 19.9 points, or 0.1% for the day.

Lastly, the Cboe Volatility Index (VIX - 17.48) lost 0.4 point, or 2.4% for the day.

Closing Indexes Summary June 2

NYSE and Nasdaq Stats June 2

  1. Microsoft (MSFT) just announced it will be unveiling a new version of Windows on June 24, which will deliver enhancements for software developers and creators. (CNBC)
  2. Another tweet from Tesla's (TSLA) Elon Musk has violated a court order, which states that his tweets must be vetted by his lawyers.This time, Musk tweeted about his love of the children's song "Baby Shark," which is owned by Korean-based Samsung Publishing. Shares of the publishing company surged as a result. (MarketWatch)
  3. The reopening play that could yield big returns for options bulls. 
  4. Unpacking Nextar Media Group's intriguing market profile. 
  5. Etsy stock saw a big bounce after announcing plans to by major Gen-Z e-tailer.

Corporate Earnings June 2

Unusual Options Activity Table June 2

Gold Grabs Five-Month High Ahead of Jobs Data

Oil prices shot higher today, logging its highest close in over two-and-a-half years as the sector gets a leg up on growing demand optimism, which could in turn, put a dent in gasoline inventories. A fire at a state-owned Iranian refinery and Iran's largest naval warship also helped drive the commodity higher, as the events are adding to risk-premium throughout the Middle East. As a result, July-dated crude added $1.11, or 1.6%, to settle at $68.83 per barrel.

Gold prices settled at their highest level since Jan. 7, as investors looked ahead to a slew of economic data due out this week -- including another round of jobs data -- which could give clues to the state of the economic reopening and the Fed's potential inflation decisions later in June. August-dated gold tacked on $4.90, or 0.3%, to settle at $1,909.90 an ounce.


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