Dow Snaps Win Streak, Nasdaq Closes Down Triple-Digits

The S&P 500 is still within 1% of its record highs

Digital Content Manager
Jun 3, 2021 at 4:30 PM
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It was another uninspiring day for markets, even with the ever-growing list of "meme-stocks" giving Wall Street whiplash. The Dow sunk just below breakeven in the last few minutes of trading, but still managed to erase most of this morning's 265-point drop, as a round of positive jobs data helped strengthen reopening plays. The S&P 500 also fell, but still remains just 1% from last month's record peak. The Nasdaq fared the worst, settling with a triple-digit drop as inflation fears keep investors rotating out of tech stocks.  

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

  • The reliable retail stock for bulls to bet on in June. 
  • Pot stock's Reddit-fueled rally that's caused a feeding frenzy among options traders.
  • Plus, GM grabs new highs; CASY's big ride share partnership; and TTWO nabs generous bull note.

The Dow Jones Average (DJI - 34,577.04) lost 23.3 points, or 0.07% for the day. Dow (DOW) led the Dow components with a 2.4% rise, while Intel (INTC) paced the laggards, falling 2.2%.

Meanwhile, the S&P 500 Index (SPX - 4,192.85) dropped 15.3 points, or 0.4% for the day. The Nasdaq Composite (IXIC - 13,614.51) lost 141.8 points, or 1% for the day.

Lastly, the Cboe Volatility Index (VIX - 18.04) added 0.6 point, or 3.2% for the day.

Closing Indexes Summary June 3

NYSE and Nasdaq Stats June 3

  1. U.S. President Joe Biden is urging Republicans to up their infrastructure spending offer, as the two sides work to come to an agreement on how to execute and fund an infrastructure plan. (CNBC)
  2. While flashy "meme stocks" are storming Wall Street, the broader market is in a stretch of relative tranquility, with the S&P 500 not moving more than 0.25% in any session over the past six days -- a streak not seen since 2017. (Bloomberg)
  3. How options traders responded to General Motors' (GM) outstanding trading day
  4. Should traders buy CASY after its Uber partnership?. 
  5. Why one analyst hit TTWO with a generous bull note today.

Corporate Earnings June 3

Unusual Options Activity June 3

Gold Breaches Closely Watched $1,900 level

Oil prices saw a slight drop from yesterday's highs, after U.S. data presented a sharp weekly decline in domestic crude inventories by over five million barrels. Gasoline stockpiles, on the other hand, unexpectedly rose. Fears that the United States will lift sanctions currently imposed on Iran is also keeping weight on the commodity. July-dated crude lost 2 cents, or 0.03%, to settle at $68.81 per barrel.

A hardening U.S. dollar sent gold prices tumbling back below the closely watched $1,900 level. Many were taking profits on the precious metal's impressive 13% rally since March, with some speculating the surge could be finding its top. August-dated gold lost $36.60, or 1.9%, to settle at $1,873.30 an ounce.


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