Dow Extends Losses as Nasdaq Bounces Back

Investors are looking ahead to key inflation data, due out on Thursday

Digital Content Manager
Jun 7, 2021 at 4:29 PM
facebook X logo linkedin


The Dow and S&P 500 continued to churn just below their respective record highs today, with the former extending its midday losses to clock a 126-point drop. The Nasdaq was able to claw its way out of the red, however, settling with a modest win, as many Big-Tech names strengthened. This mostly muted trading action comes ahead of this Thursday's Consumer Price Index (CPI) reading, which could sway future Federal Reserve inflation decisions. Meanwhile, a growing number of "meme" stocks remain squarely in the lime light, staging wild swings while the broader market remains relatively quiet. 

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

  • What bulls are expecting for CLOV, following today's Reddit-fueled rally
  • Morgan Stanley has little hope for this insurance stock, post-pandemic. 
  • Plus, Visa stock gets an upgrade; Reddit traders target RMED; and USCR gets a boost on buyout buzz.

The Dow Jones Average (DJI - 34,630.24) fell 126.2 points, or 0.4% for the day. Microsoft (MSFT) led the Dow components with a 1.2% rise, while Merck & Co (MRK) paced the laggards, falling 1.8%.

Meanwhile, the S&P 500 Index (SPX - 4,226.52) shed 3.4 points, or 0.1% for the day. The Nasdaq Composite (IXIC - 13,881.72) rose 67.2 points, or 0.5% for the day.

Lastly, the Cboe Volatility Index (VIX - 16.42) settled the day flat.

Closing Indexes Summary June 7

NYSE and Nasdaq Stats June 7

  1. The U.S. Food and Drug Association (FDA) just approved Biogen's (BIIB) Alzheimer's drug, aducanumab -- marking the first new treatment for the disease in almost two decades. (CNBC)
  2. Apple's (AAPL) latest iOS 15 upgrade will include an update that will make its FaceTime feature more universally available in an effort to be more competitive with other video chat names such as Zoom (ZM). (MarketWatch)
  3. The blue-chip stock that Piper Sandler thinks has plenty of post-pandemic potential.  
  4. Another heavily shorted name caught in the latest "meme" stock cycle
  5. Buyout buzz is giving US Concrete stock a huge boost.

There are no earnings of note today.

Unusual Options Activity June 7

Imminent Iran Nuclear Deal Puts Pressure on Oil Prices

Oil prices cooled from Friday's two-year year highs as investors kept a close eye on an imminent nuclear deal with Iran, which will likely lift sanctions on Tehran and potentially raise global supply. July-dated crude lost 39 cents, or 0.6%, to settle at $69.23 per barrel, though early in the day it managed to hit $70.

Gold prices continued to rise on Monday, though they fell just short of the psychologically significant $1,900 yet again. The weakening dollar aided today's rise, though the 10-year Treasury yield also inched higher, which could put pressure on the precious metal in the near-term. August-dated gold rose $6.80, or 0.4%, to settle at $1,898.80 an ounce for the day. 

 

Target Effortless Triple-Digit Gains Every Sunday Evening For Life!

This is your chance to triple your profit potential on Sunday evenings, without spending all your free time watching the market.

On Sundays, as a Weekend Plus subscriber, you’ll get up to 6 trades every Sunday, each targeting gains of 200% or more.

Start targeting gains like the ones our subscribers have seen recently, including:

213.3% GAIN on AutoNation calls
100.0% GAIN on Monster Beverage calls
100.4% GAIN on Walgreens Boots Alliance puts
100.4% GAIN on ON Semiconductor calls
257.7% GAIN on Dell calls

101.0% GAIN on Apollo Global Management calls
103.6% GAIN on JP Morgan  Chase calls
105.3% GAIN on DraftKings calls
101.3% GAIN on Airbnb calls
203.0% GAIN on Shopify calls
102.0% GAIN on Cboe Global Markets calls
100.9% GAIN on Boeing calls
102.1% GAIN on Microsoft puts
102.3% GAIN on First Solar calls
101.5% GAIN on PulteGroup calls
101.0% GAIN on Apple calls
209.4% GAIN on NXP Semiconductors calls
100.8% GAIN on Uber Technologies calls
100.4% GAIN on Academy Sports and Outdoors puts
102.2% GAIN on Trade Desk calls
100.8% GAIN on DoorDash calls
100.0% GAIN on Camping World Holdings puts
100.0% GAIN on Cboe Global Markets calls
100.2% GAIN on C3.ai calls
238.5% GAIN on Oracle calls

 
 
 


 
 

Rainmaker Ads CGI