S&P 500, Nasdaq Kick Off Week With Record Highs

The S&P 500 scored a third-straight record close in the final minutes of trading

Deputy Editor
Jun 14, 2021 at 4:29 PM
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The Dow logged an 85-point drop on Monday, weighed down by anxieties surrounding the upcoming U.S. Federal Reserve meeting. Investors aren't expecting the two-day meeting to result in any major decisions, though the central bank's inflation rate forecasts could have a dramatic effect on the market's next move. The S&P 500 spent most of the day hovering just below the breakeven, before jumping to its third-straight record closing high within the final few moments of trading. The Nasdaq also hit a fresh record close, as the retreating 10-year Treasury signaled to some investors that it was time to buy back into Big Tech. 

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

  • Corsair Gaming heads the ever-growing list of meme stocks. 
  • Analyst: Chipotle's hiked menu prices bode well for the stock.  
  • Plus, a 5G darling to watch; Oatly stock piques analysts' interest; RIDE rocked by C-suite shakeup. 

The Dow Jones Average (DJI - 34,393.75) lost 85.9 points, or 0.3% for the day. Salesforce (CRM) led the Dow components with a 2.5% rise, while JPMorgan Chase & Co (JPM) paced the laggards, falling 1.7%.

Meanwhile, the S&P 500 Index (SPX - 4,255.15) added 7.7 points, or 0.2%. The Nasdaq Composite (IXIC - 14,174.14) added 104.7 points, or 0.7% for the day.

Lastly, the Cboe Volatility Index (VIX - 16.39) dropped 0.7 point, or 4.8%.

closing summary 614

nyse nasdaq 614

  1. J.J. Richetti, the son of Steve Ricchetti -- White House counselor and one of Joe Biden's most important White House advisors -- just landed a job as a special assistant in the office of legislative affairs. The job is an entry level position, with Ricchetti graduating from the University of Pennsylvania with a bachelor's degree in political science last year, though some are concerned that nepotism could be at play. (CNBC)
  2. The U.K. has delayed its full reopening date from June 21, after a 50% increase in positive tests with the Covid-19 Delta variant, which accounted for over 90% off cases. (MarketWatch)
  3. Investors should keep an eye on this 5G darling
  4. Oatly stock saw an overwhelming amount of analyst coverage today. 
  5. The C-suite shakeup that rocked Lordstown Motors stock

There are no earnings of note today.

uvol 614

Gold Keeps Slipping; Oil Demand Being Closely Monitored 

Oil prices inched lower while investors closely monitor demand levels, which the International Energy Agency (IEA) predicting a rise back to its pre-pandemic demand by the end of 2022, though the lifting of sanctions on Iran could put some pressure on this prediction. July-dated crude dropped 3 cents, or 0.04%, to settle at $70.88 per barrel.

Gold prices tumbled today, settling at a one-month low as the commodity's red-hot rally begins to cool. Bitcoin's (BTC) rally may also be to blame for the softening precious metal. August-dated gold dipped $13.70, or 0.7%, to settle at $1,865.90 an ounce.

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