The Dow is extending yesterday's gains with a 70-point pop
The major indexes are extending their strong recovery following last week's selloff, with the Dow this afternoon landing a 68-point pop. The Nasdaq meanwhile, made some headway, erasing its morning losses and hitting a fresh record high, as tech investors brushed off the probe into Alphabet's (GOOGL) advertising unit. The S&P 500, meanwhile, settled just within a chip-shot of a fresh record.
Wall Street's attention was focused on Federal Reserve Chairman Jerome Powell's testimony before the House of Representatives, which occurred this afternoon, though the central bank leaders remarks were released late Monday night -- hinting at the removal of some of the emergency stimulus measures put in place by the Fed during the pandemic. Meanwhile, Bitcoin (BTC) saw another day of wild price action -- dropping below the $30,000 level earlier in the session, before turning positive later in the day, closing just below $33,000.
Continue reading for more on today's market, including:
- Is Nike stock's pre-earnings run higher here to stay?
- The reason MicroVision stock bombed today.
- Plus, why FUBO call activity is red-hot; GME sees another surge; and breaking down 1 steel stock's selloff.
The Dow Jones Average (DJI - 33,945.58) tacked on 68.6 points, or 0.2% for the day. Of the 30 Dow components, Nike (NKE) saw the biggest jump, adding 1.8%, while Merck & Co (MRK) fell to the bottom, shedding 0.7%.
Meanwhile, the S&P 500 Index (SPX - 4,246.44) added 21.7 points, or 0.5%. The Nasdaq Composite (IXIC - 14,253.27) added 111.8 points, or 0.8% for the day.
Lastly, the Cboe Volatility Index (VIX - 16.66) dropped 1.2 points, or 6.9%.
- White House chief medical advisor Dr. Anthony Fauci has named the highly contagious delta variant as the "greatest threat" in the nation's attempt to wipe out Covid-19. (CNBC)
- While China's recent crackdown on bitcoin is mostly to blame for the crypto's wild trading this week, some experts are speculating that tighter restrictions from the U.S. government could be next. (MarketWatch)
- Why FuboTV stock saw a bullish surge in its options pits.
- How GameStop is playing its status as a meme stock to its advantage.
- Should you buy the dip on this slumping steel stock?
Oil Drops as OPEC+ Production Decision Looms
News that the Organization of the Petroleum Exporting Countries and their allies (OPEC+) is considering a further hike in production levels, beginning in August, is weighing on oil prices today. A final decision will be made on July 1, when OPEC+ holds its next meeting, but already the organization has put a plan in place that will slowly raise production levels starting in May. As a result, the now most-active, August-dated contract dropped 27 cents, or 0.4%, to settle at $72.85 per barrel.
Yesterday's rebound in gold prices was short-lived, as the commodity took another nosedive today -- its third in four sessions. Uncertainty ahead of Fed Chair Powell's testimony to the House of Representatives likely weighed on the precious metal, while doubts on whether or not it can reclaim the psychologically significant $1,800 level also swirled. In turn, August-dated gold dropped $5.50, or 0.3%, to settle at $1,777.40 an ounce.