Nasdaq, S&P 500 Snag Record Highs While Dow Drops Triple Digits

The S&P 500 climbed to third-consecutive record close

Deputy Editor
Jun 28, 2021 at 4:35 PM
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Markets were scattered for Monday's session. The Dow quickly erased its muted morning gains, eventually settling 150 points lower, weighed by energy and transport stocks. Boeing (BA), specifically, spiraled out today, following news that the company's long-range aircraft likely won't receive verification from regulators until mid-to-late 2023. Meanwhile, retreating bond yields and a strong day for Big Tech pushed the Nasdaq to a triple-digit settlement, and a fresh closing high. The S&P 500 also eked out third-consecutive record peak. 

Wall Street kept an eye on the bipartisan infrastructure deal, which closed last Thursday, monitoring comments from U.S. President Joe Biden, who said on Saturday that he won't veto the legislation, even if it comes through without the Democrat-favored reconciliation bill. Investors are also looking ahead to this Friday's jobs report for June, with economist estimating a substantial rise from its May reading. 

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

The Dow Jones Average (DJI - 34,283.27) lost 150.6 points, or 0.4% for the day. Of the 30 Dow components, Intel (INTC) saw the biggest jump, adding 2.8%, while Boeing fell to the bottom, shedding 3.4%.

Meanwhile, the S&P 500 Index (SPX - 4,290.61) rose 9.9 points, or 0.2% on the day. The Nasdaq Composite (IXIC - 14,500.51) added 140.1 points, or nearly 1% for the day. 

Lastly, the Cboe Volatility Index (VIX - 15.76) added 0.1 point, or 0.9%.

Closing Indexes Summary June 28

NYSE and Nasdaq Stats June 28

  1. The transportation Security Administration (TSA) is offering $1,000 hiring bonuses in an effort to add 6,000 screeners by the end of September, as travel demand grows but workers do not. (CNBC)
  2. Advocates and members of Congress are pushing for the Biden administration to extend the student loan payment pause, arguing that the current system isn't logistically ready for payments, and that borrowers aren't prepared, financially. (MarketWatch)
  3. The gaming stock getting a halo lift on tech's surge. 
  4. Retailer getting targeted by call traders
  5. Everything you need to know about Etsy's latest acquisition.  

There are no earnings of note today.

Unusual Options Activity June 28

Covid-19 Anxieties, China Update Sink Oil Prices

Oil prices fell to their lowest level in over a week, as concerns over the effect the spread of Covid-19 will have on crude demand begin to mount, specifically in Europe and Australia. Additionally, China said it will lift retail prices of gasoline in the country, beginning tomorrow, sinking oil prices even lower. As a result, August-dated black gold lost $1.14, or 1.5%, to settle at $72.91 per barrel -- a more than one-week low.

Gold prices strung together another daily win, as investors look ahead to this week's upcoming jobs report. While the precious metal is turning higher, many are still concerned with the $1,800 mark, which remains psychologically significant, as well as the commodity's 100-day moving average. In turn, August-dated gold rose $2.90, or 0.2%, to settle at $1,780.70 an ounce. 

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