Stocks Close Flat After S&P, Nasdaq Nab Fresh Intraday Highs

All three indexes closed the day with marginal wins

Digital Content Manager
Jun 29, 2021 at 4:31 PM
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The major indexes gave back most of their midday gains to settle flat on Tuesday, but not before the S&P 500 and Nasdaq both hit another set of intraday highs -- the former logging its fourth-straight record peak, and the latter its second. The indexes also just barely eked out fresh closing highs as well. The Dow, meanwhile, erased a triple-digit lead to finish the day with a quiet nine-point pop. Investors kept an eye on surging home prices for April, a better-than-expected consumer confidence reading for June, and a swell in the financial sector, thanks to several banks hiking quarterly dividends. However, some anxieties over the spreading Delta variant of Covid-19, paired with investors taking a step back during the relatively quiet summer months, may have ultimately put some weight on markets. 

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

  • The latest meme stock to burst onto the scene. 
  • Why TXT is quickly becoming an analyst favorite
  • Plus, when to bet on ALG; bulls eye upside for FCEL; and is FSLY's pullback worth playing?

The Dow Jones Average (DJI - 34,292.29) gained 9 points, or 0.03% for the day. Of the 30 Dow components, Nike (NKE) saw the biggest jump, adding 2.4%, while Boeing (BA) fell to the bottom, shedding 1.7%.

Meanwhile, the S&P 500 Index (SPX - 4,291.80) rose 1.2 points, or 0.03% on the day. The Nasdaq Composite (IXIC - 14,528.33) added 27.8 points, or 0.2% for the day. 

Lastly, the Cboe Volatility Index (VIX - 16.02) added 0.3 point, or 1.7%.

Closing Indexes Summary June 29

NYSE and Nasdaq Stats June 29

  1. Uber Technologies (UBER) has joined the growing number of U.S. companies establishing new work-from-home rules, announcing that it will ask its corporate employees to be in the office 50% of the time. (CNBC)
  2. Australia just announced that the AstraZenica (AZN) Covid-19 vaccine will be available to all adults in an effort to speed up sluggish vaccination rates in the country. (MarketWatch)
  3. This industrial stock could present an attractive entry point for traders soon. 
  4. Options bulls are betting on some redemption for beaten-down FCEL. 
  5. Is there still time to get in on Fastly stock's recent pullback?

There are no earnings of note today.

Unusual Options Activity June 29

Oil Inches Higher Ahead of OPEC+ Decision

Oil prices moved slightly higher on Tuesday, ahead of the Organization of the Petroleum Exporting Countries and its allies' (OPEC+) decision on whether or not to further curb  crude output, with members expected to ease these curbs by roughly 500,000 barrels per day, beginning in August. As a result, August-dated crude gained 7 cents, or just under 0.1%, to settle at $72.98 per barrel. 

Gold prices dropped to their lowest level since mid-April, as bond yields rose and the U.S. dollar firmed up. In turn, August-dated gold dropped $17.10, or 1%, to settle at $1,763.60 an ounce. 

 

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