S&P 500 Snags Sixth-Straight Record Close

The second half of 2021 started on a bright note

Assistant Editor
Jul 1, 2021 at 4:37 PM
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The Dow gained 131 points today, with stocks starting off the second half of the year strong, while the S&P 500 nabbed its sixth-straight record close, and the Nasdaq finished modestly higher, erasing its earlier losses. Upbeat jobs data sent a jolt of optimism into the market right off the bat this morning, with initial weekly jobless claims coming in at a much lower-than-expected 364,000 -- a new pandemic-era low. Meanwhile, the Institute for Supply Management's (ISM) manufacturing index reading of 60.6 for June was roughly in line with estimates, and the Congressional Budget Office added to its U.S. deficit predictions for the year, while also foreseeing economic growth. 

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

  • The 25 stocks investors should drop in July. 
  • MKC's beat-and-raise had options bulls swarming. 
  • Plus, California utility company seeks billions; GSK's potential leadership shake-up; and why WBA dropped after earnings. 

The Dow Jones Average (DJI - 34,633.53) gained 131 points, or 0.4% for the day. Of the 30 Dow components, Nike (NKE) saw the biggest jump, adding 2.3%, while Walgreens Boots Alliance (WBA) fell to the bottom, shedding 7.4%. 

Meanwhile, the S&P 500 Index (SPX - 4,319.94) rose 22.4 points, or 0.5% on the day, and the Nasdaq Composite (IXIC - 14,522.38) tacked on 18.4 points, or 0.2% for the day. 

Lastly, the Cboe Volatility Index (VIX - 15.48) lost 0.4 point, or 2.2%.

Closing Index Summary July 1

NYSE and Nasdaq Stats July 1

  1. A group of 130 nations has agreed to the U.S. proposal of a global minimum tax on corporations. (CNBC)
  2. Elon Musk has had many a controversial tweet about cryptocurrencies this year. Here's how today's post affected Baby Doge Coin. (Marketwatch) 
  3. PG&E requested a residential rate hike for wildfire prevention. 
  4. Elliott Management sees upside for GSK, but only if certain measures are taken. 
  5. Blue-chip drugstore name drops despite earnings beat. 

Earnings July 1

Unusual Options Activity July 1

Oil Off Session Highs After Delayed OPEC+ Meeting

Oil prices continued to move higher, though gains were pared after the Organization of the Petroleum Exporting Countries and its allies (OPEC+) meeting was delayed until Friday, after a dispute between the United Arab Emirates and Saudi Arabia over a Saudi-backed request to  lift production starting in August. August-dated crude gained $1.76, or 2.4%, to settle at $75.23 a barrel.  

Gold prices rose for the second-straight day, bolstered as the U.S. dollar and Treasury yields weaken. August-dated gold added $5.20, or 0.3%, to settle at $1,780.70 an ounce. 

Trader: Sell These 8 Stocks in 2021

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