S&P 500 Snaps 7-Day Win Streak While Nasdaq Nabs Another High

Oil prices pivoted lower after six-year highs

Deputy Editor
Jul 6, 2021 at 4:39 PM
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The Dow finished 209 points lower today, as investors eyed dropping bond yields, as well as data from the services sector. The ISM Services purchasing managers' index  (PMI) fell to 60.1% in June from its May record of 64%, which is lower than analysts' expected reading of 63.5%. The S&P 500 closed in the red as well, snapping a seven-day win streak, while the Nasdaq finished modestly in the black to eke out a record close. 

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

  • Why bulls should hold off on buying Micron stock in July. 
  • Behind MMM's Credit Suisse downgrade
  • Plus, a Covid-19 vaccine update; what's weighing on JD; and the payments stock hit with a bull note. 

The Dow Jones Average (DJI - 34,577.37) lost 209 points, or 0.6% for the day. Of the 30 Dow components, Apple (AAPL) saw the biggest jump, adding 1.5%, while Dow Inc (DOW) fell to the bottom, shedding 2.5%.

Meanwhile, the S&P 500 Index (SPX - 4,343.54) fell 8.8 points, or 0.2% on the day, and the Nasdaq Composite (IXIC - 14,663.64) added 24.3 points, or 0.2% for the day. 

Lastly, the Cboe Volatility Index (VIX - 16.44) tacked on 1.4 points, or 9.1%. 

Closing Indexes Summary July 6

NYSE and Nasdaq Stats July 6

  1. The CEO of tech firm Kesaya said that Friday's ransomware attack affected between 800 and 1,500 businesses around the world. (Reuters)
  2. The Department of Defense is calling off its $10 billion cloud contract, which had been the subject of a legal battle between Amazon.com (AMZN) and Microsoft (MSFT). The Pentagon is launching a new multivendor cloud computing contract, though, and both companies will be solicited for proposals. (CNBC
  3. A series of updates concerning the Pfizer vaccine
  4. Cybersecurity reviews in China reach JD. 
  5. American Express stock hit with a lofty bull note

There are no earnings of note today.

Unusual Options Activity July 6

Oil Settles Off 6-Year Highs

Oil prices made a quick turnaround today, earlier hitting a six-year high after talks between the Organization of the Petroleum Exporting Countries and its allies (OPEC+) were postponed indefinitely, leading to uncertainty over output. August-dated crude shed $1.79, or 2.4%, to settle at $73.37 a barrel. 

Gold prices rose for the fourth-straight day, finishing at their highest level in about three weeks, as U.S. Treasury yields dropped. August-dated gold added $10.90, or 0.6%, to settle at $1,794.20 an ounce. Plus, the commodity is seeing a golden cross pattern on the charts, as its 50-day moving average crosses above the 200-day moving average, implying a longer-term uptrend for the commodity. 

 

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