Investors pored over the Fed's June meeting minutes
The Dow finished 104 points higher today, after the Federal Reserve released minutes from its mid-June meeting in which it held short-term interest rates near zero, but admitted that the rise in inflation came as a surprise this year. As has been the case often this year, Big Tech gained as bond yields fell, leading both the S&P 500 and Nasdaq to nab record closes. Elsewhere, the Cboe Volatility Index (VIX) -- Wall Street's "fear gauge" -- surged midday for the second-straight day before pulling back.
Continue reading for more on today's market, including:
- Behind BLIN's plummet from its Reddit-fueled rally.
- Raymond James says buy the dip on NOVA.
- Plus, the hotel stock for bulls; WHR named top pick; and checking in with AMZN.
The Dow Jones Average (DJI - 34,681.79) added 104.4 points, or 0.3% for the day. Of the 30 Dow components, Apple (AAPL) saw the biggest jump, adding 1.8%, while Boeing (BA) fell to the bottom, shedding 1.8%.
Meanwhile, the S&P 500 Index (SPX - 4,358.13) gained 14.6 points, or 0.3% on the day, and the Nasdaq Composite (IXIC - 14,665.06) eked out a win with a 1.4 point gain, or 0.1%, for the day.
Lastly, the Cboe Volatility Index (VIX - 16.20) lost 0.2 point, or 1.5%.
- The Covid-19 delta variant is putting pressure on several countries as they attempt to reopen amid cautious sentiment. (Marketwatch)
- House Republicans have laid out their road map for the future of Big Tech, after several antitrust bills have been pushed through by committees. (CNBC)
- Why Hilton Hotels stock is a prime contrarian idea.
- The stock named a "top pick" by Morgan Stanley today.
- A look at AMZN after yesterday's cloud contract cancellation news.
There are no earnings of note today.
OPEC+ Standstill Continues to Affect Oil
Oil prices declined for the second-straight day as the extended meeting postponement of the Organization of the Petroleum Exporting Countries and its allies (OPEC+) gives way to hesitance concerning output, while investors fear members will abandon restrictions. August-dated crude lost $1.17, or 1.6%, to close at $72.20 a barrel.
Gold futures rose for the fifth-straight day and finished above the $1,800 level for the first time in three weeks. August-dated gold added $8, or 0.4%, to settle at $1,802.10 an ounce.