Big Tech Boosts S&P 500, Nasdaq to Record Closes

Tech stocks gained today as bond yields continued to drop

Assistant Editor
Jul 7, 2021 at 4:30 PM
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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%. 

closing indexes july 7

nyse and nasdaq july 7

  1. The Covid-19 delta variant is putting pressure on several countries as they attempt to reopen amid cautious sentiment.  (Marketwatch)
  2. 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
  3. Why Hilton Hotels stock is a prime contrarian idea. 
  4. The stock named a "top pick" by Morgan Stanley today. 
  5. A look at AMZN after yesterday's cloud contract cancellation news. 

There are no earnings of note today.

Unusual Options Activity July 7

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.  

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