The U.S. consumer sentiment report showed a reading of 80.8 for the first half of July
The Dow closed nearly 300 points lower today, after a worse-than-expected U.S. consumer sentiment report showed a reading of 80.8 in July, which is the measure's lowest level since February, and nearly five points lower than the previous month. The report also showed consumers expecting a 4.8% increase in cost of living in the next year, marking the number's highest level since August 2008. The S&P 500 and Nasdaq closed lower as well, as the broader market brushed off several strong earnings reports and a 0.6% increase in U.S. retail sales for June, which is much better than Wall Street's expected 0.4% decline. For the week, all three major benchmarks fell lower, snapping their respective three-week win streaks.
Continue reading for more on today's market, including:
- The latest Reddit stock short sellers are targeting.
- Intel in the spotlight amid potential billion-dollar buyout.
- Plus, behind FUBO's pop; MRNA set to join S&P 500; and LYV's brand-new bull note.
The Dow Jones Average (DJI - 34,687.85) dropped 299.2 points, or 0.9% for the day, and 0.5% for the week. Of the 30 Dow components, Procter & Gamble (PG) saw the biggest jump, adding nearly 1%, while Dow Inc (DOW) landed at the bottom of the list with an 3.1% loss.
The S&P 500 Index (SPX - 4,327.16) shed 32.9 points, or 0.8% for the day, and 1% for the week. Meanwhile, the Nasdaq Composite (IXIC - 14,427.24) lost 115.9 points, or 0.8% for the day, and 1.9% for the week.
Lastly, the Cboe Volatility Index (VIX - 18.45) added 1.4 points, or 8.5% for the day, and 14% for the week.
- Comparing Jeff Bezos and Richard Branson's trips in the billionaire space race as Blue Origin blasts off. (MarketWatch)
- U.S. Treasury Secretary Janet Yellen will meet next week to discuss stablecoins and their role in the financial system. (CNBC)
- Sports betting update sends FUBO higher.
- MRNA gapped to record highs following SPX news.
- Goldman Sachs initiated coverage on this reopening play.
Oil Falls for the Week
Oil prices rose today, though supply/demand concerns amid the surge of Covid-19 cases are still on investors' minds, as well as concerns regarding the unity of the Organization of Petroleum Exporting Countries and its allies (OPEC+) on production levels. August-dated crude rose 16 cents, or 0.2%, to settle at $71.81 a barrel. For the week, however, prices fell 3.7%, logging their biggest one-week drop for a front-month contract since late March.
Gold futures snapped their three-day win streak today, though the commodity did log its fourth-straight weekly win. August-dated gold fell $14, or 0.8%, to settle at $1,815 an ounce today, but managed a 0.2% gain for the week.