The major benchmarks wrapped up July with monthly wins
The major indexes finished lower for the day and the week, though each posted monthly gains. Most notably, the S&P 500 nabbed its sixth-straight monthly win, following a staggering string of record highs. The Dow and tech-heavy Nasdaq both landed with triple-digit losses today, as increasing delta variant cases of Covid-19 put pressure on the market. Wall Street eyed inflation data, with the personal consumption expenditures price index rising 3.5%, which is roughly in line with analyst expectations of 3.6%, marking its biggest jump since July of 1991. Meanwhile, Wall Street's "fear gauge" -- the Cboe Volatility Index (VIX) -- jumped over 15% for the month to snap a five-month losing streak.
Continue reading for more on today's market, including:
- AMZN in the spotlight today after a surprise revenue miss.
- 10 hot cannabis stocks making moves this week.
- Plus, two blue-chip names report earnings; and Schaeffer's most recent stock pick.
The Dow Jones Average (DJI - 34,935.47) fell 149.1 points, or 0.4% for the day, and 0.4% for the week as well. For the month, the blue-chip index gained 1.3%. Of the 30 Dow components, Procter & Gamble (PG) was at the top of the list today, adding 2%, while Caterpillar (CAT) landed at the bottom of the list with a 2.7% drop.
The S&P 500 Index (SPX - 4,395.26) dropped 23.9 points, or 0.5% for the day, and 0.4% for the week, but gained 2.3% for the month. Meanwhile, the Nasdaq Composite (IXIC - 14,672.68) lost 105.6 points, or 0.7%, for the day, and 1.1% for the week, but tacked on 1.1% for the month.
Lastly, the Cboe Volatility Index (VIX - 18.24) added 0.5 point, or 3.1% for the day, 6% for the week, and 15.2% for the month.
- An initiative by three big-name funders awarded $40 million to promote gender equality projects in tech, higher education, caregiving, and minority communities. (Marketwatch)
- A digital news start-up, led in part by National Geographic executive Mark Bauman, has received funding from a tech entrepreneur. (CNBC)
- CVX announces upbeat quarterly report along with share buybacks.
- Blue-chip machinery name brushes off an earnings beat.
- SCCO is one of Schaeffer's 40th anniversary stock picks.
Oil Rises for Fourth-Straight Month
Oil prices rose for the third-straight day, amid Baker Hughes data showing a fall in U.S. oil-drilling rigs for the first time in five weeks. September-dated crude rose 33 cents, or 0.5%, to settle at $73.95 a barrel. Front-month contract prices rose 2.6% for the week, and 0.7% for the month to land a fourth-straight monthly win.
Gold futures dipped today. The most active contract, December-dated gold, fell $18.60, or 1%, to settle at $1,817.20 an ounce. For the week, the contract added 0.9%, and for the month, it gained 2.6%.