Dow Falls as Jobs Data, Clarida Comments Weigh

The Nasdaq squeaked out a small win

Deputy Editor
Aug 4, 2021 at 4:26 PM
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The Dow erased all of yesterday's gains to close 323 points lower, its worst single-session fall since July 19. The ADP private payroll survey weighed on the broader market, as well as comments from Fed vice-chair Richard Clarida that the central bank could resume interest rate hikes by 2023. The S&P 500 also finished in the red, while the tech-heady Nasdaq notched a close just above breakeven.

Elsewhere, the 10-year Treasury yield trimmed earlier losses after the ISM Services purchasing managers' index for July finished at record a record high, and the Cboe Volatility Index (VIX) pulled back for a small loss. 

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

  • This FAANG stock is one of the best to own in August.
  • Options bulls are blasting Redfin stock ahead of earnings.
  • Plus, unpacking Activision Blizzard's earnings; why Amgen stock shouldn't be counted out; and Live Nation ticket sales surge.

The Dow Jones Average (DJI - 34,792.67) fell 323.7 points, or 0.9% for the day. Of the 30 Dow components, IBM (IBM) topped the long list of Dow winners today, adding 1.9%, while Walt Disney (DIS) paced the five laggards with a 1.5% dip.

The S&P 500 Index (SPX - 4,402.66) shed 20.5 points, or 0.5% for the day. Meanwhile, the Nasdaq Composite (IXIC - 14,780.53) added 19.2 points, or 0.1%, for the day. 

Lastly, the Cboe Volatility Index (VIX - 17.97) shed 0.07 point, or 0.4%, for the day. 

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  1. Senate Majority Leader Chuck Schumer pledged to delay the chamber's August break until the $1 trillion infrastructure bill passes. (CNBC)
  2. According to the World Health Organization (WHO), the Delta variant of Covid-19 is now in 135 countries. (MarketWatch)
  3. Upbeat earnings helped Activision Blizzard stock brush off union drama.
  4. Investors shouldn't write off Amgen stock just yet.
  5. Live Nation reports an eight-fold ticket surge from last year.

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Oil Logs 3rd Consecutive Loss

Oil locked in its third consecutive day of losses, falling to a two-week low thanks to the spreading Delta variant and a surprise build in U.S. crude stockpiles. Keeping steeper losses in check today is the mounting tension in the Mideast Gulf, where it was alleged Iranian-backed forces seized an oil product tanker. In response, September-dated crude fell $2.41 cents, or 3.6%, to settle at $68.15 a barrel.

Meanwhile, gold prices eked out a win due to a weaker U.S. dollar, whil upcoming U.S. jobs data -- which plays a pivotal role in the Federal Reserve's monetary policy decisions -- kept a lid on more gains. As a result. December-dated gold, the most active contract, added 40 cents, or 0.02%, to settle at $1,814.50 an ounce. 

 

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