The Dow fell 106 points from Friday's record close
To kick off the week, the Dow pulled back from Friday's record highs, falling around 106 points as concerns surrounding global economic growth and rising Covid-19 cases weighed on investor sentiment. Unsurprisingly, reopening stocks took a hit today, especially Norwegian Cruise Line (NCLH), following a ruling from a federal judge allowing the company to require proof of vaccination from passengers. The S&P 500 closed just below breakeven, erasing some of its earlier losses as investors mulled over a 5,000 price target for the index initiated by Credit Suisse. A record-setting jump in U.S. jobs openings was largely overlooked, though the Nasdaq notched a modest win, buoyed by a fresh upgrade for Tesla (TSLA).
Continue reading for more on today's market, including:
- Why bulls should target JinkoSolar stock.
- Deutsche Bank downgrades Dollar Tree stock.
- Plus, DraftKing's latest billion-dollar acquisition; more on Tyson's earnings report; and why COP is struggling.
The Dow Jones Average (DJI - 35,101.85) fell 106.7 points, or 0.3% for the day. Of the 30 Dow components, Walgreen Boots Alliance (WBA) topped the list of winners today, adding 0.7%, while Chevron (CVX) paced the laggards with a 1.7% dip.
The S&P 500 Index (SPX - 4,432.35) lost 4.2 points, or 0.09% for the day. Meanwhile, the Nasdaq Composite (IXIC - 14,860.18) added 24.4 points, or 0.2%, for the day.
Lastly, the Cboe Volatility Index (VIX - 16.72) gained 0.6 point, or 3.5%, for the day.
- Democrats rolled out their plan to invest in social programs and climate policy, releasing a $3.5 trillion budget plan on the heel of the bipartisan infrastructure bill. (CNBC)
- U.S. daily average Covid-19 cases topped 100,000 recently, making the highest level since February. (MarketWatch)
- Breaking down Golden Nugget stock's wild options activity after some big-name buyout news.
- The food stock that surged on an impressive beat-and-raise.
- Why ConocoPhillips stock is struggling on the charts.
Gold Skids to Four-Month Lows
Building on last week's losses, oil prices kicked the week off with a dip, dropping to their lowest level since March. Once again, rising Covid-19 cases stoked investors' fears of slowing demand, as did lackluster exporting data out of China -- the world's second largest oil consumer. In response, September-dated crude fell $2.84, or 4.2%, to settle at $65.43 a barrel for the day.
Gold prices fell as well, hitting their lowest level in more than four months on a strengthening U.S. dollar, which was bolstered by strong U.S. jobs data. December-dated gold, the most active contract, shed $36.60, or 2.1%, to settle at $1,726.50 an ounce today.