Dow Retreats from Friday's Record Highs

The Nasdaq turned in a modest win

Deputy Editor
Aug 9, 2021 at 4:28 PM
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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.

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  1. 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)
  2. U.S. daily average Covid-19 cases topped 100,000 recently, making the highest level since February. (MarketWatch)
  3. Breaking down Golden Nugget stock's wild options activity after some big-name buyout news. 
  4. The food stock that surged on an impressive beat-and-raise. 
  5. Why ConocoPhillips stock is struggling on the charts.

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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.

 

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