FAANG stocks dragged the Nasdaq down
The Dow scored a 220-point pop today -- its fourth triple-digit gain in five sessions -- and notched a second-straight record close. Investors were encouraged by cooler-than-expected inflation data, that may have implied that recent prices increases are transitory. The S&P 500 closed just above breakeven, but managed a second-straight record close of its own. Meanwhile, the Nasdaq was sidelined once again, dragged down by FAANG names. Elsewhere, the Cboe Volatility Index (VIX), Wall Street's "fear gauge," fell to its lowest close since July 2.
Continue reading for more on today's market, including:
- Why Caterpillar stock is a good investment for bulls.
- Walt Disney stock boasts 2 bullish trendlines ahead of earnings.
- Plus, a big day for energy; more on NortonLifeLock's new acquisition; and bears bombard Southwest Airlines stock.
The Dow Jones Average (DJI - 35,484.97) rose 220.3 points, or 0.6% for the day. Caterpillar (CAT) topped the list of blue-chip winners today, adding 3.6%, while Visa (V) paced the laggards with a 1.3% dip.
The S&P 500 Index (SPX - 4,447.70) gained 11 points, or 0.3% for the day. Meanwhile, the Nasdaq Composite (IXIC - 14,765.14) shed 23 points, or 0.2%, for the day.
Lastly, the Cboe Volatility Index (VIX - 16.06) lost 0.7 point, or 4.4%, for the day.
- The New York Stock Exchange (NYSE) today announced that it will require vaccines for individuals accessing the trading floor, beginning Sept. 13. (CNBC)
- A new Senate bill will seek to tamper the control Google and Apple have over their respective mobile stores. (MarketWatch)
- This energy stock had quite the news-heavy day.
- NortonLifeLock stock powered up after a hefty acquisition.
- Why options bears blasted Southwest Airlines stock.
White House Urges OPEC+ to Increase Production
Oil prices pared earlier losses, finishing higher after the White House urged the Organization of the Petroleum Exporting Countries and its allies (OPEC+) to increase its production to aid in economic recovery efforts. As a result, September-dated crude added 96 cents, or 1.4%, to settle at $69.25 a barrel for the day.
Gold prices rose as well, following the Consumer Price Index (CPI) reading out of the U.S., which showed consumer prices rose at a slower pace last month. Today's positive movements helped bullion recover some ground after four straight losses. The most active contract, December-dated gold, gained $21.60, or 1.3%, to settle at $1,753.30 an ounce today.