Dow, S&P 500 Sneak Higher for Yet Another Record Close

The Nasdaq continues to underperform

Deputy Editor
Aug 16, 2021 at 4:28 PM
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The Dow and S&P 500 snagged a fifth-straight win on Monday, as well as their fifth record close in the last six trading days. However, this one didn't come easy; both indexes traded deep in the red at its session lows today, weighed down by geopolitical and economic tailwinds. The Nasdaq wasn't as lucky, logging a small loss for the day, while the 10-year Treasury note dropped to 1.255%, taking much of the bank sector with it.

Meanwhile, there's rumblings that the Federal Reserve will start making moves to slow down its bond buying program within the next couple of months. Investors are also keeping a close eye on U.S. President Joe Biden's speech concerning the Taliban's rapid takeover of Afghanistan, following the withdraw of U.S. troops from the country. 

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

  • What's going on with Walmart stock before tomorrow's earnings report.
  • Why Chipotle stock fell out of favor with one analyst. 
  • Plus, a retail stock for bulls; OTLY's post-earnings bounce; and the chip stock upgraded. 

The Dow Jones Average (DJI - 35,625.40) rose 110 points, or 0.3% for the day. UnitedHealth (UNH) topped the list of 30 Dow winners, rising 1.8%, while Boeing (BA) fell 2.3% to pace the laggards.

The S&P 500 Index (SPX - 4,479.71) added 11.7 points, or 0.3% for the day. Meanwhile, the Nasdaq Composite (IXIC - 14,793.76) shed 29.1 points, or 0.2%, for the day.

Lastly, the Cboe Volatility Index (VIX - 16.12) lost 0.7 point, or 4.3%, for the day. 

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  1. Former advisor to President Donald Trump, Steve Bannon, is no longer a member of 501(c)(4) nonprofit the Rule of Law Society. The nonprofit group has been tied to wealthy Chinese exile Guo Wengui, who has been a major critic of the Chinese Communist Party. (CNBC)
  2. Pfizer (PFE), along with its partner BioNTech (BNTX), have submitted initial data for the authorization of a third Covid-19 booster dose to the U.S. Food and Drug Administration (FDA). (MarketWatch)
  3. This retail stock could be a good pre-earnings recovery play for bulls. 
  4. Why Oatly stock had options bulls' attention today. 
  5. UBS' semiconductor pick boasts a promising technical setup. 

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Oil Falls to One-Week Lows

Oil prices continued to tumble today, as rising Covid-19 cases and fears over a slowing global economy had investors fearing demand for the black gold could keep waning. Shorter-term, storms in the Atlantic also caused disruptions. September-dated crude lost $1.15, or 1.7%, to settle at $67.29, marking its lowest settlement since Monday, Aug. 9. 

Gold prices tacked on their second consecutive day of gains, getting a boost as dismal economic data, both in the U.S. and in China, weigh on bond yields and growth sentiment. December-dated gold added $11.60, or 0.7%, to settle at $1,789.80 an ounce today, marking its highest settlement since Friday, Aug. 6.

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