Stocks Bounce Back But Log Steep Weekly Losses

Wall Street's "fear gauge" logged its best week since June 19

Managing Editor
Aug 20, 2021 at 4:33 PM
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Stocks bounced back today, ending a dreary week on an upbeat note. Thanks to a resurgent tech sector, the Dow tacked on 225 points and reclaimed the 35,000 level as it snapped a three-day losing streak. The S&P 500 and Nasdaq both finished comfortably in the black as well, with the latter logging its best single-session gain since July 20. Nevertheless, all three benchmarks posed sharp weekly losses. Elsewhere, the Cboe Volatility Index (VIX) snapped a four-day win streak today, but still managed its largest weekly pop since June 18.  

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

  • Tilray wasn't the only cannabis stock with a big week.
  • How options traders are treating small-caps and meme stocks.
  • Plus, Petco stock upgraded; bull notes for retail icon; and Adobe makes a big purchase.

The Dow Jones Average (DJI - 35,120.08) added 226 points, or 0.7% for the day. Microsoft (MSFT) paced the 25 winners with a 2.6% gain, while Intel (INTC) led the laggards with a 0.8% drop. For the week, the Dow shed 1.1%.

The S&P 500 Index (SPX - 4,441.67) rose 35.9 points, or 0.8% for the day. Meanwhile, the Nasdaq Composite (IXIC - 14,714.66) gained 172.9 points, or 1.2%, for the day. For the week, the SPX shed 0.6%, while the Nasdaq lost 0.7%.

Lastly, the Cboe Volatility Index (VIX - 18.56) fell 3.1 point, or 14.4%, for the day. It gained 20.1% for the week.

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  1. One Fed President thinks the fast-spreading delta variant could change the Fed's tapering plans this fall. (MarketWatch)
  2. Concrete and cement companies could be big beneficiaries of the $1 trillion infrastructure plan. (CNBC)
  3. More analysts are loving Petco stock.
  4. It's been a big week for this retail mogul.
  5. Options traders are buzzing over Adobe's latest acquisition. 

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Oil Logs Seventh-Straight Loss on Expiration Day

Oil prices logged a seventh-straight loss today, and turned in a nearly 9% deficit for the week. The outlook for fuel demand continues to be weighed down by increased lockdown measures put in place to combat the delta variant. On its expiration day, September-dated crude futures lost $1.37, or 2.2%, to settle at $62.32 per barrel. October-dated crude futures settled down $1.36, or 2.1%, at $62.14 per barrel.

Gold gained today, but the appeal for the safe-haven asset remained dulled. December-dated gold added 90 cents, or 0.05%, to settle at $1,784 an ounce today. For the week, gold eked out a 0.3% win.

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