Nasdaq Logs Second-Straight Record High

Regulation changes in China are pushing the Nasdaq higher

Deputy Editor
Aug 24, 2021 at 4:28 PM
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Stocks turned in muted gains today, as investors continue to rally around news that U.S. regulators granted full approval for Pfizer (PFE) and BioNTech's (BNTX) coronavirus vaccine. The Dow logged a 30-point pop, while the S&P 500 closed just above breakeven for another day in the black. Elsewhere, the Nasdaq scored another record close, boosted by Chinese stocks, as Wall Street gathers more information on regulatory news coming out of the region. Specifically, per the U.S. Securities and Exchange Commission (SEC), U.S.-traded Chinese companies may soon be forced to disclose political and regulatory risks to investors.

In other news, the U.S. House approved a $3.5 trillion budget resolution and advanced a $1 trillion infrastructure bill after the market's close, forging ahead with U.S. President Joe Biden's economic plans. The movement broke a stalemate that put the Democratic party's social agenda at risk.

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

  • Palo Alto stock's record highs prompt analysts to react.
  • Why options traders are swarming this biotech name.
  • Plus, more on Camping World's dividend hike; why options traders targeted Best Buy stock; and a look at DIDI's regulation woes.

The Dow Jones Average (DJI - 35,366.26) added 30.6 points, or 0.09% for the day. Of the 30 Dow components, Dow (DOW) topped the list of winners after it tacked on 1.9%, while Johnson & Johnson (JNJ) paced the laggards with a 1.3% dip.

The S&P 500 Index (SPX - 4,486.23) rose 6.7 points, or 0.2% for the day. Meanwhile, the Nasdaq Composite (IXIC - 15,019.80) gained 77.2 points, or 0.5%, for the day.

Lastly, the Cboe Volatility Index (VIX - 17.22) rose 0.07 point, or 0.4%, for the day.

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  1. Walt Disney (DIS) struck a deal with unions representing workers at its Florida parks, paving the way for employees to show proof of Covid-19 vaccinations. (MarketWatch)
  2. President Biden is sticking to the Aug. 31 deadline he set for full U.S. troop withdrawal from Afghanistan. (CNBC)
  3. Camping World doubles its quarterly dividend. 
  4. Options traders blast Best Buy stock after earnings
  5. More regulations put pressure on DIDI.

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Oil Extends Yesterday's Gains After Mexico Outage

Oil prices extended yesterday's gains, rising today as sentiment turned bullish after Mexico suffered a production outage due to a fire on an oil platform. The fire killed five workers and took around 421,00 barrels per day of production off line. In addition, black gold is catching more tailwinds thanks to the first full approval for a Covid-19 vaccine in the U.S. In response, October-dated crude futures tacked on $1.90, or 2.9%, to settle at $67.54 per barrel.

Investors are betting against the U.S. Federal Reserve's plans to taper economic support as Covid-19 cases continue to surge, sending gold prices slightly higher once again. Bullion is now firmly above the psychological $1,800 level, with December-dated gold adding $2.20, or 0.1%, to settle at $1,808.50 an ounce today.

 

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