The Dow notched its fourth-straight daily win
The three major indexes turned in big wins today, with the S&P 500 crossing the 4,500 level for the first time ever before settling just below it. Bank and reopening stocks soared as the 10-year Treasury yield hit its highest level since earlier this month, boosting the likes of JPMorgan (JPM) and Wells Fargo (WFC). The S&P 500 and Nasdaq also locked in their fifth-straight day of gains and fresh record closes, while the Dow logged a 39-point pop, as well as its fourth-straight session in the black. Investors are now looking ahead to the Jackson Hole symposium, which kicks off tomorrow and could give Wall Street clues as to the central bank's next move.
Continue reading for more on today's market, including:
- Pure Storage stock looks to extend win streak ahead of earnings.
- Why analysts blasted Urban Outfitters stock with bull notes.
- Plus, speculating on one hot commodity; options bulls look to JNJ; and unpacking Nordstrom stock's pullback.
The Dow Jones Average (DJI - 35,405.50) added 39.2 points, or 0.1% for the day. Of the 30 Dow components, American Express (AXP) topped the list of winners after it tacked on 3.1%, while Amgen (AMGN) paced the laggards with a 1.2% dip.
The S&P 500 Index (SPX - 4,496.19) rose 10 points, or 0.2% for the day. Meanwhile, the Nasdaq Composite (IXIC - 15,041.83) gained 22.1 points, or 0.2%, for the day.
Lastly, the Cboe Volatility Index (VIX - 16.79) fell 0.4 point, or 2.5% for the day.
- Now that House Democrats have moved forward with U.S. President Joe Biden's economic plans, a tricky path lies ahead to pass $4 trillion in new spending. (CNBC)
- August has quickly turned into a red-hot month for meme stocks, with names like GameStop (GME) and AMC Entertainment (AMC) once again taking center stage. (MarketWatch)
- What to expect from the oil market after speculators jump ship.
- Options bulls reacted to Johnson & Johnson's Covid-19 vaccine news.
- A post-earnings pullback had Call traders jumping on Nordstrom stock.
Oil Prices Locks 3rd Straight Win on Lower U.S. Supply
Oil prices finished higher for a third consecutive session, marking their best winning streak this month as U.S. crude supplies fell once again. More specifically, the Energy Information Administration reported (EIA) posted a 3-million barrel decline for last week. October-dated crude futures tacked on 82 cents, or 1.2%, to settle at $68.36 per barrel.
Meanwhile, gold fell back below the psychological $1,800 level, sliding as the U.S. dollar strengthened. In addition, the possibility of stimulus tapering continues to weigh on Wall Street, with answers hopefully on the horizon as the annual Jackson Hole symposium lies ahead. December-dated gold shed $17.50, or 1%, to settle at $1,791 an ounce.