Dow, S&P 500 Fall from Highs as Investors Await Stimulus Input

Two explosions in Kabul killed at least 12 U.S. service members

Deputy Editor
Aug 26, 2021 at 4:29 PM
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The three major benchmarks logged their first losses of the week, as Wall Street waits for additional comments regarding stimulus from the Federal Reserve's Jackson Hole symposium. Developments in Afghanistan also captured the attention of traders, after two explosions outside of Kabul airport killed at least 12 U.S. service members. In turn, the S&P 500 and Nasdaq fell sharply from yesterday's record closes. Meanwhile, the Dow fell triple digits, snapping its four-day winning streak due to mixed economic data. Conversely, Wall Street's "fear gauge," the Cboe Volatility Index (VIX), notched its best day since Aug. 18.

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

  • Why options traders are hopping on Peloton stock.
  • This apparel stock dipped ahead of its incoming report. 
  • Plus, don't sweat BABA's latest dip; more on Lordstown Motors' C-suite shakeup; and biotech name brushes off drug controversy. 

The Dow Jones Average (DJI - 35,213.12) fell 192.4 points, or 0.5% for the day. (CRM) led the small list of Dow winners after taking on 2.7%, while Boeing (BA) fell 2.1% to pace the laggards.

The S&P 500 Index (SPX - 4,470.00) lost 26.2 points, or 0.6% for the day. Meanwhile, the Nasdaq Composite (IXIC - 14,945.81) dipped 96.1 points, or 0.6%, for the day.

Lastly, the Cboe Volatility Index (VIX - 18.84) rose 2.1 points, or 12.2% for the day.

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  1. With Delta Air Lines' (DAL) recent surcharge for unvaccinated workers, here's some other penalties those shunning the shot may soon face. (MarketWatch)
  2. There's a C-suite shakeup rearing its head at Bank of America (BAC), where two top executives are planning to depart by the end of the year. (CNBC)
  3. Why you shouldn't sweat Alibaba stock's latest pullback.
  4. Lordstown Motors stock popped after a CEO change.
  5. Drug controversy fails to put pressure on biotech name.

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Oil Snaps Win Streak as Virus Woes Mount

Oil prices snapped a three-day winning streak today, as investors weighed demand for the commodity as the U.S. driving summer season nears its end, and delta variant fears continue to haunt investors. As a result, October-dated crude shed 94 cents, or 1.4%, to settle at $67.42 per barrel.

Gold prices, on the other hand, logged a win. The yellow metal hit an intraday high above the psychologically relevant $1,800 level, after comments at the annual Jackson Hole symposium suggested that the central bank's tapering process may be completed by early 2022. December-dated gold added $4.20, or 0.2%, to settle at $1,795.20 an ounce.


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