S&P 500, Nasdaq Score New Record Closes as Tech Stocks Pop

Investors monitored the impacts of Hurricane Ida

Deputy Editor
Aug 30, 2021 at 4:29 PM
facebook twitter linkedin


The S&P 500 and Nasdaq started out the week on the right foot, each surging to new intraday highs and record closes thanks to a pop in key technology shares. Meanwhile, the Dow traded sideways for most of the session, ultimately finishing 56 points lower as investors monitored the impact of Hurricane Ida in Louisiana. Wall Street is also keeping an eye inflation after last week's Jackson Hole symposium, where Federal Reserve Chairman Jerome Powell signaled bond tapering could start before 2022.

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

  • Moderna stock dips after vaccine suspension in Japan.
  • Aterian announces new shareholder benefits program.
  • Plus, Wells Fargo's new favorite denim maker; finance stock eyes best day ever; and why options traders love this penny stock.

The Dow Jones Average (DJI - 35,399.84) lost 56 points, or 0.2% for the day. Of the 30 Dow components, Apple (AAPL) led the charge, rising 3%. On the other end, American Express (AXP) paced the laggards, losing 2.6%.

The S&P 500 Index (SPX - 4,528.79) gained 19.4 points, or 0.4% for the day. Meanwhile, the Nasdaq Composite (IXIC - 15,265.89) added 136.4 points, or 0.9% for the day.

Lastly, the Cboe Volatility Index (VIX - 16.19) shed 0.2 point, or 1.2% for the day.

closing summary 0830

nyse nasdaq 0830

  1. As Covid-19 cases rise, the World Health Organization (WHO) and Dr. Anthony Fauci warned of a spike in deaths in Europe and the U.S. by Dec. 1. (MarketWatch)
  2. Following its decision to allow crypto trading in the United Kingdom, PayPal (PYPL) is considering creating a stock-trading platform  or U.S. customers. (CNBC)
  3. Wells Fargo initiates coverage on denim specialist.
  4. Affirm stock looks to lock in its best on record.
  5. Why options traders targeted this penny stock.

Earnings 0830

UVOL0830

Oil Moves Higher as Hurricane Ida Weakens 

Oil prices rose to kick off the week, clinging to earlier gains as Hurricane Ida weakened. The storm forced production shutdowns in the Gulf of Mexico, while the Organization of the Petroleum Exporting Countries and its allies (OPEC+) mulled over potential output increases. In response, October-dated crude tacked on 47 cents, or 0.7%, to settle at $69.21 per barrel.

Gold prices cooled off, on the other hand, though the safe-haven commodity was still able to hold out above the psychologically relevant $1,800 level. Pressuring the precious metal was a strengthening U.S. dollar strengthened. In turn, December-dated gold shed $7.30, or 0.4%, to settle at $1,812.20 an ounce.

 

If you are not making money with options, you aren’t buying options like this…

There is no options strategy that more perfectly approaches trading the fastest moving and most volatile stocks available in the marketplace than this one. In fact, there is no strategy that better utilizes put options for optimal returns and a real trading edge over other traders in the exact same market. New options traders fail out at an incredible rate without proper trade research, execution timing, and option picking. Capitalize on Schaeffer’s 100+ years of options trading excellence with the most coveted product launch in company history. Don't waste another second... join us right now before the next round of trades are released!

SCHAEFFER'S JULY STOCKS REPORT AD
 


 


 
Special Offers from Schaeffer's Trading Partners