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
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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.

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  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.

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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.

 

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