Goldman Sachs and Morgan Stanley have both chimed in with negative notes
The Dow finished the day 269 points lower, while the S&P 500 landed more modestly in the red. The Nasdaq, however, came back from its earlier losses to nab yet another record close. Delta variant Covid-19 concerns weighed on the indexes to start the holiday week, as Goldman Sachs lowered its GDP forecast over the weekend, and today Morgan Stanley downgraded U.S. equities -- both factoring in the phasing out of economic stimulus. In other news, Bitcoin (BTC) took a tumble in today's session, dropping as much 16% by midday, after the currency was set to be adopted as legal tender in El Salvador.
Continue reading for more on today's market, including:
- Analyst upgrades semiconductor stock on FAANG tailwinds.
- Which stocks fall into the category of "bitcoin-adjacent."
- Plus, analyst sings SPOT's praises; BA's deal falls through; and behind MTCH's surge.
The Dow Jones Average (DJI - 35,100.00) fell 269.1 points, or 0.8%. Walt Disney (DIS) led the Dow winners today with a 1.8% gain, while 3M (MMM) landed at the bottom of the list with a 4.5% loss.
The S&P 500 Index (SPX- 4,520.03) lost 15.4 points, or 0.3%, while the Nasdaq Composite (IXIC - 15,374.33) added 10.8 points, or 0.07%.
Lastly, the Cboe Volatility Index (VIX - 18.14) jumped 1.7 points, or 10.5%.
- According to Dr. Anthony Fauci, boosters of the Pfizer-BioNtech Covid-19 vaccine will likely be ready this month. (MarketWatch)
- The Biden administration proposed a stopgap measure to help avoid a government shutdown, as Congress continues to make a decision over the $1 trillion infrastructure bill and $3.5 trillion reconciliation package. (CNBC)
- Analyst says Spotify's user growth seems back on track.
- Boeing stock pulls back to its 2021 breakeven level.
- Online dating name jumps on news of S&P 500 inclusion.
There were no earnings of note today.
Gold Suffers Steepest Drop in a Month
Oil futures fell today, despite U.S. production still being diminished on the heels of Hurricane Ida. October-dated crude fell 94 cents, or 1.4%, to settle at $68.35 a barrel.
Gold prices marked their most rapid decline for a front-month contact since Aug. 9, after last week's 0.8% gain. December-dated gold dropped $35.20, or 1.9%, to settle at $1,798.50 an ounce.