Major Indexes Close Mixed to Start Labor Day Week

The Nasdaq nabbed a fresh record high

Deputy Editor
Sep 7, 2021 at 4:31 PM
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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%.

closing indexes sept 7

nyse nasdaq sept 7

  1. According to Dr. Anthony Fauci, boosters of the Pfizer-BioNtech Covid-19 vaccine will likely be ready this month. (MarketWatch)
  2. 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)
  3. Analyst says Spotify's user growth seems back on track. 
  4. Boeing stock pulls back to its 2021 breakeven level. 
  5. Online dating name jumps on news of S&P 500 inclusion.

There were no earnings of note today.

uvol sept 7

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. 

 

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