The S&P 500 and Nasdaq also finished in the red
The Dow logged its third straight day of losses, falling 68 points while Wall Street considered the economic growth outlook amid a time of increased volatility. Meanwhile, the S&P 500 and Nasdaq both landed in the red as well, a session removed from a record high for the latter. Also at the forefront of investors' minds is the Federal Reserve's "Beige Book," which saw the central bank report that overall growth "downshifted slightly to a moderate pace."
Continue reading for more on today's market, including:
- The SEC delivered a Wells note to this crypto darling.
- This bank stock could still charge higher.
- Plus, an oil stock ready for a short squeeze; TSLA near highs after sales data; and PayPal's massive acquisition.
The Dow Jones Average (DJI - 35,031.07) fell 68.9 points, or 0.2%. Of the 30 Dow components, Coca-Cola (KO) led the winners after adding 1.3%. Meanwhile, Dow (DOW) paced the laggards with a 1.9% dip.
The S&P 500 Index (SPX- 4,514.07) lost 6 points, or 0.1%, while the Nasdaq Composite (IXIC - 15,286.64) shed 87.7 points, or 0.6%.
Lastly, the Cboe Volatility Index (VIX - 17.96) dipped 0.2 point, or 1%.
- For the first time since the start of the pandemic, the number of children and teens suffering from Covid-19 has exceeded 250,000. (MarketWatch)
- U.S. Treasury Secretary Janet Yellen urged House Speaker Nancy Pelosi to raise or suspend the debt ceiling. (CNBC)
- An overlooked oil stock primed for a short squeeze.
- Tesla stock trades near all-time high amid upbeat sales data.
- PayPal just announced a $2.7 billion acquisition in Japan.
There were no earnings of note today.
Oil Prices Rise as Gulf Producers Recover From Ida
Oil prices nabbed a win today, as U.S. Gulf of Mexico producers worked towards increased output after Hurricane Ida. However, a lid was kept on gains as the dollar moved higher and concerns mounted over the impact of Covid-19 infections. October-dated crude rose 95 cents, or 1.4%, to settle at $69.30 a barrel.
The strengthening dollar put pressure on gold prices today, as did rising U.S. Treasury yields. In response, gold dipped to a two-week low. December-dated gold dropped $5.00, or 0.3%, to settle at $1,793.50 an ounce.