Dow, S&P 500 Nab Weekly Gains as VIX Cools Off

China's crackdown of cryptocurrencies weighed on Bitcoin today

Digital Content Manager
Sep 24, 2021 at 4:31 PM
facebook twitter linkedin


It was a quiet finish to a volatile week on Wall Street, with the Dow nabbing a 33-point pop on Friday. Both the blue-chip index and S&P 500 eked out weekly wins, as the latter settled into black territory. Meanwhile, the tech-heavy Nasdaq logged losses for the day and week, following China's latest crackdown of digital currencies. Bitcoin (BTC) fell more than 5% today, while tech and crypto-related stocks such as Coinbase (COIN) also plummeted. Elsewhere, Wall Street's "fear gauge," the Cboe Volatility Index (VIX), logged its fourth-straight loss for its lowest close since Sept. 3. 

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

  • Senior Market Strategist Matthew Timpane is eyeing this EV stock.
  • Can a post-earnings pop light a fire under this cannabis name?
  • Plus, more pot stocks making headlines; options traders blast Costco stock post-earnings; and what pushed CAKE higher.

The Dow Jones Average (DJI - 34,798.00) added 33.2 points, or 0.1% for the day, and 0.6% for the week. Salesforce.com (CRM) paced the gainers with a 2.8% pop, while Nike (NKE) fell to the bottom, shedding 6.3%.

The S&P 500 Index (SPX - 4,455.48) rose 6.5 points, 0.2% for the day, and 0.5% for the week. Meanwhile, the Nasdaq Composite (IXIC - 15,047.70) fell 4.5 points for the day, and 0.02% for the week.

Lastly, the Cboe Volatility Index (VIX - 17.75) fell 0.9 point, or 4.7% for the day, and 14.7% for the week.

indexessept24

nysesept24

  1. Cleveland Federal Reserve President Loretta Mester said the "high cost and scarcity of daycare" is contributing to the labor shortage by keeping people from returning to work. (MarketWatch
  2. Nike (NKE) and other retailers are warning that more inflation may hit consumers, with rising shipping costs and supply chain bottlenecks expected to persist through the holiday season. (CNBC)
  3. These 7 pot stocks lit up the news cycle over the past week.
  4. Options traders blasted Costco stock after its an earnings beat.
  5. Analyst praise helped Cheesecake Factory stock charge higher. 

earningssept24

UVOLsept24

Oil Pops as U.S. Crude Supplies Hit Lowest Level Since 2018

Oil prices nabbed their fourth consecutive daily win on Friday, while also notching a 2.8% rise for the week and a fifth-straight weekly gain. Low U.S. crude supplies boosted prices to a nearly three-year high, as inventories hit their lowest level since 2018. November-dated crude added 68 cents, or 0.9%, to settle at $73.98 a barrel for the day.

Meanwhile, gold prices bounced back from yesterday's trough to finish slightly higher, though for the week the precious metal remained flat. News that U.S. investors of China Evergrande Group have not yet received interest payments helped the safe-haven asset. In response, December-dated gold rose $1.90, or 0.1%, to settle at $1,751.70 an ounce.

Trader: Sell These 8 Stocks in 2021

1633101108

 




 
Special Offers from Schaeffer's Trading Partners