The Dow added 90 points on Wednesday
The major indexes were mixed on Wednesday, with investors rushing to buy the dip in tech stocks, as the 10-year U.S. Treasury yield took a breather from yesterday's surge. The Dow added 90 points, despite surging to triple digits at its session highs. The S&P 500 also notched a win, while the tech-heavy Nasdaq posted a modest loss, despite Apple (AAPL) and Netflix (NFLX) charging higher.
In other news, U.S. Federal Reserve Chairman Jerome Powell told the European Central Bank (ECB) on Wednesday that bottlenecks and supply issues were "frustrating," and that they may last into 2022, causing inflation to hold up for longer than previously estimated. Elsewhere, Treasury Secretary Janet Yellen said Congress has until Oct. 18 to raise or suspend the U.S. debt ceiling, as Senate Majority Leader Chuck Schumer attempts to make lawmakers vote today on a bill that would fund the government into December.
Continue reading for more on today's market, including:
- Options bears cracked into this egg producer after earnings.
- United Microelectronics stock could soon nab a fresh record high.
- Plus, Netflix stock delves into video game market; keep tabs on this electric vehicle stock; AbbVie's migraine drug gets approved.
The Dow Jones Average (DJI - 34,390.72) added 90.7 points, or 0.3% for the day. Boeing (BA) paced the gainers with a 3.2% pop, while Caterpillar (CAT) fell to the bottom, shedding 1.3%.
The S&P 500 Index (SPX - 4,359.46) rose 6.8 points, or 0.2% for the day. Meanwhile, the Nasdaq Composite (IXIC - 14,512.44) shaved 34.2 points, or 0.2% for the day.
Lastly, the Cboe Volatility Index (VIX - 22.56) fell 0.7 point, or 3% for the day.
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A Centers for Disease Control and Prevention (CDC) study found the
side effects of Pfizer's (PFE) Covid-19 booster shot are similar to those suffered after a second dose. (M
arketWatch)
- Tech name Evolent Health (EVH) surged after Bloomberg reported that blue-chip Walgreens Boots Alliance (WBA) is thinking about buying the company. (CNBC)
- Call traders blasted Neflix stock after it tapped into the video game market.
- Senior Market Strategist Matthew Timpane hones in on this electric vehicle ETF.
- AbbVie stock inched higher after its migraine prevention drug got the green light.
Stronger U.S. Dollar Pressuring Gold, Oil Prices Lower
Oil prices were lower on Wednesday, after weekly U.S. crude inventories rose for the first time in two months. Also pressuring the commodity was a stronger U.S. dollar, as the ICE U.S. Dollar Index surged highest levels in roughly one year. In response, November-dated crude shed 46 cents, or 0.6%, to settle at $74.83 a barrel.
Strength in the U.S. dollar also weighed on gold prices, which settled at their lowed level in roughly six months. Some on Wall Street expect the yellow metal to drop even ahead of the core personal consumption expenditures price index, which is due out Friday. For the day, December-dated gold fell $14.60, or 0.8%, to settle at $1,722.90 an ounce.