Debt Ceiling Agreement Helps Benchmarks Win 3 Straight

Investor attention is now shifting to tomorrow's jobs report

Digital Content Manager
Oct 7, 2021 at 4:29 PM
facebook twitter linkedin


The Dow added 338 points on Thursday, after Senate Majority Leader Chuck Schumer said Congress has agreed on a short-term increase to the U.S. debt ceiling, which could prevent the U.S. from defaulting until December. Better-than-expected jobless claims data for the week also boosted sentiment, with reopening and tech stocks leading the charge.

All three benchmarks scored their third-straight win; the Nasdaq notched a triple-digit gain -- its largest since Aug. 23 -- while the S&P 500 also settled firmly in the black. Investors are now turning to tomorrow's long-awaited jobs report, which could influence the Federal Reserve's timeline for tapering stimulus.

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

  • Twitter stock got a boost from a billion-dollar sale. 
  • This tech stock slipped after a C-suite shakeup.
  • Plus, behind this pot stock's revenue miss; where Fastenal stock stands ahead of earnings; and Affirm stock pops on new partnership.

The Dow Jones Average (DJI - 34,754.94) gained 338 points, or 0.9%. UnitedHealth (UNH) paced the gainers with a 2.7% pop, while Amgen (AMGN) fell to the bottom, shedding 3.3%.

The S&P 500 Index (SPX - 4,399.76) tacked on 36.2 points, or 0.8%, for the day, and the Nasdaq Composite (IXIC - 14,654.02) jumped 152.1 points, or 1.1% for the day.

Lastly, the Cboe Volatility Index (VIX - 19.54) lost 1.5 points, or 7%.

indexesoct7

NYSEoct7

  1. The global tax deal is closer to becoming reality, after Ireland agreed to join G-7 and G-20 nations in imposing a minimum corporate rate of 15% on multinationals.(CNBC
  2. General Motors (GM) promised to double revenue over a "decade of growth" during its two-day investor event, noting it will focus on electric vehicles and autonomous driving. (MarketWatch)
  3. This cannabis stock took a hit after reporting a quarterly revenue miss.
  4. Checking in with Fastenal stock ahead of its upcoming earnings report. 
  5. Affirm stock popped on a partnership with Target (TGT) ahead of the holidays.

Earnings 1007

UVOLoct7

Upbeat Jobless Data Pressures Gold Prices

Oil prices finished higher on Thursday, erasing earlier losses after Bloomberg News reported the U.S. Energy Department said it has no plans to tap the nation's Strategic Petroleum Reserve. A deal to increase the U.S. debt limit also boosted the commodity.  November-dated crude rose 87 cents, or 1.1%, to settle at $78.30 a barrel in response.

Meanwhile, gold prices were lower, as better-than-expected jobless claims data weighed on the yellow metal. A pop in the 10-year U.S. Treasury yield pressured prices lower as well. In turn, December-dated gold fell $2.60 cents or 0.1%, to settle at $1,759.20 an ounce for the day.

 

Stop leaving money on the table with the same old broken options trading approach...

There is no options strategy that more perfectly capitalizes during earnings season better than this simple call and put buying strategy. Perfect for aggressive traders looking to recover their suffering portfolios so far in 2022. With the simplest possible options strategy, Schaeffer's team with 100+ years of options trading excellence, target 200% gains on every single trade. So many trades are being beaten down by the market, but don't be one of them! Don't waste another second... join us right now before the next trade is released! 

 
Schaeffer's Daily Bulletin Offer
 


 


 
Special Offers from Schaeffer's Trading Partners