EARN25

Major Benchmarks Close at Record Highs as Sentiment Soars

Oil prices fell, but settled near 3-year highs

Deputy Editor
Nov 2, 2021 at 4:27 PM
facebook X logo linkedin


For a second-straight day, the major indexes all nabbed intraday highs to pair with record closes. More strong corporate earnings reports rolled in, boosting sentiment alongside the Federal Open Market Committee's (FOMC) two-day meeting, which kicked off today and could reveal plans to unwind the central bank's $120 billion monthly bond purchasing program. In response, the Dow added nearly 150 points, while the S&P 500 and Nasdaq both settled in the black as well. The Cboe Volatility Index (VIX), meanwhile, notched its lowest close since Oct. 25.

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

  • Why it's time to consider Carrier Global stock.
  • Activision Blizzard is gears up for its quarterly report.
  • Plus, options bulls target Under Armour stock; SPG's new highs; and Denny's prepares for earnings.

The Dow Jones Average (DJI - 36,052.63) added 138.8 points or 0.4% for the day. Leading the list of Dow winners, Cisco Systems (CSCO) tacked on 2.7%, while Visa (V) paced the laggards with a 1.6% drop.

The S&P 500 Index (SPX - 4,630.65) added 17 points, or 0.4% for the day, while the Nasdaq Composite (IXIC - 15,649.60) tacked on 53.7 points, or 0.3% for the day.

Lastly, the Cboe Volatility Index (VIX - 16.03) gained 0.4 point, or 2.3% for the day.

closing summary chart 1102

nyse nasdaq 1102

  1. Facebook, or Meta as the parent company is now called, plans to end its facial recognition software following a deluge of whistleblower-released documents. (CNBC)
  2. A panel from the Centers for Disease Control and Prevention (CDC) is meeting today to discuss the vaccination of children aged 5 to 11. (MarketWatch)
  3. See why call traders blasted Under Armour stock.
  4. SPG soars to new highs after earnings.
  5. This restaurant stock is moving higher ahead of earnings.

Earnings chart 1102

UVOL 1102

Oil Settles Near 3-Year Highs

Expectations of rising U.S. inventories put pressure on oil prices today, though black gold still managed to close around a three-year high. Looking ahead, the Organization of the Petroleum Exporting Countries and its allies (OPEC+) is expected to meet on Thursday to discuss production increases. December-dated crude shed 14 cents, or 0.2% to settle at $83.91 a barrel.

Gold prices tumbled today, as the U.S. Federal Reserve's key meeting helped the U.S. dollar and equities firm. The central bank is expected to provide a timeline on interest rate hikes, as inflation causes serious anxieties amongst traders. As a result, December-dated gold fell $6.40 or, 0.4%, to settle at $1,789.40.

 

You Don’t Need 25 Alerts -- You Need ONE You Can Trust!

That’s the idea behind Trade of the Week, Schaeffer’s newest trade alert.

Every Monday morning before the opening bell, you’ll receive a single, expertly researched trade recommendation -- built from the same proprietary research we’ve been using for over four decades.

It’s not just a signal.

It’s a plan designed for traders who are tired of jumping from alert to alert without ever finding their edge.

No juggling alerts. No switching directions mid-week. Just one clear, expertly researched trade idea -- delivered before the market even opens.

👉 JOIN RIGHT NOW FOR JUST $1 TO GET THE NEXT TRADE!