S&P 500 Snaps Winning Streak as Investors Take Profits

Oil prices posted their third-straight daily rise

Assistant Editor
Nov 9, 2021 at 4:26 PM
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Investors moved to take profits, as they look ahead to key inflation data following a record-setting bull run for the major benchmarks. October producer price index (PPI) data is also under the microscope, where year-over-year wholesale prices surged 8.6%. The S&P 500 snapped its eight-day win streak, its longest run since April 2019. Meanwhile, the Dow shed over 100 points, and the tech-heavy Nasdaq also logged a notable loss, dragged down by Tesla (TSLA), which fell over 10%.

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

  • Hostess stock just pulled back to a bullish trendline.
  • FuboTV is gearing up for it's latest earnings report.
  • Plus, blue chip energy name announces spinoff; Robinhood's security woes; and CNK nabs an upgrade.

The Dow Jones Average (DJI - 36,319.98) fell 112.2 points or 0.3% for the day. The Dow's best performing component today was Nike (NKE), which added 1.2%, while Visa (V) rounded out the bottom with a 3.2% drop.

The S&P 500 Index (SPX - 4,685.25) shed 16.5 points, or 0.4% for the day, while the Nasdaq Composite (IXIC - 15,886.54) dropped 95.8 points, or 0.6% for the day.

Lastly, the CBOE Market Volatility Index (VIX - 17.78) added 1 point, or 3.3% for the day.

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  1. Following the passage of the massive infrastructure bill, and amid a host of supply-chain issues, U.S. President Joe Biden is rolling out plans to address clogged ports. (CNBC)
  2. Biden's special assistant for technology and competition policy Tim Wu said the fight against monopoly power is just getting started. (MarketWatch
  3. Spinoff buzz boosts blue chip energy darling.
  4. Online trading stock falls after a data security breach.
  5. Why 1 analyst loves Cinemark stock

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Oil Prices Rise to Highest Level in 2 Weeks

Oil prices rose for a third-straight session, as travel bans were lifted in the U.S. and global post-pandemic recovery hopes were boosted. In turn, the demand for black gold was strengthened, while supplies remain restrained. In response, December-dated crude added $2.22, or 2.7% to settle at $84.15 a barrel  -- its highest mark in two weeks.

Meanwhile, gold prices eked out another gain. Looking ahead, investors are awaiting U.S. inflation data, which will further impact bullions appeal. December-dated gold added $2.80 or, 0.2%, to settle at $1,830.80 on the day.

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