The S&P 500 logged its first loss in nine sessions
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.
- 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)
- Biden's special assistant for technology and competition policy Tim Wu said the fight against monopoly power is just getting started. (MarketWatch)
- Spinoff buzz boosts blue chip energy darling.
- Online trading stock falls after a data security breach.
- Why 1 analyst loves Cinemark stock.
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.