Benchmarks Log Modest Wins as Wall Street Cools Off

A fresh batch of employment data kept investors busy today

Digital Content Manager
Dec 8, 2021 at 4:28 PM
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Stocks were muted on Wednesday, though the Dow managed to reverse earlier losses to notch a 35-point gain. The S&P 500 and tech-heavy Nasdaq also took a breather from their rallies, but still walked away with modest wins, after positive data from Pfizer (PFE) and BioNTech (BNTX) revealed three doses of their Covid-19 vaccine offered protection against the omicron strain.

Also in focus today was the Job Openings and Labor Turnover Survey (JOLTS), which showed 4.7% fewer workers left their jobs due to dissatisfaction or better opportunities elsewhere in October. Meanwhile, job openings levels jumped 4.1% to come just shy of record highs.

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

  • Why options bulls blasted this streaming device name.
  • Tilray is tightening its grip on the U.S. cannabis market.
  • Plus, what's pressuring Campbell Soup stock; options bears eye THO; and building name nabs record high.

The Dow Jones Average (DJI - 35,754.75) added 35.3 points, or 0.1% for the day. Apple (AAPL) led the gainers, adding 2.3%, while Cisco Systems (CSCO) paced the laggards with a 1.8% fall.

The S&P 500 Index (SPX - 4,701.21) rose 14.5 points, or 0.3% for the day. Meanwhile, the Nasdaq Composite (IXIC - 15,786.99) jumped 100.1, or 0.6% for the day.

Lastly, the CBOE Volatility Index (VIX - 19.90) fell 2 points, or 9.1% for the day.

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  1. Coinbase Global (COIN) customers are demanding refunds, noting a technical issue that led the company to freeze accounts for weeks, potentially locking in large losses. (CNBC)
  2. Secretary of Transportation Pete Buttigieg clapped back at Tesla (TSLA) CEO Elon Musk's criticism of President Biden's proposed electric vehicle tax credit of up to $12,500. (Marketwatch)
  3. Campbell Soup stock posted a quarterly win amid inflation pressures.
  4. Options bears blasted Thor Industries stock despite record sales.
  5. Earnings beat pushed one building name to fresh record highs.

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Oil Prices Notch 2-Week High as Investors Reassess Selloff

Oil prices settled higher on Wednesday to notch a two-week high, despite the Energy Information Administration (EIA) reporting a smaller-than-anticipated drop in U.S. crude supplies, while gasoline and distillate stockpile increases came in above expectations. This has some thinking the omicron-driven selloff in energy markets was exaggerated. For the day, January-dated crude jumped 31 cents, or 0.4%, to finish at $72.36 per barrel.

Meanwhile, gold prices touched their highest level in over a week, but ultimately walked away with more modest gains. The precious metal has struggled to move decisively into either direction of late, with the $1,780 level acting as an anchor. As a result, February-dated gold added 80 cents, or just under 0.1%, to close at $1,785.50 per ounce.

 

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