S&P 500 Logs Longest Win Streak Since March

Oil managed to eke out a win this afternoon

Managing Editor
Jul 7, 2022 at 4:26 PM
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The S&P 500 managed to log its first four-day win streak since March, while the blue-chip index and tech-heavy Nasdaq registered notable gains of their own. Today's wins were driven by the outperforming energy and semiconductor sectors, as well as higher-than-expected weekly jobs data. Chip stocks also led the charge, as Samsung reported a profit surge of more than 11% in South Korea. 

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

The Dow Jones Average (DJI -  31,384.55) added 346.9 points, or 1.1% for the day. Caterpillar (CAT) led the gainers, adding 4.6%. Coca-Cola (KO) paced the laggards with a 0.9% fall.

The S&P 500 Index (SPX - 3,902.62) gained 57.5 points, or 1.5% for the day. Meanwhile, the  Nasdaq Composite (IXIC - 11,621.35) rose 259.5 points, or 2.3% for the session.

Lastly, the Cboe Market Volatility Index (VIX - 26.08) shed 0.7 point, or 2.4% for the day.

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5 Things to Know Today

  1. U.K. Prime Minister Boris Johnson will be stepping down, following a slew of conservative party resignations that came in protest of the leader's controversial three-year reign. Johnson will remain Prime Minister until a new one is appointed. (CNBC)
  2. WBNA star Brittney Griner, who is detained in Russia due to alleged possession of cannabis oil in vape cartridges, pleaded guilty but denied intent to the Moscow judge in charge of her case. (Bloomberg)
  3. Analysts turned cold on this bear stock.
  4. Take a quick look at what's scheduled for the earnings docket next week.
  5. This retail stock enjoyed gains from its stock split announcement.

There are no earnings reports of note today.

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Crude Shifts Higher After Multi-Day Drop

Oil futures managed to bounce from a multi-day drop, after data showed a large increase in domestic crude inventories. A more than 14% surge in natural gas also contributed to the day's gains. August-dated crude tacked on $4.20, or 4.3%, to settle at $102.73 per barrel.

Gold futures snapped a seven-day losing streak on Thursday, which had exhibited the commodity's worst consecutive daily loss in three years. Providing support was a stable U.S. dollar. August-dated gold added $3.20, or 0.2%, to close at $1,739.70 an ounce.


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