The Dow erased most of today's gains as well
Stocks trimmed their gains on Monday afternoon, as a revenue warning from NVIDIA (NVDA) dragged tech stocks lower. Both the S&P 500 and Nasdaq settled comfortably in the red, while the Dow erased most of its triple-digit gains to finish just above breakeven. The renewable energy sector enjoyed tailwinds from a $430 billion climate change bill that is headed for the U.S. House of Representatives, while the New York Federal Reserve's survey for July showed a massive drop in inflation expectations.
Continue reading for more on today's market, including:
- Dismal revenue outlook weighed on this tech name.
- Options bears blasted NVDA after today's update.
- Plus, a word of caution to long equity investors; analysts turn bullish on solar stock; unpacking Emerson Electric's $3 billion sale.
The Dow Jones Average (DJI - 32,832.54) added 29.1 points, or 0.09% for the day. Walt Disney (DIS) led the gainers, adding 2.3%. JPMorgan Chase (JPM) paced the laggards, falling 1.2%.
The S&P 500 Index (SPX - 4,140.06) dipped 5.1 points, or 0.1% for the day. Meanwhile, the Nasdaq Composite (IXIC - 12,644.46) fell 13.1 points, or 0.1% for the session.
Lastly, the Cboe Market Volatility Index (VIX - 21.29) rose 0.1 point, or 0.7% for the day.
5 Things to Know Today
- Meme traders were back at it on Monday, pushing Bed Bath & Beyond (BBBY) and AMC Entertainment (AMC) substantially higher, despite no clear catalysts. (CNBC)
- The Inflation Reduction Act could keep the U.S. "within striking distance" of halving emissions by 2030, says CEO of the World Resources Institute. (MarketWatch)
- Chart resistance may be a sobering reality for long equity investors.
- Analysts upgraded this solar stock after the climate change bill update.
- Why this $3 billion sale boosted Emerson Electric stock.
Gold Prices Reconquer $1,800 as U.S. Dollar Cools
Oil prices were higher on Monday, as black gold worked to further distanced itself from its recent six-month lows. Traders were weighing demand for the commodity, following the July's New York Fed survey. September-dated crude added $1.75, or 2%, to settle at $90.76 per barrel for the day.
Gold prices settled higher as well, and reconquered the psychologically significant $1,800 level. A weaker U.S. dollar and cooling Treasury yields boosted the precious metal. In response, December-dated gold rose $14, or 0.8%, to close at $1,805.20 an ounce.