All three major indexes fell today
After a volatile day of trading, stocks pulled back from their midday gains to finish firmly in the red. Both the Dow and S&P 500 secured their sixth day of losses in the last seven sessions, while the Nasdaq marked its seventh-consecutive loss as tech slipped, marking its longest losing streak since 2016. Rising bond yields also weighed heavy.
In today's economic data, the ISM services purchasing managers' index (PMI) came in at a stronger-than-expected 56.9% in August, showing the services sector expanded at a faster rate than expected. However, the U.S. Services PMI Business Activity Index fell to 43.7 in August -- its lowest level since May 2020.
Continue reading for more on today's market, including:
The Dow Jones Average (DJI - 31,145.30) dropped 173.1 points, or 0.6% for the day. Visa (V) was the top performer with a 0.4% rise, while 3M (MMM) landed at the bottom of the list with a 4.2% drop.
The S&P 500 Index (SPX - 3,908.19) shed 16.1 points, or 0.4% for the day, while the Nasdaq Composite (IXIC -11,544.91) lost 86 points, or 0.7%.
Lastly, the Cboe Volatility Index (VIX - 26.91) added 0.9 point, or 3.5% for today's session.
5 Things to Know Today
- Juul Labs agreed to pay over $438 million in a settlement with 34 states and territories after a joint investigation. (Marketwatch)
- Google announced that it will debut new smartphones as well as its first-ever smartwatch, the Pixel, a month from today. (CNBC)
- Oil drilling stock receives analyst upgrade.
- Analyst sees 30% upside for battered Budweiser parent.
- Energy stock for call traders to watch.
There were no earnings of note today.
Oil Prices Inch Higher After OPEC+ Decision
Oil prices finished nearly flat today, one day after the Organization of the Petroleum Exporting Countries and allies (OPEC+) surprised investors by agreeing on a small production cut of 100,000 barrels per day in October. October-dated crude added 1 cent to settle at $86.88 a barrel.
Gold prices finished lower today, with analysts pointing to global recession fears as well as lockdowns in China. December-dated gold dropped $9.70, or 0.6%, to settle at $1,712.90 per ounce.