The stock market built on last week's momentum today
Wall Street bounced today, with win streaks abound. Investors are cautiously optimistic ahead of tomorrow's inflation data, and are betting on the Federal Reserve skipping an interest rate hike at the conclusion of its monetary policy meeting Wednesday.
The S&P 500 and Nasdaq closed at a more than 13-month highs for their third straight wins, while the Dow secured its fifth-straight daily pop. Despite today's gains, the Cboe Volatility Index (VIX) rallied from last week's lows, clocking its best single-session gain in nearly three weeks.
Continue reading for more on today's market, including:
5 Things to Know Today
- Complications are again arising in Microsoft's (MSFT) acquisition of Activision Blizzard (ATVI), after the Federal Trade Commission moved to file an injunction to block the deal. (CNBC)
- The U.S. budget deficit quadrupled last month, moving up to $240 billion amid higher government spending and lower tax collections. (MarketWatch)
- Cruise stock boosted by bull note.
- Software stock scores pre-earnings peak.
- The improved market outlook might be premature.
There were no earnings of note today.
Oil Settles Near 2-Month low
Disappointing economic figures in China and pending stateside central bank decisions weighed on crude futures today. July-dated crude lost $3.05, or 44%, to close at $67.12 per barrel for the day -- its lowest level since March 17.
Gold prices moved slightly lower, as investors awaited tomorrow's inflation report and Wednesday's interest rate decision. August-dated gold lost $7.50, or 0.4%, to close at $1,969.70 an ounce today.