Energy stocks surged today
The Dow is still showing no sign of slowing down, after closing up 183 points today to log an 11th-straight win -- its longest such streak since February 2017. Both the S&P 500 and Nasdaq scored solid gains of their own, as energy stocks such as Chevron (CVX) rallied. Traders also unpacked better-than-expected manufacturing data for July, though levels remain in contraction territory, while services data missed expectations.
Continue reading for more on today's market, including:
- Don't sweat this cosmetics stock's pullback.
- Preliminary Q2 results bolster Chevron stock.
- Plus, e-commerce name seeing bull notes; unpacking Domino's earnings; and why bulls aren't going anywhere.
5 Things to Know Today
- Internal Revenue Service (IRS) officers will no longer make unannounced visits to homes or businesses to collect unpaid balances amid safety concerns. (CNBC)
- Warner Bros.' (WBD) "Barbie” saw $155 million in North American ticket sales, while Comcast’s (CMSA) “Oppenheimer” attracted $80.5 million. (MarketWatch)
- Analyst: E-commerce stock is near inflection point.
- How Domino's Pizza stock brushed off a revenue miss.
- Bulls won't be shaken until technical backdrop weakens.
Oil Jumps on Market Deficit Expectations
Oil prices started the week off strong, closing at a three-month high amid expectations the market will see a deficit before the end of 2023. September-dated oil rose $1.67, or 2.2%, to settle at $78.74 per barrel.
A stronger U.S. dollar pressured gold to its lowest close since July 17, as Wall Street eyed this week's Federal Reserve meeting. August-dated gold fell $4.40, or 0.2%, to settle at $1,962.20 an ounce.