Markets Enjoy Rare Win as August Winds Down

Gold managed to snag a daily win

Managing Editor
Aug 28, 2023 at 4:25 PM
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Stocks enjoyed comfortable wins today thanks to a rebounding tech sector, though it wasn't nearly enough to make a dent in the dismal August performance that has overshadowed any intermittent gains. As we approach the final days of Summer, the Dow is eyeing its worst monthly performance since May, while both the Nasdaq and S&P 500 pace toward their steepest monthly losses since December.

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

  • Rideshare app could reach fresh 2023 highs.
  • Options traders circle former piece of JNJ.
  • Plus, chip stock's billion-dollar boost; 2 China stocks surging; and safer ways to trade in September.

Closing Indexes Summary Aug 28

NYSE and Nasdaq Stats Aug 28

5 Things to Know Today

  1. Despite refusing to share a number, Goldman Sachs (GS) pawned off its personal finance unit to peer Creative Planning. This business was one of several the company is offloading to readjust focus toward wealthy clients. (CNBC)
  2. Tropical storm Idalia is moving in on Florida, with potential to hit land as a hurricane. President Biden has given the green light to the state's Gov. Ron DeSantis to declare an emergency and allow aid when and if needed. (MarketWatch)
  3. Billion-dollar settlement boosts chip stock.
  4. New stimulus measures send China stocks higher.
  5. Comforts to keep in mind when trading after a wild August.

There were no earnings of note today.

Unusual Options Activity Aug 28

Gold, Oil Enjoy Daily Wins

Oil inched higher as investors kept an eye on output with another tropical storm approaching the coast of Mexico, while also monitoring Chinese economic updates. October-dated oil rose 27 cents, or 0.3%, to settle at $80.10 per barrel.

As pressure surrounding pricing, Treasury yields, and the U.S. dollar eased, gold eked out a win. December-dated gold climbed $6.90, or 0.4%, to settle at $1,946.80 an ounce.

 

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