The S&P 500 and Nasdaq are both clawing their way out of correction territory
Wall Street staged an impressive comeback to start the week, with outsized gains for all three major indices. The S&P 500 gained some separation from correction territory to clock its best single-day percentage jump since Aug. 29. The Nasdaq, looking to exit correction territory as well, jumped triple digits on the back of an outperforming communications sector.
Elsewhere, the Dow added more than 510 points for its best single-session gain since June 2, while Wall Street's "fear gauge," the Cboe Volatility Index (VIX), snapped a three-day win streak and closed back below 20.
- Analyst still bullish on outperforming sports betting stock.
- Call traders target underperforming real estate stock.
- Plus, a Dow dip to buy; MCD's post-earnings move; and a solar stock up off the mat.
5 Things to Know Today
- The UAW and General Motors (GM) reached a tentative agreement, potentially marking the latter as the last Detroit automaker to ink a deal with the union. (CNBC)
- U.S. President Joe Biden issued an executive order on artificial intelligence (AI) that could greatly impact the emerging sector. (MarketWatch)
- Buy the dip on this Dow stock.
- McDonald's stock an options bulls target.
- Solar stock back in the spotlight.
Oil Futures Close at More Than 3-Week Low
While the broader market enjoyed a rally, oil futures fell to more than three-week lows Monday. Anxieties regarding the ongoing conflict between Israel and Hamas, and the potential for the conflict to expand to other parts of the Middle East, continued to weigh on black gold. For the session, December-dated West Texas Intermediate (WTI) crude lost $3.23, or 3.8%, to settle at $82.31 a barrel, their lowest mark since Oct. 5.
Gold prices, meanwhile, locked in a fourth-straight win, holding true above the key $2,000 level. December-dated gold settled the day at its highest level since July 31, adding $7.10, or 0.4%, to settle at $2,005.60 an ounce for the day.