Nasdaq Loses Win Streak Despite Record Peak

Both gold and oil hit multi-week highs today

Managing Editor
Jun 20, 2024 at 4:26 PM
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The S&P 500 and Nasdaq hit fresh all-time highs midday, and Wall Street looked poised to extend its record-breaking run. However, the surge was short-lived, with both indexes faltering into the red by the close, the latter snapping a seven-day win streak. On the flip side, the Dow snagged a third-straight gain, logging its highest close and best single-session pop in a month.

Elsewhere, the stock market's "fear gauge," or Cboe Volatility Index (VIX), settled at its highest mark since May 29, as investors weighed softening economic data with a low volume, lackluster session. 

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

  • Nvidia stock is the culprit behind today's tech pivot.
  • 2 pharma stocks making big moves today.
  • Plus, HPE makes moves; Musk startup buzz; and two energy stocks to track.

Closing Indexes Summary June 20

NYSE and Nasdaq Stats June 20

5 Things to Know Today 

  1. Car rental name Hertz (HTZ) is seeing a drop in both its bonds and stock, after revealing a larger-than-expected loss for its current quarter.(MarketWatch)
  2. SpaceX has unveiled its latest gadget, an antenna for its Starlink Mini in an exclusive release, placing the cost at $599 alongside its monthly data costs. (CNBC)
  3. All eyes on tech stock after U.K. buyout probe.
  4. Musk startup deal sends semiconductor stock higher.
  5. The chip sector is not all Nvidia.

Corporate Earnings June 20

Unusual Options Activity June 20

Multi-Week Peaks for Oil, Gold

Crude enjoyed another day hitting seven-week highs, following inventory demand. July-dated West Intermediate (WTI) crude rose 60 cents, or 0.7%, to settle at $82.17 per barrel. August-dated WTI, now the front-month contract, settled at $81.29 a barrel, up 58 cents, or 0.7%. 

Economic data managed to send gold to a two-week peak, with investors even more so expecting rate cuts from the Federal Reserve in late 2024. August-dated gold closed $22.10 or 0.9% higher, to settle at $2,369 an ounce.

 

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