Upbeat retail sales and a chip sector rally sent stocks higher today
Retail sales and a chip sector rally pushed stocks to new heights today. The Dow and S&P 500 enjoyed a fresh round of record highs, but only the former was able to secure its second-straight record close, with the latter finishing fractionally in the red. Not to be forgotten, the Nasdaq surged within a chip-shot of its own all-time peak, with Taiwan Semiconductor (TSM).
A second consecutive monthly rise in U.S. business inventories, alongside a better-than-expected National Association of Home Builders’ (NAHB) October reading, helped send the Cboe Volatility Index (VIX) to its lowest close of the month.
Continue reading for more on today's market, including:
- More on the TSM earnings that sent chip stocks soaring.
- 2 cheap stocks making opposing intraday moves.
- Plus, Expedia breaks out; unpacking Alcoa earnings; and an options strategy to consider.
5 Things to Know Today
- Railroad operator CSX (CSX) cited the two recent hurricanes and fuel prices as catalysts for what will be a "challenging" fourth quarter. (MarketWatch)
- Amazon.com (AMZN) revealed it's planning to host an election night special with Brian Williams as host, putting another foot into live programming. (CNBC)
- Takeover buzz puts Expedia stock at two-year highs.
- An earnings beat wasn't enough for popular aluminum stock.
- A lesser-known earnings season strategy for options traders.
Gold Snags Fresh Record
Snapping a four-day losing streak, crude futures rose off an unexpected drop in weekly inventories as well as investors weighing the risk Middle East tensions continue to pose. November-dated West Texas Intermediate (WTI) crude added 28 cents, or 0.4%, to settle at $70.67 per barrel for the session.
Investors looked toward Middle East tensions and the approaching U.S. presidential election today, sending gold futures to a record high. Gold for December delivery added $16.20, or 0.6% to trade at $2,707.50, at last check.