Dow Pops 460 Points as Traders Cycle Out of Tech

Traders are buying cyclical stock poised to benefit from a better economy

Jake Scott

Deputy Editor

Nov 21, 2024 at 4:26 PM

The Dow added more than 460 points and the S&P 500 finished well into the black, as investors bought up cyclical stocks that benefit from a better performing economy. Traders are rotating out of tech stocks following Nvidia's (NVDA) earnings report, which helped the tech-heavy Nasdaq move slightly higher.

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

How options traders played Nvidia's blockbuster earnings.
Everything you need to know about day trading options.
Plus, Snowflake stock's best day ever; BJ's billion-dollar repurchase plan; and why MRUS is a "buy."

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5 Things to Know Today

Securities and Exchange Commission (SEC) Chair Gary Gensler is stepping down, meaning President-elect Donald Trump can select a replacement immediately. (CNBC)
Existing-home sales rose 3.4% in October, during a period of relatively low mortgage rates. (MarketWatch)
Earnings beat sends Snowflake stock surging.
BJ's Wholesale Club reveals billion-dollar buyback program
Behind Merus stock's new "buy" rating.

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Oil Prices Hit Roughly 2-Week High

Oil prices hit a roughly two-week high, after Ukraine claimed Russia used long-distance missiles capable of delivering nuclear weapons. However, Western officials disputed the claim. The now front-month, January-dated West Texas Intermediate (WTI) crude rose $1.35, or 2%, to settle at $70.10 per barrel.

Meanwhile, gold prices are on track for a fourth-straight win, hitting a more than one-week high, also on the back of Russia-Ukraine tensions. At last glance, gold for December delivery is up 0.6% at $2,674.90 an ounce.

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