All three major indexes hit record highs on hopes of a U.S.-China trade deal
Following intraday record highs, all three major benchmarks kicked off the week with more record closes. The Dow and Nasdaq nabbed their third-straight triple-digit wins, while the S&P 500 closed above the psychologically-significant 6,800 level for the first time ever. Meanwhile, Wall Street's "fear gauge," the Cboe Volatility Index, logged its sixth losing session in seven, dropping to its lowest level in over a month.
U.S.-China trade optimism gave markets a lift, with semiconductor stocks in particular enjoying broader tailwinds. Looking ahead, there are plenty of potential market movers coming up this week, including Big Tech earnings and the Federal Reserve's highly-anticipated interest rate decision.
Continue reading for more on today's market, including:
- Checking in on Bloom Energy stock before tomorrow's earnings.
- Goldman Sachs reinstates "buy" rating on DoorDash stock.
- Plus, a chip stock roundup; LULU's latest deal; and the best stock to own this month.
Bullion Extending its Fall, Briefly Breaching 4K
Oil prices steadied today after last week's roughly 7% pop, with investors keeping an eye on upcoming U.S. sanctions on Russia's major oil companies. December-dated West Texas Intermediate (WTI) crude was last seen 0.3% lower at $61.31 per barrel.
Fresh off its first weekly drop in 10 weeks, gold prices are continuing lower today as U.S.-China trade progress weakens safe-haven demand. December-dated gold futures fell 3.2% to $4,005.20 per ounce, and briefly dipped below $4,000.