S&P 500 posts winning streak as investors turn profits
IInvestors decided to take their profits as they anticipated key inflation data after a record bull run for major benchmarks. October’s output from the Producer Price Index (PPI) also comes under scrutiny, where year-over-year wholesale prices jumped 8.6%. The S&P 500 broke its eight consecutive days of victories, its longest run since April 2019. Meanwhile, the Dow Jones lost more than 100 points, and the tech-intensive Nasdaq also recorded a notable loss, led by Tesla (TSLA), which fell by more than 10 %.
Read on to learn more about today’s day market, including:
- Hostess stock just returned to an uptrend line.
- FuboTV is preparing for its last earnings report.
- In addition, the name of first-rate energy heralds fallout; Robinhood’s security concerns; and CNK gets an upgrade.
the Dow Jones Average (DJI – 36,319.98) fell 112.2 points or 0.3% for the day. The best performing component of the Dow Jones today was Nike (NKE), which added 1.2%, while Visa (V) completed the low with a decline of 3.2%.
the S&P 500 Index (SPX – 4,685.25) shed 16.5 points, or 0.4% for the day, while the Nasdaq Composite (IXIC – 15,886.54) decreased by 95.8 points, or 0.6% for the day.
Finally, the CBOE Market Volatility Index (VIX – 17.78) added 1 point, or 3.3% for the day.
- After the passage of the massive infrastructure bill, and in the midst of a multitude of supply chain issues, US President Joe Biden is rolling out plans to remedy blocked ports. (CNBC)
- Biden’s special assistant for technology and competition policy Tim Wu said the fight against monopoly power has only just begun. (Market surveillance)
- Derivative buzz stimulates the energy blue chips darling.
- E-commerce stocks fall after a data security breach.
- Why 1 analyst likes Cinemark actions.
Oil prices hit their highest level in 2 weeks
Oil prices rose for a third straight session, as travel bans were lifted in the United States and hopes of a post-global pandemic recovery were heightened. In turn, demand for black gold has strengthened, while the supply remains tight. In response, crude dated December added $ 2.22, or 2.7%, to settle at $ 84.15 a barrel, its highest mark in two weeks.
Meanwhile, gold prices registered another gain. Looking ahead, investors are waiting for data on inflation in the United States, which will have a further impact on the attractiveness of bullion. Gold dated December added $ 2.80 or 0.2%, to settle at $ 1,830.80 that day.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.