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.

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  1. 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)
  2. Biden’s special assistant for technology and competition policy Tim Wu said the fight against monopoly power has only just begun. (Market surveillance)
  3. Derivative buzz stimulates the energy blue chips darling.
  4. E-commerce stocks fall after a data security breach.
  5. Why 1 analyst likes Cinemark actions.

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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.


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