Dow Extends Losses as September Selloff Builds
Better-than-expected inflation data for August failed to help Wall Street today. The Dow shed more than 290 points, despite sporting triple-digit gains at its session highs this morning. Both the S&P 500 and Nasdaq followed the blue-chip index lower, though their losses were not as sizable. All three benchmarks are now down more than 1% in September.
Elsewhere, investors are also keeping an eye on House Democrats' proposal to fund a $3.5 trillion social safety net and climate policy bill with tax hikes for the wealthy and corporations.
Continue reading for more on today's market, including:
- This tech stock looks primed for more record highs.
- Fox stock could not get a boost from its latest purchase.
- Plus, watch these 5 crypto-adjacent stocks; Oracle earnings; and Coinbase stock upgraded.
The Dow Jones Average (DJI - 34,577.57) shed 292.1 points, or 0.8%. Microsoft (MSFT) led the three winners with a 0.9% rise, while Walgreens Boots Alliance (WBA) fell to the bottom, shedding 2%.
The S&P 500 Index (SPX - 4,443.05) fell 25.7 points, or 0.6%, while the Nasdaq Composite (IXIC - 15,037.76) lost 67.8 points, or 0.5%.
Lastly, the Cboe Volatility Index (VIX - 19.46) added 0.09 point, or 0.5%.
- Apple revealed an iPad with more storage during its annual event, where it is also expected to launch the iPhone 13, smartwatches, and headphones. (MarketWatch)
- Construction of single-family homes is running at its slowest pace since 1995, amid a labor shortage and supply chain disruptions that hiked building materials prices. (CNBC)
- Ride the cryptocurrency wave with these 5 adjacent stocks.
- Analysts showered Oracle stock with bull notes after earnings.
- A big upgrade could not help Coinbase stock today.
Gold Prices Reclaim $1,800 as U.S. Dollar Weakens
Oil prices were flat on Tuesday, despite surging earlier in the session, as investors weighed the impact of Nicholas, a Category 1 hurricane that landed on the Texas coast. The storm, which was expected to be more severe, ended up not shutting off any major refineries or oil production facilities. In response, October-dated crude added 1 cent to settle at $70.46 a barrel.
Gold prices were higher, on the other hand, settling back above the psychologically significant $1,800 level. Boosting the yellow metal today was a weakened U.S. dollar, which lost steam after fresh data showed U.S. inflation rising at its slowest rate in seven months. In turn, December-dated gold added $12.70, or 0.7%, to settle at $1,807.10 an ounce.
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