The Dow finished the day over 556 points higher, with Caterpillar (CAT) leading the charge. Elsewhere, optimism over Florida's one-day coronavirus increase falling below the seven-day average helped encourage investors. The S&P 500 and Nasdaq also finished a wild day of trading with sizable wins, despite a sluggish day for Big Tech. Investors are undoubtedly looking toward another earnings season, too, which was kicked off today by several big banking names.
- The FAANG name drawing a mixed reaction ahead of its second-quarter earnings report.
- Okta stock could reclaim last week's record peak, if history is any indicator.
- Plus, one blue chip's COVID-19 partnership; red-hot home goods stock gets an upgrade; the apparel stock that could push past pandemic headwinds.
The Dow Jones Industrial Average (DJI - 26,642.59) rose 556.8 points, or 2.1% for the day. Caterpillar (CAT) rose to the top of the Dow, finishing 4.8% higher, while Pfizer (PFE) fell to the bottom, rising just 0.1%.
Meanwhile, the S&P 500 Index (SPX - 3,197.52) gained 42.3 points, or 1.3% for the day. The Nasdaq Composite (IXIC - 10,488.58) added 97.7 points, or 0.9% for today's session.
Meanwhile, the Cboe Volatility Index (VIX - 29.52) lost 2.7 points, or 8.3%, for the day.
5 Items on Our Radar Today
- The U.S. carried out its first execution in 17 years following an overnight Supreme Court ruling. U.S. President Donald Trump's administration has pushed to resume capital punishment, ending a de facto moratorium by the Obama administration. The executed was convicted murderer Daniel Lee. (Reuters)
- The small business optimism index rose 5.2 points last month, marking its second-straight month of growth, and exceeding estimates. Some of these gains were capped, however, by a sudden shift at the end of the month, sparked by spiking COVID-19 cases. (MarketWatch)
- Calls popular for 3M stock following a new COVID-19 test partnership.
- Wayfair stock upgraded after recent record highs.
- An unwinding of pessimism could push HBI higher.
Data courtesy of Trade-Alert
Oil, Gold Make Modest Moves
Oil prices rose slightly today, ahead of the upcoming Organization for Petroleum Exporting Countries (OPEC) meeting, in which the next level of crude production cuts will be decided upon. Today OPEC cut June production by more than what was originally agreed to. August-dated crude climbed 19 cents, or 0.5%, to settle at $40.29 a barrel.
Gold ended almost flat, with some profit-taking following last week's massive price climb. Gold for August delivery fell 70 cents, or 0.04%, to settle at $1,813.40 an ounce.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.