The Dow closed 62 points lower, as the week's continuous drop in FAANG stocks, particularly Netflix (NFLX), weighed on major benchmarks. The S&P 500 and the Nasdaq, however, ended the day with modest gains. For the week, the blue-chip index and SPX managed to grab wins, but a lag in tech sent the IXIC lower. Meanwhile, many businesses are navigating mask mandates or temporarily closing once again, giving the market a sense of unease. Florida, the U.S. hotspot in regard to the pandemic, added nearly 14,000 new coronavirus cases overnight.
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- Plus, tech giant trades higher after job cuts; bulls blast BlackRock; Schaeffer's Market Mashup discusses massive trading win.
The Dow Jones Industrial Average (DJI - 26,671.95) dropped 62.8 points, or 0.2% for the day, but gained 2.3% for the week. Cisco Systems (CSCO) rose to the top of the Dow, finishing 2.1% higher, while JPMorgan Chase (JPM) fell to the bottom, losing 1.9%.
Meanwhile, the S&P 500 Index (SPX - 3,224.73) added 9.2 points, or 0.3% for the day, and 1.3% for the week. The Nasdaq Composite (IXIC - 10,503.19) gained 29.4 points, or 0.3% for today's session, but lost 1.1% for the week.
Meanwhile, the Cboe Volatility Index (VIX - 25.68) lost 2.3 points, or 8.3%, for the day, and 5.9% for the week.
5 Items on Our Radar Today
- Over 25 million Americans will likely lose their $600 weekly unemployment payments next week, unless congress acts on it. Put in place under the CARES act, the payments are scheduled to end July 25 and 26. (CNBC)
- Supreme Court Justice Ruth Bader Ginsberg said that though she is receiving chemotherapy for a recurrence of cancer, she remains fully able to remain on the Supreme Court and can do her job to its full extent. (MarketWatch)
- Microsoft stock has fully recovered from late-March lows.
- BLK sees affordably priced premiums post-earnings.
- Schaeffer's Senior Quantitative Analyst Chris Prybal joins the Schaeffer's podcast.
Data courtesy of Trade-Alert
Gold Grabs Sixth Straight Weekly Win
Oil prices ended lower for the day, but posted a modest rise of 0.1% for the week, as hopes for government stimulus eased fear of increased demand. August-dated crude fell 16 cents, or 4%, to settle at $40.59 a barrel.
Gold futures ended higher today, amid the U.S. banks' announcement that they have set aside billions of dollars of reserves, suggesting they believe the U.S. economy will once again fall. Gold for August rose $9.70, or 0.5%, to settle at $1,810 an ounce on the day. For the week, they added almost 0.5% -- making it the sixth-straight weekly win.
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