The major indexes cooled off to end Tuesday's session, after spending most of the day broadly higher as trade tensions between China and the U.S. seemed to ease. Both the S&P 500 and Nasdaq finished the day with marginal gains, with a surge in newly built home sales offsetting news that consumer confidence fell for a second straight month. Meanwhile, the Dow took a sharp turn and dropped more than 100 points, giving traders some pause after Apple (AAPL) finally snapped its five-session winning streak.
Continue reading for more on today's market, including:
- Blue-chip stock soared after being added to the Dow.
- Medical device manufacturer easily bested analysts' estimates.
- Plus, Delta stock moves on with pilot furloughs; J M Smucker stock registers best day in months; and a pharma stock moved higher after an acquisition.
The Dow Jones Industrial Average (DJI - 28,248.44) dropped 60 points, or 0.2% for the day. Microsoft (MSFT) finished with a 1.3% jump, pacing the nine gainers. Exxon Mobil (XOM) paced the laggards with a 3.2% fall.
Meanwhile, the S&P 500 Index (SPX - 3,443.62) earned 12.3 points, or 0.4% for the day. The Nasdaq Composite (IXIC - 11,466.47) gained 86.8 points, or 0.8% for today's session.
Lastly, the Cboe Volatility Index (VIX - 22.03) dropped 0.3 point, or 1.5% for the day.
- A temporary payroll tax cut that is in place to help the economy recover could deplete Social Security trust funds by 2023, if it becomes permanent. (CNBC)
- U.S. COVID-19 deaths topped 177,000 as the Food and Drug Administration (FDA) Commissioner conceded he misspoke on new treatment's efficacy. (MarketWatch)
- Delta stock noted over-staffing as it moved forward with pilot furloughs.
- J M Smucker stock reported a blowout earnings.
- This pharma stock's acquisition expanded non-opioid treatment options.
Data courtesy of Trade-Alert
Oil Extends Gains as Hurricane Threatens Gulf of Mexico
Oil futures were higher again on Tuesday, after tropical storm Marco landed and Laura got upgraded to a hurricane, which is expected to land in the Gulf of Mexico later this week. The storms forced 80% of offshore crude-oil production in the region to shut down, and sparked refinery cuts. As a direct result, October-dated crude added 73 cents, or 1.6%, to end at $43.35 a barrel.
Meanwhile, gold futures settled lower as top U.S. and China officials reaffirmed their commitment to the initial phase of a Sino-American trade deal, easing tensions. Gold for December, the most-active contract, fell $16.10, or 0.8%, to settle at $1,923.10 an ounce.
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