Indexes Gain Traction as Tech Rebounds
The Dow and S&P 500 posted modest gains to start the week, with the former paring earlier losses amid more positive vaccine news. Meanwhile, the Nasdaq soared to within a chip-shot of a fresh record high, as tech rebounded from last week's slump -- Amazon.com (AMZN) at the forefront with its best day since December 2018. This coming week, earnings from Intel (INTC) and Microsoft (MSFT) will be highlighted, while investors watch for news on additional stimulus in the U.S. and around the globe.
- Moderna stock saw options surge after bear note.
- Calls popped on Cal-Maine Foods stock after earnings.
- Plus, the latest coronavirus vaccine with potential; oil stock boosted by billion-dollar deal; calls doubled puts for this airline in the options pits.
The Dow Jones Industrial Average (DJI - 26,680.87) rose 8.9 points, or 0.03% for the day. Microsoft (MSFT) rose to the top of the Dow, finishing 4.3% higher, while Dow (DOW) fell to the bottom, losing 3.1%.
Meanwhile, the S&P 500 Index (SPX - 3,251.84) added 27.1 points, or 0.8% for the day, and the Nasdaq Composite (IXIC - 10,767.09) gained 263.9 points, or 2.5% for today's session.
The Cboe Volatility Index (VIX - 24.46) lost 1.2 points, or 4.8%, for the day.
5 Items on Our Radar Today
- Airline stocks are dropping after travel demand fell for the first time in 13 weeks due to the resurgence of coronavirus cases. The daily number of flyers decreased, and a J.P. Morgan Securities analyst stated that the industry's recovery will most likely be a "multi-year affair." (Reuters)
- As of today, 28 U.S. states have statewide public mask requirements. The CDC has seen growing acceptance of face covering recommendations based on an internet survey. (CNBC)
- British drugmaker joined the race for a potential coronavirus vaccine.
- Behind Chevron's $5 billion Noble Energy stock-swap deal.
- Delta Airlines claimed it can avoid furloughs.
Data courtesy of Trade-Alert
Oil, Gold Start Week with Wins
Oil prices ended higher for the day, as crude demand concerns were deterred as COVID-19 vaccine candidates continue to see positive results. August-dated crude rose 22 cents, or 5%, to settle at $40.81 per barrel.
Gold futures also ended higher today, as investors turn to gold amid global unrest and an increase in coronavirus cases. Gold for August rose $7.40, or 0.4%, to settle at $1,817.40 an ounce.
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