The Nasdaq was the only gainer today
Volatility tormented Wall Street on Tuesday, with the Dow slipping back into the red in the last hour of trading to settle below breakeven, despite adding more than 300 points at its session highs. The S&P 500 ultimately turned in a loss as well, while the Nasdaq scored a modest win, as investors eyed the Federal Reserve’s two-day meeting, which kicked off today and could hint at the central bank’s plans to taper bond purchases. Stabilizing Asian markets helped ease investor concern, though real estate developer China Evergrande Group is still expected to default on $83 million worth of interest on Thursday, when payment is due.
Continue reading for more on today’s market, including:
- This semiconductor name is poised to charge even higher.
- Checking in on Stitch Fix stock ahead of its upcoming report.
- Plus, unpacking Johnson & Johnson’s booster shot update; UBER pops on adjusted forecast; and why BIG attracted a bear note.
The Dow Jones Average (DJI – 33,919.84) fell 50.6 points, or 0.2% for the day. American Express (AXP) paced the gainers with a 1.7% pop, while Walt Disney (DIS) fell to the bottom, shedding 4.2%.
The S&P 500 Index (SPX – 4,354.19) dropped 3.5 points, or 0.08% for the day. Meanwhile, the Nasdaq Composite (IXIC – 14,746.40) added 32.5 points, or 0.2% for the day.
Lastly, the Cboe Volatility Index (VIX – 24.36) fell 1.4 points, or 5.3% for the day.
- Draftkings (DKNG) allegedly made a $20 billion offer to buy U.K.-based online sports betting company Entain, which is valued at roughly $18 billion. (CNBC)
- Unpacking Johnson & Johnson’s upbeat Covid-19 vaccine development.
- An adjusted third-quarter gross bookings forecast helped Uber stock pop.
- Piper Sandler slammed this retailer with a bear note as the economy shifts.
Gold Prices Nab Another Win as U.S. Dollar Weakens
Oil prices settled higher on Tuesday, bouncing back from Monday’s broad-market selloff as investors grew confident the Energy Information Administration (EIA) will announce a seventh-straight weekly decline in U.S. crude supplies tomorrow. In turn, October-dated crude added 27 cents, or 0.4%, to settle at $70.56 a barrel.
Gold prices were higher as well, nabbing their second-straight win as the U.S. dollar lost some of its strength. Lingering concerns over China Evergrande Group also boosted the metal. As a result, December-dated gold rose $14.40, or 0.8%, to settle at $1,778.20 an ounce.