Bank Stocks Guide S&P, Dow Higher
The S&P 500 and Nasdaq settled at record-high closes
The S&P 500 kicked off the week with a fresh record high, as investors began gearing up for a busy week of economic and earnings data. Bank stocks were some of the day's best performers, with impressive gains for JPMorgan Chase (JPM) and Goldman Sachs (GS) helping keep the Dow above water, while another strong showing from tech had the Nasdaq touching its own all-time peak.
Continue reading for more on today's market, including:
The best FAANG stock for May. Apple call options are hot ahead of earnings.This energy stock got a Game of Thrones call out from one analyst.Plus, the drug stock set to double; history points to another Seagate surge; and Snap's latest partnership.The Dow Jones Industrial Average (DJI - 26,554.39) added 11 points, or 0.04%, for the day. Goldman Sachs (GS) was the best of the 15 Dow gainers, adding 1.9%. Meanwhile, Intel (INTC) outpaced the remaining losers for a second day, with a 2.5% plunge.
The S&P 500 Index (SPX - 2,943.03) eked out 3.2 points, or 0.1%, and touched a fresh intraday high of 2,949.52. The Nasdaq Composite (IXIC - 8,161.85) added 15.5 points, or 0.2%, after hitting an intraday peak of 8,176.08.
The Cboe Volatility Index (VIX - 13.11) gained 0.4 point, or 3%.
5 Items on our Radar Today
Per data out of CoreLogic, annual home prices fell last month for the first time in over seven years in the San Francisco Bay Area. The median home cost dropped 0.1% in March, snapping an 83-month streak of consecutive increases. The main culprit is suspected to be the slowdown in home buying, a trend which began in the middle of 2018. (CNBC)Amid several trade wars mounted by the Trump administration, personal income for U.S. farmers fell by $11.8 billion in the first quarter -- the most since 2016. Alongside trade tensions, the low commodity prices and a handful of natural disasters in the Midwest have amplified financial troubles for farmers. (Bloomberg)Bulls bet this drug stock will double.Seagate Technology shares may be ready to surge.Snap calls hot on partnership news.
Data courtesy of Trade-Alert
Oil Inches Higher, Gold Pullsback
Oil moved cautiously higher for the day, bouncing back after last week's rare drop. June-dated crude futures added 20 cents, or 0.3%, to close at $63.50 per barrel.
Gold sank as traders flocked to riskier assets, like stocks, today. June-dated gold dropped $7.30 or 0.6%, to settle at $1,281.50 per ounce.