Nasdaq Locks in Historic Close
The Nasdaq closed above 10,000 for the first time ever
Another big day for the Nasdaq -- the index managed to lock in a close above 10,000 for the first time ever -- driven by a surge out of the tech sector. Meanwhile the S&P 500 erased earlier gains, while the Dow ended the day 280 points lower, after the Federal Reserve said it will keep interest rates near zero until there is confidence the economy has moved on from the coronavirus pandemic. Weighing heavy for a second day on the blue-chip index looked to be Boeing (BA), which closed more than 6% lower for the session.
Continue reading for more on today's market, including:
Zscaler stock is ripe for another rally.Hormel Foods stock nears bullish trendline. Plus, analyzing the Nasdaq's recent v-bottom; Best Buy employees return to work; and GameStop saw a massive surge in e-commerce sales.The Dow Jones Industrial Average (DJI - 26,989.99) lost 282.3 points, or 1% for the day. Microsoft (MSFT) led the charge, gaining 3.7%, while Boeing (BA) paced the losers with a 6.2% drop.
Meanwhile, the S&P 500 Index (SPX - 3,190.14) fell 17 points, or 0.5%, and the Nasdaq Composite (IXIC - 10,020.35) tacked on 66.6 points, or 0.7%. The IXIC hit a session record peak of 10,086.89.
Meanwhile, the Cboe Volatility Index (VIX - 27.57) broke even for the day.
5 Items on Our Radar Today
The recent recession caused by the coronavirus pandemic led to weak underlying inflation, vanquishing demand. As a result, U.S. consumer prices fell for a third straight month, just one month after it made its steepest dip since December 2008. (CNBC)The federal budget deficit nearly doubled in May from the previous year, due in part to a surge in government spending intended to limit the economic impact caused by the coronavirus pandemic. (Bloomberg)Schaeffer's Senior Quantitative Analyst Rocky White ponders the Nasdaq Composite's recent v-bottom completion.Best Buy stock jumped slightly as furloughed workers returned.E-commerce sales did little to save shares of GME.
Data courtesy of Trade-Alert
Crude Closes Higher Despite EIA Data
Despite crude inventories rising to a record high 5.7 million barrels per the Energy Information Administration (EIA), and worries over surplus issues, oil saw a lift today, recovering earlier losses. At last check, July-dated oil rose 66 cents, or 2.9%, to settle at $39.60 per barrel.
Gold fell for today's session, but quickly rose in after hours trading amid news that the Fed announced its intentions to keep interest rates close to zero through 2022. Gold for August delivery was off $1.20, or 0.07%, to settle at $1,720.70 per ounce.