S&P Hits New High on Sunny Earnings Reports, China Optimism
The Fed is expected to cut rates again at this week's meeting
Stocks surged today, as an influx of well-received earnings reports from Spotify (SPOT) and AT&T (T), among others, helped boost investor sentiment. Most notably the S&P hit a record intraday highof 3,044.08, and notched a new all-time closing high. In addition to the earnings optimism, hopes for a U.S.-China trade deal helped buoy Wall Street sentiment. On the Fed front, another 25-basis-point rate cut is expected at this week'smeeting.
Continue reading for more on today's market, including:
One biopharma stock flashing a bright "buy" signal before earnings. The wild options trading behind these 3 red-hot tech stocks. Why options bulls are betting on a breakout ahead of Shopify's earnings report. Plus, XNET stock pops; GM strike ends; RNG stock gets another bull note.The Dow Jones Industrial Average (DJI - 27,090.72) added 132.7 points, or 0.5%. The 21 gainers were led by Microsoft's (MSFT)2.4% pop, while McDonald's (MCD) fell to the bottom of the nine losers with a 1.6% dip.
The S&P 500 Index (SPX - 3,039.42) settled 16.9 points, or 0.6%, higher. The Nasdaq Composite (IXIC - 8,325.99) closed up 87.9 points, or 1%, to within striking distance of its own record highs.
The Cboe Volatility Index (VIX - 13.11) added 0.5 point, or 3.6%.
5 Items on Our Radar Today
Reports just came out that Google owner Alphabet (GOOGL) made a bid to buy Fitbit(FIT), sending shares of the latter soaring in afternoon trading. The offer amount is still undisclosed, though the acquisition would help Alphabet edge into Apple's (AAPL) smartwatch and fitness-tracking territory. (CNBC)The shares of Virgin Galactic Holdings Inc (SPCE) debuted on the Big Board today, making the company the first ever publicly traded space tourism venture. Thestock moved higher on its first day of trading, and is backed by British billionaire Richard Branson and one-time Facebook executive Chamath Palihapitya. (Reuters)The stock popping on Chinese President Xi Jinping's alleged blockchain endorsement. How the 40-day GM strike conclusion is affecting the auto stock. Why even more analysts are praising RingCentral stock.
Data courtesy of Trade-Alert
Gold, Oil Dip as Stocks Shine
Oil prices tumbled today -- ending liquid gold's four-day win streak. The commodity turned lower amid worse-than-expected industrial data out of China, which dampened hopes for strengthening demand amid a potential trade deal. December-dated crude futures finished down 85 cents, or 1.5%, to settle at $55.81 a barrel.
Gold prices fell today as investors dropped the precious metal in favor of rallying stocks. Gold futures for December delivery lost $9.50, or 0.6%, to end at $1,495.80 per ounce.