Tech-Laden Nasdaq Breaks Above 10,000 For First Time Ever
The Nasdaq broke above 10,000 for the first time
The Nasdaq rallied to another record high today, and briefly broke above the 10,000 level for the first time ever. The index's rise was bolstered by traders that loaded up on big technology names, particularly FAANG stocks Amazon.com (AMZN) and Apple (AAPL), both of which notched record highs. Despite this impressive news, the Dow slid today, ending 300 points lower, while the S&P 500 followed closely behind. Fueling the latter indexes' losses was a drop in the travel and retail sectors. Most notably, United Airlines (UAL) and Delta Air Lines (DAL) each fell more than 8%.
Continue reading for more on today's market, including:
Schaeffer's CEO and Founder, Bernie Schaeffer, unpacks the tech sector's rally.Teladoc stock's pullback is nothing to fret over.Plus, United Natural Foods suffers ahead of earnings; one buzzing utility stock; and why SMG revised its outlook.The Dow Jones Industrial Average (DJI - 27,272.30) lost 300.1 points, or 1.1% for the day. Apple (AAPL) took over as the winner today, gaining 3.2%. Meanwhile, Boeing (BA) fell hard from grace, pacing the losers with a 6% drop.
Meanwhile, the S&P 500 Index (SPX - 3,207.18) fell 25.2 points, or 0.8%, and the Nasdaq Composite (IXIC - 9,953.75) tacked on 29 points, or 0.3%.
Meanwhile, the Cboe Volatility Index (VIX - 27.57) ended 1.8 points, or 6.8% higher for the day.
5 Items on Our Radar Today
The National Federation of Independent Business (NFIB) said Tuesday that optimism of small companies in the U.S. rose 3.5 points last month to 94.4, as hopeful small-business owners looked toward an economic rebound and a shifted view that the coronavirus-induced recession will be short-lived. (MarketWatch)Inventory investment could once again drag down economic output after U.S. wholesale inventories rebounded less than analysts initially estimated in April. (Reuters)UNFI is sliding ahead of itsthird-quarter report.PG&E stock is abuzz amid relocation talks.A revised outlook sends SMG higher.
Data courtesy of Trade-Alert
Gold, Oil Rise Despite Second Wave Fears
Oil rose in today's session, as commitments to curb production offset concerns surrounding a resurgence in coronavirus cases. At last check, July-datedoil rose 75 cents, or 2%, to settle at $38.94 per barrel.
Gold also moved higher today, as investors awaited tomorrow's Fed meeting and remained optimistic about the reopening economy. Gold for August delivery tacked on $16.80, or 1%, to settle at $1,721.90 per ounce.