The Nasdaq eked out a fresh closing high
For most of the afternoon stocks looked to be erasing earlier losses, but within the last few minutes of trading, closed mixed. As some investors started to take profits from this month’s red-hot rally, the Dow and S&P 500 sunk just below breakeven, each snapping a six-day winning streak. The indexes did manage to snag fresh intraday highs, though. Meanwhile, the tech-heavy Nasdaq closed with its own record and a fourth-straight win.
Elsewhere, some analysts believe a market correction is overdue, and that this recent surge indicates stocks may be nearing a ceiling. Others believe further stimulus could drive the market even higher, and are staying on top of a House proposal that includes $1,400 direct payments to Americans, but with quicker phase-outs this time around.
Continue reading for more on today’s market, including:
- Canopy Growth stock smokes analysts’ revenue estimates.
- Quarterly win helps retailer topple overhead pressure.
- Plus, another pot stock hitting fresh highs; Chegg stock pens more records; and checking in with LGIH before earnings.
The Dow Jones Industrial Average (DJI – 31,375.83) fell 9.9 points, or 0.03% on the day. McDonald’s (MCD) led the Dow components with a 2.1% rise, while Dow (DOW) paced the laggards, falling 1.3%.
Meanwhile, the S&P 500 Index (SPX – 3,911.23) was down 4.4 points, or 0.1% for the day. The Nasdaq Composite (IXIC – 14,007.70) rose 20.1 points, or 0.1% for the day.
Lastly, the Cboe Volatility Index (VIX – 21.63) added 0.4 point, or 1.8% for the day.
- A new Centers for Disease Control and Prevention (CDC) study showed confidence in the Covid-19 vaccine is growing, with nearly half of adults Americans saying they want a shot. (CNBC)
- The family of a young trader who killed himself after seeing a negative balance in his Robinhood account is suing the brokerage for wrongful death. (MarketWatch)
- APHA hit all-time high after deal to distribute cannabis in the United Kingdom.
- More records in the books for Chegg stock after a blowout quarterly report.
- Checking in with this home construction stock ahead of earnings.
Oil Nabs Eight Straight on Improving Energy Demand
Oil prices were higher for an eighth consecutive session on Tuesday, as traders became optimistic falling Covid-19 cases, a continued vaccine rollout, and the potential for further economic relief are indicators of improving energy demand. In turn, March-dated crude added 39 cents, or 0.7%, to settle at $58.36 per barrel.
Gold prices also extended their win streak, logging a third consecutive win and hitting its highest level in more than a week. The impact of further stimulus, as well as a weaker U.S. dollar and flat U.S. Treasury yields joined forces to give the safe-haven metal a boost. As a result, April-dated gold added $3.30, or 0.2%, to settle at $1,837.50 an ounce.