Upbeat earnings weren’t enough to boost the market
The major indexes all fell for a second-straight session, brushing off several big-name earnings as travel stocks sunk amid a surge in Covid-19 cases. The Dow closed 256 points lower, while the Nasdaq followed closely behind in the triple-digits, and the S&P 500 again landed modestly in the red. Meanwhile, investors are awaiting earnings from Netflix (NFLX) due out after the close, as well as the verdict for the Derek Chauvin trial, the former police officer on trial for the 2020 murder of George Floyd, which is expected to be released between 4:30 and 5:00 P.M. E.T.
Continue reading for more on today’s market, including:
- Analyst bets on a comeback for Coupa stock.
- This home decor stock is a good pick for bulls.
- Plus, unpacking AEP’s recent rally; the tobacco sector reeling; and the retail giant downgraded amid controversy.
The Dow Jones Industrial Average (DJI – 33,821.30) dipped 256.3 points, or 0.8% for the day. IBM (IBM) topped the list of blue chips, adding 3.8%, while Boeing (BA) dropped to the bottom for the second-straight day after shedding 4.1%.
Meanwhile, the S&P 500 Index (SPX – 4,134.94) dropped 28.3 points or 0.7% for the day, while the Nasdaq Composite (IXIC – 13,786.37) lost 128.5 points, or 0.9%.
Lastly, the Cboe Volatility Index (VIX – 18.68) added 1.4 points, or 8%.
- Amazon’s newest project is a hair salon. Here’s what technology will cause it to differ from others. (MarketWatch)
- Longtime cryptocurrency bull Mike Novogratz speaks about Dogecoin and Bitcoin, the two widely different cryptocurrencies making major headlines this year. (CNBC)
- A look at this utility name after its recent clean energy deal.
- Potential regulations weigh on tobacco stock.
- Retailer downgraded amid consumer boycotts.
OIL MOVES LOWER AFTER U.S. OPEC BILL
Oil futures finished lower today, amid news that the U.S. House Judiciary Committee advanced a bill that would allow anti-trust lawsuits against the Organization of the Petroleum Exporting Countries (OPEC), as well as rising global Covid-19 cases. May-dated crude expired today, falling 94 cents, or 1.5%, to finish at $62.44 a barrel, while June-dated crude fell 76 cents, or 1.2%, to settle at $62.67.
Gold futures rose today as bond yields declined. June-dated gold added $7.80, or 0.4%, to settle at $1,778.40 an ounce.