Stocks Extend Win Streak as Nasdaq, Dow Add Triple Digits

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Investors rotated back into tech after Tesla’s quarterly win

Stocks rebounded on Thursday, erasing earlier losses as investors rotated back into the tech sector. The Dow and Nasdaq scored triple-digits gains, with the latter enjoying strong earnings from Tesla (TSLA) and a weaker U.S. dollar, while the S&P 500 saw a more modest pop. All three major indexes scored a third-straight daily win, brushing off worse-than-expected weekly jobless claims, which hit an eight-month high last week. Elsewhere, the Cboe Volatility Index (VIX) — known as Wall Street’s fear gauge — registered its sixth loss in seven sessions.

Continue reading for more on today’s market, including:

The Dow Jones Average (DJI – 32,036.90) gained 162.1 points, or 0.5% for the day. Boeing (BA) led the gainers, adding 1.9%. Verizon Communications (VZ) paced the losers, shedding 2.9%.

The S&P 500 Index (SPX -3,998.95) added 39.1 points, or 1% for the day. Meanwhile, the Nasdaq Composite (IXIC -12,059.61) rose 162 points, or 1.4% for the session.

Lastly, the Cboe Market Volatility Index (VIX – 23.11) lost 0.8 point, or 3.2% for the day. 

5 Things to Know Today

  1. U.S. President Joe Biden, who is fully vaccinated and has received two booster shots, tested positive for Covid-19 and is experiencing mild symptoms. (CNBC)
  2. Rivian Automotive (RIVN) popped after Amazon.com’s (AMZN) started to roll out its custom-made electric delivery vans in several U.S. cities, including Baltimore and Chicago. (MarketWatch)
  3. Multiple levels of support indicate Eli Lilly stock has more room to run.
  4. Piper Sandler downgraded DocuSign stock on too many headwinds.
  5. Which software stock soared after scoring fresh bullish coverage.

Gold Bounces Back in a Big Way

Oil prices fell to their lowest level in a week, as black gold’s short-term demand outlook faces scrutiny. September-dated crude, which is currently the front-month contract, lost $3.53, or 3.5%, to finish at $96.35 per barrel. 

Gold prices, meanwhile, snapped back, surging in response to the European Central Bank’s (ECB) first interest rate hike in 11 years. August-dated gold added $13,20, or 0.8%, to close at $1,730.40 an ounce.