The Nasdaq and S&P 500 also pared their afternoon gains
The stocks were able to erase their morning losses in the second half of the day, but ended up losing those gains in the final hour of trading. The Dow snapped its two-day rally with a loss of 42 points, although it managed to stay above the psychologically significant 30,000 level. The Nasdaq and S&P 500 also posted modest losses, while that investors unpacked better than expected private payroll data for September. Last month’s ISM services index also beat Wall Street estimates. Meanwhile, the Cboe Volatility Index (VIX) marked its fourth consecutive daily loss.
Keep reading to learn more about the current market, including:
- cruising giant throw the Covid-19 protocols overboard.
- Running Twitter Options relaunch of the takeover bid.
- Additionally, how CAG is doing before earnings; banking stocks draw attention on the downside; and analyst praises Airbnb stock.
The Dow Jones Average (DJI – 30,273.87) lost 42.5 points, or 0.1% for the day. Nike (NKE) led the gainers, adding 2.8%, while Goldman Sachs (GS) followed the laggards with a loss of 1.9%.
The S&P 500 Index (SPX – 3,783.28) lost 7.7 points, or 0.2% for the day. During this time, the Nasdaq Composite (IXIC – 11,148.64) fell 27.8 points, or 0.3% for the session.
Finally, the Cboe Volatility Index (VIX – 28.55) down 0.5 points, or 1.8% for the session.
5 things to know today
- Declining enrollment and underfunding are taking a heavy toll on the higher education system as more people question the return on investment degrees in four years. (CNBC)
- Gross domestic product (GDP) growth could pick up in the third quarter, after the U.S. international trade deficit for August fell to one Low for 15 months. (Market watch)
- Recording with Conagra Stock before tomorrow’s results call.
- The banking action bombarded with bear ratings today.
- Why Bernstein thinks Airbnb could be the the largest travel platform in five years.
There were no notable earnings reports today.
Gold loses luster as bond yields rebound
Oil prices were higher on Wednesday after the Organization of the Petroleum Exporting Countries and their allies (OPEC+) cut oil production by 2 million barrels a day. Additionally, the Energy Information Administration (EIA) reported a weekly decline in US crude, gasoline and distillate supplies. November-dated crude added $1.24, or 1.4%, to close at $87.76 a barrel.
Meanwhile, gold prices stabilized as bond yields and the US dollar rallied. An upbeat private payroll report also weighed on the precious metal today, which could embolden the central bank. Gold dated December fell $9.70, or 0.6%, to close at $1,720.80 an ounce.