Big Tech Helps Push Stocks into the Black
Big gains for the tech sector helped Wall Street pare steep losses
The Dow pared a 250-point deficit at its session lows to finish marginally higher in the final minutes of trading. The S&P 500 and Nasdaq also clawed their way into the black, brushing off anxieties over newly bubbling tensions between the U.S. and China, as well as a dismal day for the airline sector. Big tech appears to have saved the day, with Amazon (AMZN), Microsoft (MSFT), and Netflix (NFLX) all notching gains of over 1%.
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Options bears blasted these 2 airline stocks after the sector selloff. The biotech for bulls this summer.Plus, another look at Warren Buffet's big announcement; UBER runs into even more trouble, and Constellation Brands ups stake on Canopy Growth.
The Dow Jones Industrial Average (DJI - 23,749.76) added 26.1 points, or 0.1% for the day, with Microsoft (MSFT) leading the blue-chip index with a 2% pop, and Raytheon Technologies (RTX) dropping to the bottom on a 3.7% loss.
The S&P 500 Index (SPX - 2,842.74) tacked on 12 points, or 0.4% for the day. Meanwhile, the Nasdaq Composite (IXIC - 8,710.72) ended up 105.8 points, or 1.2% higher.
The Cboe Volatility Index (VIX - 35.97) lost 1.2 point, or 3.3% on Monday.
5 Items on Our Radar Today
Real estate company Zillow (ZG) just forecast a 2-3% drop in U.S. home prices, as well as a steep and speedy 50-60% decline in home sales for the year. The company thinks sales will bottom by the end of this spring and then slowly recover at a clip of 10% a month through next year. (CNBC)Live golf will be back on television in a little less than two weeks, as Rory Mcllroy Dustin Johnson, Rickie Fowler, and Matthew Wolf return to the green for a $3 million charity skins match for COVID-19 relief. UnitedHealth Group (UNH) said it will back the multi-million dollar donation. (MarketWatch)A look at Berkshire Hathaway stock prior to the company's big decision. The legal troubles driving Uber stock even lower. This pot stock is soaring after a "financially sensible" deal.
Data courtesy of Trade-Alert
Oil, Gold Gain Again
Oil futures notched their third consecutive gain, as producers in the U.S., Canada, and Norway begin voluntarily cutting production at a surprisingly rapid rate. June-dated crude rose 61 cents, or 3.1%, to settle back atop the $20 level at $20.39 a barrel.
Gold futures are also climbing higher, grabbing their second straight win as fresh U.S.-China tensions had traders turning back toward the safe haven asset.Gold for June delivery rose $12.40, or 0.7%, to settle at $1,713.30 an ounce.