Stocks Propped Up After Trump Speech
President Trump did not indicate whether or not he would pull out of the phase one trade agreement signed with China earlier this year
Stocks staged a rebound off their session lows today, as the Dow closed just below breakeven while the S&P 500 and Nasdaq both collected modest gains. The turnaround happened after U.S. President Donald Trump said he would take action to end specialtrade treatment for Hong Kong amid China's latest bill revoking much of the region's autonomy. However, striking a softer stance than many on Wall Street had feared, President Trump did not signify whether he would pull out of the phase one tradeagreement, signed earlier this year. For the better part of the day, all three major indexes were swimming in red ink ahead of the heavily anticipated speech. Despite today's mostly lukewarm trading action, all three indexes clocked their second-straight weekly and monthly wins.
Continue reading for more on today's market, including:
Monster Energy and 24 other stocks that tendto do well next month.The "essential technology" stock getting aboost after earnings. Plus, CSCO's newest acquisition; and 2 biotechs surging on positive drug data.
The Dow Jones Industrial Average (DJI - 25,383.11) lost 17.5 points, or 0.1% for the day, but gained a weekly win of 3.8% and a monthly win of 4.2%. Of the 30 Dow components, 16 finished higher, with Cisco Systems (CSCO) leadingthe charge on a 4.9% pop, while Raytheon Technologies (RTX) paced the 14 losers on a 4.1% slide.
The S&P 500 Index (SPX - 3,044.31) ended 14.6 points, or 0.5% higher, while adding 3.1% for the week and 4.6% for the month. Meanwhile, the Nasdaq Composite (IXIC - 9,489.87) tacked on 120.9 points,or 1.3%, rounding out the week with a 1.9% weekly win and a 6.8% pop for the month.
The Cboe Volatility Index (VIX - 27.51) shed 1.1 point, or 3.8%. For the week, Wall Street's "fear gauge" dropped 2.3%, and for the month it fell 19.4%.
5 Items on Our Radar Today
Alphabet-owned Google just rescinded over 2,000 offers to individualswho agreed to work as contractors or temporary employees, according to a New York Times report. The search engine giant said in an email it will be "slowing our pace of hiring and investment, and are not bringing on as many new starters as wehad planned at the beginning of the year." (CNBC)While a large number of Americans used their stimulus check money on what is being called "relief spending," 30% of the population is spending that money on bills, including cellphones, utilities, cable, and rent, according to a survey releasedthis week. (MarketWatch)The blue chip getting a boost on a new billion-dollar acquisition. A look at AstraZeneca stock after the company's positive cancer drug trials. Another big biotech stock got a lift on positivedrug data today
Data courtesy of Trade-Alert
Oil Nabs Best Month on Record
Another day of bubbling global tensions, paired with Fed Chair Jerome Powell's warnings of a possible "second wave" of coronavirus sent gold futures higher. August-delivered gold settled $23.40, or 1.4% higher to $1,751.70 per ounce, with a monthly gainof 3.4%.
Oil futures bounced back on Friday as investors digested another drop in U.S. oil rigs potentially leading to deepening declines in production. Oil for July delivery tacked on $1.78, or 5.3% to end at $35.49. For the month it gained 88%, marking blackgold's largest monthly win on record.