Stocks Win Big, SPX Faces Up Against Key Trendline
The S&P traded atop its 200-day moving average for the first time since early March
Stocks roared back to life after the long holiday weekend, ending Tuesday with impressive daily wins. Most notably, the S&P 500 jumped over the the 3,000 level, which coincides with its closely watched 200-day moving average, for the first time sinceearly March, before ending the day just below the region. Meanwhile, the Dow slid into the close with a nearly 530-point win, while the Nasdaq also enjoyed an impressive daily gain. This broad-market push higher came amid positive progress on a potential coronavirus vaccine, with Novavax (NVAX) reporting its first human study on Monday, and optimism over the graduallyreopening economy.
Continue reading for more on today's market, including:
Spotify stock under pressure as Amazon stepsinto the podcast arena. Why it could be a critical summer for the video game sector this year. Plus, Deutsche Bank's red-hot options pits; AZO's post-earnings drive higher; and the vaccine plans giving Merck a lift.The Dow Jones Industrial Average (DJI - 24,4995.11) added roughly 530 points, or 2.2% for the day. All but six constituents finished higher, with Goldman Sachs (GS) at the top of the list on a nearly 9% win, while Microsoft (MSFT)slid to the bottom on a 1.1% drop.
The S&P 500 Index (SPX - 2,991.77) ended 36.3 points, or 1.2% higher, while the Nasdaq Composite (IXIC - 9,340.22) ended 15.63 points, or 0.2%, higher.
The Cboe Volatility Index (VIX - 28.01) dropped 0.2 point or 0.5%.
5 Items on Our Radar Today
Senate Majority Leader Mitch McConnell said on Tuesday that Congress will "probably" have to pass another coronavirus relief bill, and will need to make a decision about whether or not to do so in the coming weeks. The Kentucky Senator added that the success of the economic reopening will inform the decision going forward. (CNBC)The New York Stock Exchange's (NYSE) floor has partly been reopened today, following a two-month closure as part of the global lockdown measures. Just 25% of the NYSE's staff is back on the floor for the time being, while most trading is still being done electronically. (MarketWatch)Bearish comments from DeutscheBank's CEO brought options players out of the woodwork. Behind AZO's post-earnings pop. A look at Merck's coronavirus vaccine plans.
Data courtesy of Trade-Alert
Economic Optimism Buoys Oil While Gold Dips Lower
An uptick in demand, paired with optimism over a continued drop in crude supplies, pushed oil futures higher today. July-dated crude added $1.10 cents, or 3.3%, to settle at $34.35 a barrel.
The general optimism felt on Wall Street pushed gold futures lower on Tuesday. Gold for June delivery settled down $29.90, or 1.7% to $1,705.60 an ounce.