The S&P 500 and Dow Jones Industrial Average couldn’t sustain their rallies, but the Nasdaq composite briefly touched an intraday record high of 10,000 before retreating a bit, plus more in today’s Closing Bell on Money & Markets.
Nasdaq Jumps Again
The tech-heavy Nasdaq was led higher Tuesday on strong gains by Amazon.com Inc. (Nasdaq: AMZN) and Apple Inc. (Nasdaq: AAPL), which both rose more than 3%.
The index officially reentered bull market territory after Monday’s close saw it reach a new record high of 9,924 after hitting a low on March 23. The previous record-high close was set on Feb. 19 — the day before the coronavirus crash officially began.
The benchmark S&P 500 is about 5.5% below its record high, also set on Feb. 19, after falling a bit Tuesday.
“It’s a very tepid pullback in equities, a little bit more concentrated in early cyclical stocks that feels like profit taking after their very impressive rallies over the past few weeks,” said Yousef Abbasi, global market strategist at INTL FCStone in New York.
The Dow Jones Industrial Average also pulled back a bit Tuesday, falling 300 points after a 1.7% rise in a furious day of trading Monday.
Stock Market Update: Closing Bell*
S&P 500: 3,207 (-0.78%)
DOW: 27,272 (-1.09%)
NASDAQ: 9,953 (+0.29%)
RUSSELL: 1,507 (-1.89%)
GOLD: $1,715.40 (+1%)
BITCOIN: $9,723.59 (+0.33%)
U.S. 10-YEAR YIELD: 0.825% (-0.059)
*- as of 4:10 p.m.
A Big Win
We mentioned three stocks primed for big losses today, and all three indeed cratered.
Stitch Fix Inc. (Nasdaq: SFIX) — The online personal styling company reported a $0.33-per-share loss in earnings, missing analyst expectations. It also missed revenue projections, and shares fell 5.5%.
Chesapeake Energy Corp. (NYSE: CHK) — Shares of the Oklahoma-based energy company plummeted more than 54% in premarket trading, and that was just the start of it. CHK cratered 65.8%.
Macy’s Inc. (NYSE: M) — The American department store giant said its preliminary earnings projections were pricing in a net loss of $652 million for the previous quarter, sending shares down 7.3%.
Golden Nuggets
Gold jumped 1% as risk appetite took a back seat to investors in more of a wait-and-see mode regarding the state of the U.S. economy and potential further stimulus efforts. Spot gold rose as much as 1.2% earlier in the day, but settled up 1% at 4:10 p.m. EDT. Gold futures were up 0.9% at $1,720.10.
“The expectations of further Fed stimulus are in the forefront of what’s been supporting gold over the last couple of days. In addition, we’re also seeing global equities tick lower slightly across the board,” said David Meger, director of metals trading at High Ridge Futures. “We’re seeing an unprecedented amount of global liquidity and that underlying fundamental environment is extremely supportive for gold.”
The Federal Reserve is meeting again today and Wednesday.
Silver futures fell about 0.7% to $17.77, while copper futures rose 1.3%. Platinum was relatively flat at $860.70 while palladium fell 3.8% to $1,959.80.
Cannabis Corner
Cresco Labs co-founder Joe Caltabiano resigned from the company’s board of directors after resigning as president in March. He co-founded the Chicago-based multistate operator in 2013 but resigned to pursue “other opportunities” in the cannabis sector. Caltibano will remain one of the company’s largest shareholders, owning about 5% of the company, which trades on the Canadian Securities Exchange as CL.
Today’s Big Winners
S&P 500: Advanced Micro Devices (Nasdaq: AMD) +6.5%
Nasdaq: Amazon.com Inc. (Nasdaq: AMZN) +3%
Dow: Apple Inc. (Nasdaq: AAPL) +3.2%
Today’s Big Losers
S&P 500: Aptiv PLC (NYSE: APTV) -13.2%
Nasdaq: American Airlines Group Inc. (Nasdaq: AAL) -8.7%
Dow: Boeing Co. (NYSE: BA) -5.9%
Check back for the most important news and numbers each day after the Closing Bell, only on Money & Markets.