Wall Street Today: S&P 500 hits another high. Gold suffers worst month since 2016
Asia stocks set for steady start after U.S. record
Shares rose in Japan, Australia and South Korea. U.S. contracts were stable after the S&P 500 posted its longest winning streak since February, helped by cyclical sectors like energy, while technology lagged.
Oil traded near $75 a barrel after the OPEC+ alliance descended into infighting, casting doubt on an agreement that could ease a surge in prices.
The $Dow Jones Industrial Average(.DJI.US)$ rose 131.02 points, or 0.38%. The $S&P 500 index(.SPX.US)$ rose 0.52% and closed at a record 4,319.94. The $Nasdaq Composite Index(.IXIC.US)$ rose 0.13% and closed at 14,522.38.
Day traders buy the dip in cyclical trade that hedge funds shun
With airlines and travel-related stocks slumping on fears over a fast-spreading Covid variant, U.S. day traders are staging another clash with hedge funds on the reopening trade.
The retail crowd bought the dip, snapping up shares of hotels, casinos and cruise lines on Monday at the fastest pace in a year, according to data compiled by Vanda Research that tracks traffic on retail trading platforms and industry-wide order flows.
Car sales continue hot streak, but market shows signs of cooling
U.S. car sales continued at a blistering pace in the second quarter but showed some signs of slowing in June, as the number of vehicles on dealership lots continues to dwindle.
$General Motors(GM.US$ reported a nearly 40% increase in vehicle sales for the second quarter compared with the same period a year ago. The Detroit auto maker's sales were also up compared with the first quarter, but less so, rising 10% over that period.
Oil prices surge as OPEC weighs rising demand in rich countries
Oil prices rose above $75 a barrel as OPEC and a Russia-led group of producers met to weigh surging demand from the industrialized world—and delayed a decision about what to do about it.
Virgin Galactic to launch Richard Branson on July 11, aiming to beat Jeff Bezos to space
$Virgin Galactic(SPCE.US$ announced on Thursday that the space tourism company will attempt to launch its next test spaceflight on July 11, carrying founder Sir Richard Branson.
Branson is aiming to beat fellow billionaire Jeff Bezos to space, as the latter plans to launch with his own company, Blue Origin, on July 20.
Michael Burry reportedly says Reddit-favored meme stocks will crash as new money dries up
"The Big Short" investor Michael Burry believes Reddit-favored meme stocks are set to crash like the dot-com and housing market bubbles of previous decades, Barron's reported Friday.
"I don't know when meme stocks such as this will crash, but we probably do not have to wait too long, as I believe the retail crowd is fully invested in this theme, and Wall Street has jumped on the coattails," Burry told Barron's.
Record Skew index shows nagging investor nerves on US stocks rally
Mounting investor nerves over the strength of the US stock market rally has sparked a dash to buy insurance against spikes of turbulence, lifting a popular financial fear gauge to a record high.
As a result, the Skew index — which measures the difference between the cost of derivatives that protect against big market drops on one side, and the right to benefit from a rally on the other — has hit record heights.
Gold suffers worst month since 2016
Gold prices suffered the biggest monthly drop in four and a half years in June after the Federal Reserve surprised investors with its willingness to control inflationary pressures with an eventual rise in interest rates, denting the appeal of holding the metal.
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
Read more
Comment
Sign in to post a comment
Moomoo News Official Account
In 10 minutes it’s history. At four I’m a dinosaur!
38KFollowers
26Following
43KVisitors
Follow