McDonalds – Stocks Finish Packed Earnings Day on Quiet Note
The Dow dropped roughly 23 points for the day
All three benchmarks finished Tuesday’s session on a quiet note after a day spent struggling for direction. The Dow finished the day with a roughly 23-point drop. Meanwhile, the Nasdaq Composite and S&P 500 both finished nearly flat, though the latter hit a fresh intraday peak before settling just below breakeven. Corporate earnings, of course, were front and center today, with several names such as General Electric (GE) enjoying the spotlight. Investors are looking ahead to the Big Tech names that are set to report as well, including Microsoft ((MSFT)), which announced its fiscal second-quarter results after the close.
Wall Street is also eyeing a new policy statement from the Federal Reserve, which just commenced its two-day meeting today. Elsewhere, the Biden administration announced that it could be narrowing the eligibility for any upcoming stimulus relief, while the proposed $1,400 direct deposit is still eliciting criticism from several lawmakers.
Continue reading for more on today’s market, including:
- Options bulls gobble up McDonald’s stock ahead of earnings.
- How this buzzy solar energy stock could benefit from a short squeeze.
- Plus, unpacking WKHS’ massive surge; Tesla stock has more room to run; and the mobile phone stock brushing off a bear note.
The Dow Jones Industrial Average (DJI – 30,937.04) fell nearly 23 points, or 0.07% for the day. IBM (IBM) led the gainers with a 3.3% pop, while American Express (AXP) fell to the bottom of the barrel once again with a 4.1% dip.
Meanwhile, the S&P 500 Index (SPX – 3,849.62) settled 5.7 points, or 0.2% lower, while the Nasdaq Composite (IXIC – 13,626.07) shed 9.9 points, or 0.07%.
Lastly, the Cboe Volatility Index (VIX – 23.02) lost 0.2 point, or 0.7% for the day.
- A bill seeking to eventually raise the U.S. minimum wage to $15 per hour has been reintroduced by Democrats in the House and Senate. (CNBC)
- The eastern U.S. is experiencing a widespread internet outage, linked to issues on Verizon‘s network, making websites such as Zoom (ZM) and Amazon (AMZN) inaccessible. (MarketWatch)
- Breaking down Workhorse stock’s incredible surge up the charts.
- Tesla stock’s charge higher isn’t over yet, according to this bullish signal.
- The mobile phone stock brushing off a downgrade from RBC today.
Gold Logs Fourth-Straight Loss, Oil Prices Mixed
Gold notched its longest losing streak in over eight months on Tuesday, dropping for a fourth-consecutive session ahead of the Federal Open Market Committee’s (FOMC) two-day policy meeting, which concludes tomorrow. What’s more, 100% of investors expect the central bank to stand pat on interest rates, per CME Group’s FedWatch tool. In response, February-dated gold lost $4.30, or 0.2%, to finish at $1,850.90 per ounce.
Oil prices, meanwhile, were mixed as investors hoped for the speedy approval of U.S. President Joe Biden‘s stimulus plan, and weighed crude production cuts in Iraq against news that Indonesian authorities seized vessels from Iran and Panama on suspicions of illegal oil transfers. An unidentified blast in Saudi Arabia is also shaking the commodity, though the cause is yet to be confirmed. March-dated crude lost 16 cents, or 0.3% for the day, to settle at $52.61 per barrel.