Stocks got back to their winning ways today, with the Dow and Nasdaq securing triple-digit pops, the latter logging a record close. After some midday waves that followed the hotter-than-expected producer price index (PPI), Wall Street eventually found its sea legs thanks to the downwardly-revised wholesale prices reading. Now, investors shift their focus to the consumer price index (CPI) report due out tomorrow morning.
Continue reading for more on today’s market, including:
- Target bank stocks as election day nears.
- Defense stock scores bulls big win.
- Plus, SAM upgraded; an ABNB entry point; and unpacking Alibaba’s earnings.
5 THINGS TO KNOW TODAY
- U.S. President Joe Biden is rolling out new tariffs against China. (MarketWatch)
- Commercial property is getting some big investors. (Reuters)
- Beer stock has at least one fan.
- Buy the dip on Airbnb stock.
- Call traders unfazed by Alibaba earnings.
Black Gold Falls to Nine-Week Lows
Oil prices drifted toward nine-week lows today, after the Organization of the Petroleum Exporting Countries (OPEC) left its demand forecast unchanged for 2024. with June-dated West Texas Intermediate (WTI) crude shed $1.10, or 1.4%, at $78.02 a barrel.
Gold prices rose today, taking their cues from the PPI report. June-dated gold futures added 0.6%, to trade at $2,356.70 per ounce.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
