Dow Retreats from Friday's Record Highs

To kick off the week, the Dow pulled back from Friday's record highs, falling around 106 points as concerns surrounding global economic growth and rising Covid-19 cases weighed on investor sentiment. Unsurprisingly, reopening stocks took a hit today, especially Norwegian Cruise Line (NCLH), following a ruling from a federal judge allowing the company to require proof of vaccination from passengers. The S&P 500 closed just below breakeven, erasing some of its earlier losses as investors mulled over a 5,000 price target for the index initiated by Credit Suisse. A record-setting jump in U.S. jobs openings was largely overlooked, though the Nasdaq notched a modest win, buoyed by a fresh upgrade for Tesla (TSLA). 

The Dow Jones Average (DJI - 35,101.85) fell 106.7 points or 0.3% for the day. Of the 30 Dow components, Walgreen Boots Alliance (WBA) topped the list of winners today, adding 0.7%, while Chevron (CVX) paced the laggards with a 1.7% dip.

The S&P 500 Index (SPX - 4,432.35) lost 4.2 points or 0.09% for the day. Meanwhile, the Nasdaq Composite (IXIC - 14,860.18) added 24.4 points, or 0.2%, for the day.

Lastly, the Cboe Volatility Index (VIX - 16.72) gained 0.6 points or 3.5%, for the day.

GOLD SKIDS TO FOUR-MONTH LOWS 

Building on last week's losses, oil prices kicked the week off with a dip, dropping to their lowest level since March. Once again, rising Covid-19 cases stoked investors' fears of slowing demand, as did lackluster exporting data out of China -- the world's second-largest oil consumer. In response, September-dated crude fell $2.84, or 4.2%, to settle at $65.43 a barrel for the day.

Gold prices fell as well, hitting their lowest level in more than four months on a strengthening U.S. dollar, which was bolstered by strong U.S. jobs data. December-dated gold, the most active contract, shed $36.60, or 2.1%, to settle at $1,726.50 an ounce today.