Dow Kicks Off June With 4th-Straight Win

Stocks were mostly higher for the majority of the day Tuesday, as investors returned from the holiday weekend filled with optimism, thanks to dropping Covid-19 cases and higher vaccination rates. The Dow added 45 points -- notching its fourth-consecutive daily win, while the S&P 500 nearly touched its record high before settling just below breakeven. The two benchmarks cut some of their earlier gains, as inflation fears pressured prices lower. Meanwhile, the Nasdaq felt the weight of the troubled tech sector for most of the day, but also finished less than 0.1% lower. 

Reopening plays in the travel and hospitality industries were in focus today. Investors were encouraged by an update from the Transportation Security Administration (TSA), which showed a massive increase in air travel over Memorial Day weekend from a year ago. In fact, volumes came in at nearly six times what they were in 2020, though these numbers are still lagging behind what was reported in 2019. Energy stocks also gained, as oil surged to a two-year high to kick off the new month.

The Dow Jones Average (DJI - 34,575.31) added 45.9 points or 0.1% for the day. Boeing (BA) led the Dow components with a 3.1% rise, while Johnson & Johnson (JNJ) paced the laggards, falling 2.2%.

Meanwhile, the S&P 500 Index (SPX - 4,202.04) fell 2.1 points or 0.05% for the day. The Nasdaq Composite (IXIC - 13,736.48) shaved 12.3 points, or 0.09% for the day.

Lastly, the Cboe Volatility Index (VIX - 17.90) added 1.1 points or 6.8% for the day.

IndexesJune1

nysenasdaqjune1

earningsjune1

UVOLJune1

OIL PRICES LOG TWO-YEAR HIGH ON OPEC+ DECISION

Oil prices were higher on Tuesday to notch an over two-year high. The surge came after the Organization of the Petroleum Exporting Countries and their allies (OPEC+) stuck to its plan of slowly upping oil production through July, as demand growth outpaces supply gains. As a result, July-dated crude added $1.40, or 2.1%, to settle at $67.72 per barrel.

1 2
View single page >> |
How did you like this article? Let us know so we can better customize your reading experience.

Comments

Leave a comment to automatically be entered into our contest to win a free Echo Show.