Stocks Rebound With Tech, Spotify in the Spotlight
Car stocks also had a big day
Stocks finished the day higher, paring much of yesterday's sharp losses. A rebound in the tech sector helped send the major indexes higher, with FAANG stock Amazon (AMZN) shaking off another round of negative tweets from President Trump. The Spotify (SPOT) trading debut also made headlines, while car stocks surged on well-received monthly auto sales. The Dow managed to finish up triple digits, while the S&P climbed back atop its 200-day moving average.
Continue reading for more on today's market, including:
Sentiment signal flashing for first time in 2 years.Why Snap stock is suffering its worst losing streak in months.Options traders piled on this struggling Dow stock.Plus, the education stock to buy; a retail stock that could rally; and the sinking blockchain stock drawing an options crowd.TheDow Jones Industrial Average (DJI - 24,033.36) finished 389.2 points, or 1.7%, higher. Nike (NKE) was the biggest gainer of the 29 Dow stocks finishing in positive territory, adding 4%. IBM was the only decliner, shedding 0.2%.
The S&P 500 Index (SPX - 2,614.45) picked up 32.6 points, or 1.3%. The Nasdaq Composite (IXIC - 6,941.28) gained 71.2 points, or 1%.
The Cboe Volatility Index (VIX - 21.10) finished the day 2.5 points, or 10.7%, lower.
5 Items on Our Radar Today
San Francisco Fed President John Williams has been officially named the next New York Fed president. Williams will take over for William Dudley on June 18, leaving the West cost for the East.(CNBC)With more than 1,200 Central Americans on the move, President Trump said he wants to deploy military at the U.S.-Mexico border "until we can have a wall and proper security." He told reports he will soon meet with Defense Secretary James Mattis about the idea, and tweeted that "Cash cow NAFTA is in play." (Reuters) Buy the dip on this educational stock. This retailer could get jolted higher. Options traders blasted this sinking blockchain stock.
Data courtesy of Trade-Alert
Gold Falls on Stronger Dollar, Oil Edges Higher
Oil futures managed to finish the day higher, recovering slightly from Monday's decline. May-dated crude ended Tuesday up 50 cents, or 0.8%, at $63.51 per barrel.
The U.S. dollar strengthened as markets took a break from trade-war worries, sending June-dated gold lower for the day. Gold futures settled down $9.60, or 0.7%, at $1,337.30 per ounce.