Stocks end mixed as oil, gold plummet
US dollar hits 4-month high against euro
U.S. stock indexes finished mixed Monday as the U.S. Senate closed in on an infrastructure deal amid mounting concerns over the spreading of COVID-19 infections in Asia.
Senators over the weekend voted 69-28 in support of provisions to the $1 trillion bipartisan infrastructure bill that would provide money to repair roads and bridges and expand broadband coverage, among other things.
Ticker | Security | Last | Change | Change % |
---|---|---|---|---|
I:DJI | DOW JONES AVERAGES | 44782 | -128.65 | -0.29% |
SP500 | S&P 500 | 6047.15 | +14.77 | +0.24% |
I:COMP | NASDAQ COMPOSITE INDEX | 19403.947849 | +185.78 | +0.97% |
CAR PART PRICES ARE HEADING HIGHER
The Dow Jones Industrial Average fell 107 points, or 0.31%, while the S&P 500 index slipped 0.09% and the Nasdaq Composite rose 0.16%. Both the Dow and the S&P 500 closed at record highs on Friday after the July jobs report blew past estimates.
The strong jobs report sent the U.S. dollar to a more than four-month high against the euro as traders bet the Federal Reserve could begin tapering its asset purchases this year and hike rates by the end of next year.
Ticker | Security | Last | Change | Change % |
---|---|---|---|---|
XOM | EXXON MOBIL CORP. | 117.83 | -0.23 | -0.19% |
CVX | CHEVRON CORP. | 162.21 | +0.28 | +0.17% |
USO | UNITED STATES OIL FUND - USD ACC | 71.04 | -0.59 | -0.82% |
The rising dollar coupled with concerns the delta variant’s spread in China would weigh on global energy demand hit oil prices, with West Texas Intermediate crude tumbling $1.80 to $66.48 a barrel. Oil majors, including Exxon Mobil Corp. and Chevron Corp., were lower.
Ticker | Security | Last | Change | Change % |
---|---|---|---|---|
GLD | SPDR GOLD SHARES TRUST - USD ACC | 243.46 | -2.17 | -0.88% |
GOLD | BARRICK GOLD CORP. | 17.21 | -0.28 | -1.60% |
Meanwhile, gold slumped $36.60 to $1,723.40 an ounce.
In earnings, Barrick Gold Corp. reported stronger-than-expected quarterly profit and reaffirmed its full-year forecasts for gold and copper production.
Ticker | Security | Last | Change | Change % |
---|---|---|---|---|
BROXF | BROOKFIELD | 13.8045 | -1.20 | -7.97% |
ANAT | NO DATA AVAILABLE | - | - | - |
In deals, Brookfield Asset Management Inc.’s reinsurance unit agreed to buy insurer American National Group Inc. for $5.1 billion cash, or $190 per share – a 10% premium to Friday’s closing price.
Ticker | Security | Last | Change | Change % |
---|---|---|---|---|
SAFM | NO DATA AVAILABLE | - | - | - |
Sanderson Farms Inc. reached a deal to sell itself for about $4.5 billion, or $203 per share.
And Tyson Foods boosted its outlook as demand for beef recovers and the company hikes prices to combat rapid inflationary pressures.
Ticker | Security | Last | Change | Change % |
---|---|---|---|---|
TSN | TYSON FOODS INC. | 64.34 | -0.16 | -0.25% |
Elsewhere, DraftKings Inc. announced it would buy Golden Nugget Online Gaming for $1.56 billion in stock. Upon closing, Golden Nugget shareholders will receive 0.365 shares of newly issued DraftKings' stock for each share owned.
Ticker | Security | Last | Change | Change % |
---|---|---|---|---|
TSN | TYSON FOODS INC. | 64.34 | -0.16 | -0.25% |
Overseas markets were mixed.
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European bourses were little changed with Britain’s FTSE 100 edging up 0.13%, Germany’s DAX slipping 0.1% and France’s CAC 30 down 0.06%.
In Asia, Japan’s Nikkei 225 ticked up 0.33%, Hong Kong’s Hang Seng index rose 0.4% and China’s Shanghai Composite advanced 1.05%.