Stocks end mixed as oil, gold plummet
US dollar hits 4-month high against euro
FOX Business’ Stuart Varney and Susan Li on Monday’s markets, earnings, health care stocks and cryptocurrencies.
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 | 44860.31 | +123.74 | +0.28% |
| SP500 | S&P 500 | 6021.63 | +34.26 | +0.57% |
| I:COMP | NASDAQ COMPOSITE INDEX | 19174.297336 | +119.46 | +0.63% |
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. | 117.98 | -2.01 | -1.68% |
| CVX | CHEVRON CORP. | 162.53 | +2.17 | +1.35% |
| USO | UNITED STATES OIL FUND - USD ACC | 71.61 | -0.49 | -0.68% |
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 | 242.95 | +0.47 | +0.19% |
| GOLD | BARRICK GOLD CORP. | 17.57 | -0.12 | -0.68% |
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. | 63.81 | +0.02 | +0.03% |
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. | 63.81 | +0.02 | +0.03% |
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%.