The Dow notched a third-straight record close on Monday as investors worked through September’s manufacturing and services PMI readings, with the former hitting 15-month lows. The S&P 500 also settled at a fresh all-time high, and the Nasdaq scored a healthy gain of its own amid prolonged interest rate cut optimism. Elsewhere, the Cboe Volatility Index (VIX) settled lower for a third consecutive session.
Continue reading for more on today’s market, including:
5 Things to Know Today
- The COO of Southwest Airlines’ (LUV) told employees the company will have to make “difficult decisions” to boost profits. (CNBC)
- TD Cowen downgraded Ulta Beauty (ULTA), with the analyst noting the retailer’s increasing cost of competition. (MarketWatch)
- Analyst: Palantir stock must grow into “rich valuation.”
- Ciena stock near record highs after double upgrade.
- Options traders love this outperforming chip stock.
There were no earnings of note today.
Euro Zone Data Pressures Oil Prices
Oil prices settled lower on Monday, as investors worried about energy demand after disappointing business activity data out of Europe. November-dated West Texas Intermediate (WTI) crude dropped 63 cents, or 0.9%, to finish at $70.37 a barrel.
Gold prices scored another record high, with tailwinds still blowing for the safe-haven asset on the heels of the Federal Reserve’s interest rate cut and amid tensions in the Middle East. Gold for December delivery was last seen 0.2% higher at $2,651.75.
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Read More: Dow Scores 3rd-Straight Record Close