The Dow Jones Industrial Average was the clear winner among the blue-chip indexes Wednesday as Wall Street got its initial taste of 2021's Q1 earnings season.
The industrial average gained a modest 0.2% to finish at 33,730 with help from Goldman Sachs (GS, +2.3%), which jumped after the investment bank reported record first-quarter profits.
"GS is executing on all cylinders with industry-leading performance, and we believe the capital markets will remain very active in a low-rate, risk-on environment," says Kenneth Leon, director of equity research at CFRA.
From just $107.88 $24.99 for Kiplinger Personal Finance
Be a smarter, better informed investor.
Sign up for Kiplinger’s Free Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
Quarterly results from Wells Fargo (WFC, +5.6%) were also well-received, with the mega-bank topping top- and bottom-line expectations. However, JPMorgan Chase (JPM, -1.9%) slumped on disappointing loan revenues.
The energy sector (+2.8%) was another big winner today after data from the Energy Information Administration showed domestic crude oil supplies fell more than expected last week. That lifted U.S. crude oil futures by 4.9% to $63.15 per barrel, marking the commodity's highest finish since March 17. In turn, integrated oil majors Exxon Mobil (XOM, +2.9%) and Chevron (CVX, +2.0%) both enjoyed a robust move higher.
But it wasn't enough to keep the S&P 500 above water, with the broad-market index falling 0.4% to close at 4,124. The Nasdaq Composite declined 1.0% to 13,857.
Other action in the stock market today:
- The Russell 2000 rose 0.8% to close at 2,247.
- Gold futures fell $11.30, or 0.7%, to settle at $1,736.30 an ounce.
- The CBOE Volatility Index (VIX) rose 2.0% to settle at 16.99.
- Bitcoin prices dropped 1.5% to $62,028. (Bitcoin trades 24 hours a day; prices reported here are as of 4 p.m. each trading day.)
Another Day, Another Big Stock Debut
Also Wednesday, investors enjoyed the latest in a string of high-profile stock offerings.
Cryptocurrency exchange Coinbase (COIN) kicked off its highly anticipated direct listing by opening at $381.00 – well above the $250 reference price set by the Nasdaq on Tuesday – before closing up 31.3% to $328.28. Coinbase joined a laundry list of outstanding offerings in 2021 that include the likes of online gaming platform Roblox (RBLX), female-led dating-app operator Bumble (BMBL) and popular online education provider Coursera (COUR). And the dealmaking is far from over.
Yesterday, we pointed you in the direction of several special purpose acquisition companies, or SPACs, that are looking to join an explosive trend of companies going public in an alternative way. But don't sleep on traditional initial public offerings (IPOs).
Dozens of exciting deals are on tap for the rest of the year, and even more could be on the way as additional companies file with the SEC. Here, we've rounded up a baker's dozen of the hottest upcoming IPOs, including a popular consumer-goods firm that recently threw its hat in the ring.
Kyle Woodley was long RBLX as of this writing.
-
Dow Adds 472 Points After September CPI: Stock Market TodayIBM and Advanced Micro Devices created tailwinds for the main indexes after scoring a major quantum-computing win.
-
October Fed Meeting: Live Updates and CommentaryThe October Fed meeting is a key economic event, with Wall Street waiting to see what Fed Chair Powell & Co. will do about interest rates.
-
Honeywell Leads Dow Higher: Stock Market TodayOil prices got a lift after the Treasury Department announced new sanctions on Russia's two largest oil companies.
-
Dow Adds 516 Points on Broad Optimism: Stock Market TodayEasing trade war tensions and promise from early earnings reports has investors looking on the bright side to start the week.
-
Banks Are Sounding the Alarm About StablecoinsThe Kiplinger Letter The banking industry says stablecoins could have a negative impact on lending.
-
Stocks Swing in Volatile Session: Stock Market TodayThe main indexes fell sharply in early trading on rising China tensions, but rebounded thanks to encouraging bank earnings.
-
Dow Adds 587 Points as Stocks Bounce: Stock Market TodayThe main indexes rebounded sharply Monday after President Trump took a calmer stance toward China.
-
Stocks Close September on a High Note: Stock Market TodayA little bit of late risk-on behavior was enough to lift stocks into the green on the last day of September.
-
If You'd Put $1,000 Into Bank of America Stock 20 Years Ago, Here's What You'd Have TodayBank of America stock has been a massive buy-and-hold bust.
-
Investors Take Stock of Shutdown Talk: Stock Market TodayWhether we'll have a Jobs Friday this week depends on if we have a government shutdown in Washington.
