Stock Market Today

Stock Market Today: Strong Start to Earnings Season Sends Dow Higher

Goldman Sachs' (GS) record Q1 and a strong day for Chevron (CVX) helped keep the Dow in positive territory on an otherwise choppy Wednesday.

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.

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.

Sign up for Kiplinger's FREE Closing Bell e-letter: Our daily look at the stock market's moves, and what moves investors should make.

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.)
stock chart for 041421

YCharts

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.

Most Popular

Your Guide to Roth Conversions
Special Report
Tax Breaks

Your Guide to Roth Conversions

A Kiplinger Special Report
February 25, 2021
The 12 Best Tech Stocks to Buy for 2022
tech stocks

The 12 Best Tech Stocks to Buy for 2022

The best tech-sector picks for the year to come include plays on some of the most exciting emergent technologies, as well as several old-guard mega-ca…
January 3, 2022
How to Know When You Can Retire
retirement

How to Know When You Can Retire

You’ve scrimped and saved, but are you really ready to retire? Here are some helpful calculations that could help you decide whether you can actually …
January 5, 2022

Recommended

Stock Market Today (1/14/22): Financials Hold Back Dow in Mixed Friday Session
Stock Market Today

Stock Market Today (1/14/22): Financials Hold Back Dow in Mixed Friday Session

Negative post-earnings reactions in some bank stocks, as well as a lousy December retail sales report, weighed on the industrial average.
January 14, 2022
Can AI Beat the Market? 10 Stocks to Watch
stocks

Can AI Beat the Market? 10 Stocks to Watch

An artificial intelligence (AI) system identifying high-potential equities has been sharp in the past. Here are its 10 top stocks to watch over the ne…
January 14, 2022
Kiplinger's Weekly Earnings Calendar
stocks

Kiplinger's Weekly Earnings Calendar

Check out our earnings calendar for the upcoming week, as well as our previews of the more noteworthy reports.
January 14, 2022
Stock Market Today (1/13/22): Stocks Resume Slide on Busy News Day
Stock Market Today

Stock Market Today (1/13/22): Stocks Resume Slide on Busy News Day

The major benchmarks started the day in positive territory, but were bathed in red ink by the close.
January 13, 2022