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

Yes, You Can Collect Social Security from an Ex-Spouse: Here’s How
social security

Yes, You Can Collect Social Security from an Ex-Spouse: Here’s How

It’s always smart to maximize your Social Security benefits, and if you are divorced, one way to do that might be to take them based on your ex’s earn…
May 13, 2021
Refunds for $10,200 Unemployment Tax Break to Begin This Week
Coronavirus and Your Money

Refunds for $10,200 Unemployment Tax Break to Begin This Week

The IRS will start issuing automatic refunds in mid-May to people eligible for the unemployment benefit tax exemption.
May 14, 2021
18 Worst Things to Buy at Dollar Stores
spending

18 Worst Things to Buy at Dollar Stores

These discount retailers stock plenty of bargains, but some of the merchandise isn’t worth the buck.
May 14, 2021

Recommended

Stock Market Today 7/23/20: Tech Stocks Take a Tumble
Markets

Stock Market Today 7/23/20: Tech Stocks Take a Tumble

An increase in weekly jobless benefits applications and profit-taking in tech stocks sent the major indices to steep declines Thursday.
July 24, 2020
Closing Bell 7/1/20: Nasdaq Hits New Highs to Start Q3
Markets

Closing Bell 7/1/20: Nasdaq Hits New Highs to Start Q3

The first day of 2020's second half kicked off with a mixed trading session that saw Amazon (AMZN) and Facebook (FB) help the Nasdaq to new highs.
July 2, 2020
Closing Bell 6/22/20: Big Tech Carries the Markets
stocks

Closing Bell 6/22/20: Big Tech Carries the Markets

Apple (AAPL) and Microsoft (MSFT) were at the forefront of a tech-led rally in the broader markets Monday.
June 22, 2020
Stock Market Today: Fed-Led Momentum Propels Dow Again
stocks

Stock Market Today: Fed-Led Momentum Propels Dow Again

Fed's bond backing, Powell's suggestion for more Congressional spending and hints at an infrastructure plan lifted stocks broadly Tuesday
June 16, 2020