August 18, 2021

August 18, 2021

Stocks dropped today, with the DOW, S&P and NASDAQ all finishing down about 1%. In economic news, industrial production increased 0.9% during July, almost doubling expectations.

 

Dow Jones -380 at 34,964

S&P 500 -48 at 4,400

NASDAQ -130 at 14,526

 

The 10 Year Treasury closed up 2 basis points yielding 1.27%

Oil prices closed down $1.62 ending at $64.97 a barrel

Gold prices closed up $2 ending at $1,787 an ounce

 

Corporate news:

 

  • Shares of ViacomCBS increased 4% after Wells Fargo upgraded the stock to overweight, saying ViacomCBS is one of the players poised to benefit from industry consolidation and is also impressed by its Paramount+ streaming service.

 

  • Krispy Kreme shares dropped 7% after missing earnings estimates. However, the company did manage to beat revenue expectations and give a better-than-expected revenue forecast based on projected strength from online ordering and new menu items.

 

  • T-Mobile said after an investigation, the personal information of about 7.8 million customers was compromised in a recent data breach. This included dates of birth, social security numbers and driver’s license information. T-Mobile shares declined 1% today.

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