Dow Snaps Win Streak as Tech, Financials Struggle
Home Depot's earnings win couldn't boost the Dow
U.S. stocks took a breather today, ending the recent relief rally for the Dow and its index peers. For the Dow and S&P, today's pullback snapped a three-day win streak, while the Nasdaq's two-day rise is over, as well, with tech and financial stocks among the hardest hit during the session. The Dow's decline comes despite a strong earnings performance from blue chip Home Depot (HD), while recession fears again came into focus ahead of tomorrow's highly anticipated Fed meeting minutes.
Continue reading for more on today's market, including:
3 reasons an analyst likes Beyond Meat shares. The Abbvie upgrade that sparked weekly options trading. Options traders grow bullish on Apple. Plus, Kohl's falls after earnings; Cigna's M&A buzz; and 2 biopharmas move on FDA buzz.
The Dow Jones Industrial Average (DJI - 25,962.44) finished near session lows, dropping 173.4 points, or 0.7%. Home Depot paced the three Dow winners with a 4.4% rise, while Dow (DOW) was the worst of the 27 losers, giving back 5.4%.
The S&P 500 Index (SPX - 2,900.51) lost 23.1 points, or 0.8%, while the Nasdaq Composite (IXIC - 7,948.56) fell 54.3 points, or 0.7%.
The Cboe Volatility Index (VIX - 17.50) rose 0.6 point, or 3.7%.
5 Items on our Radar Today
Companies in North America increased their spending by 19% on industrial robots in the second quarter, compared to a year earlier. Robot sales have grown in recent years as the unemployment rate has remained low, and the price of robots has been decreasing. (Reuters)The Federal Deposit Insurance Corp (FDIC) voted to revise the Volcker Rule, asking regulators to make changes to restrictions around how banks trade securities with their own funds. More specifically, they're examining the definition for "proprietary trading," hoping to allow banks more flexibility in making short-term investments. (CNBC) Inside the Kohl's earnings pullback. The M&A rumors that led to increased Cigna options trading. 2 biopharma stocks that moved on FDA news.
Data courtesy of Trade-Alert
Gold Bounces Back During Stock Slide
Oil prices hovered near breakeven today ahead of tomorrow's domestic crude inventory release. October crude futures, the most-trade series today, dipped 1 cent to end at $56.13 per barrel.
Gold edged higher today amid the weakness in equities. December-dated gold added $4.10, or 0.3%, and closed at $1,515.70 an ounce.