Dow Suffers Longest Losing Streak Since August
Oil, however, snapped a record 12-session losing streak
The Dow continued to fall today, dropping for a fourth straight session -- its longest losing streak since August -- despite starting the day higher. Apple (AAPL) stock flirted with bear-market territory after downgrades from Guggenheim and UBS, sinking for a fifth straight day to mark its longest losing streak since April. In addition, bank stocks dragged on the Dow, amid concerns about a changing of the guard on the House Financial Services Committee. Against this backdrop, the S&P 500 fell for a fifth consecutive session, even as oil prices moved higher for the first time in 13 sessions.
Continue reading for more on today's market, including:
2 airline stocks that could take off. The cereal stock slammed by bear notes after a turnaround plan. SNAP stocktook a hit after a round of subpoenas. Plus, the tech stock flashing "buy" before earnings; why Kohl's could earn analyst upgrades; and PG&E's damning revelation.
The Dow Jones Industrial Average (DJI - 25,080.50) sunk 206 points or 0.8%, with six of the 30 Dow stocks finishing higher. DowDuPont (DWDP) led the gainers with a 0.9% gain, while Travelers (TRV) was at the bottom, sinking almost 3%. Nike (NKE) finished flat.
The S&P 500 Index (SPX - 2,701.58) fell 20.6 points, or 0.8%, while the Nasdaq Composite (IXIC - 7,136.39) dropped 64.5 points, or 0.9%
The Cboe Volatility Index (VIX - 21.25) was up 6.1%, or 1.2 points.
5 Items on our Radar Today
Future leader of the House Financial Services Committee, Maxine Waters, said she is prepared to halt the Trump administration's 'weakening regulations' on banks. The California Democrat is expected to become chair of the committee in January.(CNBC)Netflix is testing a new subscription service created just for mobile. The beta program, which offers customers a new mobile-only package at half the price of the next tier up, began its trial run in Malaysia as well as several other unnamed countries. (TechCrunch) KEYS stockcould be cheap ahead of earnings, if past is precedent. Kohl's stock could surprise analysts next week.The California wildfire revelation that sent PG&E stock plummeting.
Data courtesy of Trade-Alert
Oil Prices Finally Snap Record Losing Streak
U.S. oil prices is finally traded higher today, after a record slump into bear-market territory. Oil for December delivery edged 56 cents higher, or 1%, to settle at $56.25 per barrel, amid talks of prospective production cuts from the Organization of the Petroleum Exporting Countries (OPEC). Natural gas, meanwhile, enjoyed its biggest one-day surge in 14 years, with December futures jumping 18% to settle at $4.837 per million BTUs.
Gold prices also inched higher today, as the dollar lost some ground. Gold for December delivery rose $8.70, or 0.7%, to end at $1,210.10 per ounce.