Dow Jones Industrial Average Dips; Oil Swings Higher
The Dow Jones Industrial Average (DJIA) spent the entire session in negative territory, as traders took a risk-off approach ahead of several potentially volatile events later this week. Ongoing turmoil in the Middle East also weighed on investor sentiment, though oil prices managed to erase earlier losses on expectations for a drop in domestic supplies. The S&P 500 Index (SPX) and Nasdaq Composite (COMP) also closed lower on a down day for U.S. stocks.
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The Dow Jones Industrial Average (DJIA - 21,136.23) closed down 47.8 points, or 0.2%. Wal-Mart paced the 19 Dow decliners with its 1.7% loss, while Exxon Mobil's 1.4% gain led the 11 advancers.
The S&P 500 Index (SPX - 2,429.33) settled with a 6.8-point, or 0.3%, loss, while the Nasdaq Composite (COMP - 6,275.06) ended the session down 20.6 points, or 0.3%.
The CBOE Volatility Index (VIX - 10.45) climbed 0.4 point, or 3.8%, to notch its highest close since May 23.
5 Items on Our Radar Today:The Labor Department's Job Openings and Labor Turnover Survey (JOLTS) showed U.S. job openings reached a record high in April, while hiring slowed -- pointing to a mismatch in skills, versus a slowing demand for labor. Nevertheless, the report points to a tightening labor market, which adds support behind a June rate hike at the Fed's policy-setting meeting next week. (Reuters)Uber has reportedly fired 20 employees after a law firm hired by the car-service company looked into 215 complaints, including sexual harassment claims. (Los Angeles Times)How bearish traders could help unlock even more gains for Delta Air Lines stock.Valeant stock had call buyers betting on more upside.Netflix hit a new record high, after Cantor Fitzgerald waxed optimistic on the FANG stock.
Data courtesy of Trade-Alert
Commodities
Oil snapped its two-day losing streak today, on expectations tomorrow's crude inventories update will show a continued decline in domestic inventories. At the close, July-dated futures were up 79 cents, or 1.7%, at $48.19 per barrel.
Gold closed higher for a third straight session, as the dollar weakened and traders sought safety ahead of several market-moving events. August-dated gold futures rose $14.80, or 1.2%, to settle at $1,297.50 an ounce -- the highest close since Nov. 4.