Stocks Sell Off Ahead of Trump Trade Announcement
Investors are expecting another round of Chinese tariffs from the Trump administration
The Dow Jones Industrial Average (DJI) fell today, as investors braced for the Trump administration's post-close trade announcement. Roughly an hour before the closing bell,President Donald Trump revealed he would be providing an update on U.S.-China trade relations after the market closed, and stocks added to their losses as a result. Tech was one of the hardest hit sectors, resulting in down days for the Nasdaq Composite (IXIC) and S&P 500 Index (SPX), as well, with the latter index snapping its five-day winning streak.
Continue reading for more on today's market, including:
Options traders struck on the big Amazon stock pullback. The weed stock that jumped on a Coca-Cola announcement. A bear note sent this drug stock to yet another loss. Plus, Cigna gets a bull note; time to bet on GrubHub; and TEVA shares stay hot.The Dow Jones Industrial Average (DJI - 26,062.12) fell 92.6 points, or 0.4%, ending near its session lows. Half of the 30 Dow stocks managed gains, with Caterpillar (CAT) taking the top spot, picking up 0.9%. Apple (AAPL) led the decliners, shedding 2.7%.
The S&P 500 Index (SPX - 2,888.80) suffered a 16.2-point, or 0.6%, loss, and the Nasdaq Composite (IXIC - 7,895.79) lost 114.3 points, or 1.4%.
The Cboe Volatility Index (VIX - 13.68) rose 1.6 points, or 13.3%.
5 Items on our Radar Today
Trump's economic advisor Larry Kudlow said today that the Trump administration needs to cut down on government spending in 2019. Kudlow blamed government spending for growing deficits, not the Republican tax bill. (Reuters) According to reports, Apple Watches and AirPods will not be included in the newest list of Chinese tariffs. The Apple products will be grouped into a category of high-tech products that are exempt. (Bloomberg)Cigna stock grabbed a big bull note today. Why it could be time to bet on GrubHub's next move higher. How TEVA stock kept its hot streak going.
Data courtesy of Trade-Alert
Gold Prices Rise During Stock Skid
Oil prices fell today amid the trade headwinds. October crude futures fell 8 cents, or 0.1%, to end at $68.91 per barrel.
Gold got a boost amid the risk-off session today. Gold set for December delivery added $4.70, or 0.4%, to close at $1,205.80 per ounce.