Dow Extends Losing Streak After Yellen Speech
The Dow Jones Industrial Average (DJIA) jumped out of the gate, but lost steam as the session progressed, eventually ending modestly lower. Aside from ongoing North Korea jitters, traders digested disappointing consumer confidence and housing data, and an afternoon speech from Fed Chair Janet Yellen. In her remarks, Yellen said the central bank may have overestimated the strength of the labor market and the pace of inflation, but added it should be "wary of moving too gradually" on rate hikes. Still, tech stocks mostly moved higher following Monday's ugly session, guiding the Nasdaq Composite (COMP) to a win.
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The Dow Jones Industrial Average (DJIA - 22,284.32) was pacing to snap its losing streak, but a sudden turn south before the close doomed the blue-chip index, which gave back 11.8 points, or 0.1%. Twelve Dow stocks closed higher, led by a 1.7% spike in Apple shares, while Microsoft closed flat, and McDonald's lost 1.9% to pace the 17 losers.
The S&P 500 Index (SPX - 2,496.84) managed a 0.2-point, or 0.01%, gain. The Nasdaq Composite (COMP - 6,380.16) added 9.6 points, or 0.2%.
The CBOE Volatility Index (VIX - 10.17) slipped 0.04 point, or 0.4%.
5 Items on Our Radar Today
The latest effort to repeal Obamacare is over, after Senate Majority Leader Mitch McConnell scrapped a vote on Graham-Cassidy. McConnell said the focus now shifts to tax reform, since the healthcare bill clearly didn't have the votes. (USA Today) A report claiming there's sufficient competition in the wireless market has been approved by the Federal Communications Commission (FCC). The move is seen as clearing the way for a T-Mobile-Sprint merger. (Reuters)The software stock trading at tech-bubble highs. Why options bulls should consider Microsoft calls. Bernie Schaeffer offers a word of warning for those buying calls on this ETF.
Data courtesy of Trade-Alert
Commodities
Crude oil futures pulled back following yesterday's rally. November-dated crude lost 34 cents, or 0.7%, to close at $51.88 per barrel.
Gold snapped a two-day win streak today, as stock buying picked back up. Gold set for December delivery shed $9.80, or 0.8%, to end at $1,301.70 per ounce.