Dow Retreats from Record High Amid Shutdown Fears
After notching a fresh record high out of the gate today, the Dow reversed course -- and was briefly down triple digits -- amid concerns about a possible government shutdown this weekend. Another big loss for General Electric (GE) stock also weighed on the index, overshadowing a solid day for Walmart (WMT) shares. Nevertheless, the Dow managed to maintain a perch atop the 26,000 level. The S&P and Nasdaq, meanwhile, ended a wishy-washy session lower, too, as traders eyed a pullback in healthcare and energy stocks.
Continue reading for more on today's market, including:
This social media stock could fall more than 50%, if analysts' predictions ring true.How options traders recently doubled their money on Century Aluminum.Upgrades could be in store for this railroad stock after earnings.Plus, 2 cybersecurity stocks at milestones; analysts eye Starbucks; and sentiment signal sounding for the first time since Black Monday.
The Dow Jones Industrial Average (DJI - 26,017.81) lost 97.8 points, or 0.4%, after touching a record high of 26,153.42 during intraday trading. UnitedHealth (UNH) led the 14 advancing blue chips with a 2% gain, while GE paced the losers for a second day in a row, with a 3.3% drop.
The S&P 500 Index (SPX - 2,798.03) shed 4.5 points, or 0.2%, while the Nasdaq Composite (IXIC - 7,296.05) let go of 2.2 points, or 0.03%.
The CBOE Volatility Index (VIX - 12.22) managed to pick up 0.3 point, or 2.6%, for its first close above 12 since mid-November.
5 Items on Our Radar Today
Online retail powerhouse Amazon has released its list of top 20 contenders for its new headquarters. The list -- including the likes of New York City, Atlanta, and Toronto -- was narrowed from more than 230 proposals from cities hoping for the ability to host the FAANG member, with the final decision expected to be revealed by the end of the year. (CNBC)The U.S. Senate passed the renewal of the NSA's internet surveillance program today, which will extend the controversial program for another six years. The bill is expected to be signed into law by President Trump before the weekend. (Reuters)2 cybersecurity stocks at technical milestones.Analysts are capitulating to surging Starbucks.Wall Street hasn't been this biased since Black Monday.
Data courtesy of Trade-Alert
GoldSuffers Biggest Daily Loss in Over a Month
Oil took a hit today, after the Organization of the Petroleum Exporting Countries (OPEC) hiked its forecast for non-OPEC oil supply this year. However, crude's losses were limited by the weekly inventories report, which showed domestic supplies fell for a ninth week in a row. February crude futures saw a drop of 2 cents, or 0.03%, to finish at $63.95 per barrel.
Gold pulled back from multi-month highs, marking its biggest single-day loss in over a month. February-dated gold futures lost $12, or 0.9%, to settle at $1,327.20 an ounce.