Stocks Suffer First Losing Session of 2018
Stocks ended their winning streaks, finishing the day in the red, though the major market indexes settled well off their session lows. The Dow was down triple digits in early trading, amid reports that China will scale backbuying U.S. bonds. A rally in bank stocks helped the blue-chip index creep north of breakeven for a short time, but growing concerns that President Trump will pull out of the North American Free Trade Agreement (NAFTA) sent stocks back into the red by the close. Against this backdrop, the S&P and Nasdaq ended lower for the first time in 2018, snapping their six-day winning streaks.
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Buy the dip on these Apple suppliers.Analysts: Clear skies ahead for these 2 airline stocks.The FAANG purchase that created big gains for contrarian traders.Plus, unwinding optimism on IMAX; 2 stocks soaring on blockchain buzz; and more hopes for Amazon.The Dow Jones Industrial Average (DJI - 25,369.13) shed 16.7 points, or 0.1%, after exploring a range of 147 points. General Electric (GE) led the 13 Dow winners with a nearly 2% gain, and Intel (INTC) paced the losers for the second day in a row, with a 2.6% loss.
The S&P 500 Index (SPX - 2,748.23) lost 3.1 points, or 0.1%, for the day, while the Nasdaq Composite (IXIC - 7,153.57) shed 10 points, or 0.1%.
The CBOE Volatility Index (VIX - 9.82) closed down 0.3 point, or 2.6%.
5 Items on Our Radar Today
New York City has filed a lawsuit against a slew of major oil companies to persist in the city's fight against climate change. The suit, which was filed late Tuesday, asked that five major oil companies give billions of dollars to help the Big Apple fight climate disruption.(MarketWatch)President Trump called the U.S. court system "broken and unfair," after a San Francisco judge blocked his attempt to begin phasing out the Deferred Action for Childhood Arrivals (DACA) program. The judge said the administration must first resolve the multiple legal challenges brought forward by several courts. (Reuters) Optimism is unwinding on IMAX stock. 2 stocks that soared on blockchain buzz. Another analyst pins trillion dollar hopes on Amazon.
Data courtesy of Trade-Alert
Oil Tops $63 for First Time in 3 Years
Oil prices closed above $63 per barrel for the first time in three years, just after the Energy Information Administration (EIA) reported an eighth weekly drop in U.S. oil supplies. February-dated crude settled up 61 cents, or 1%, at $63.57 per barrel.
Gold enjoyed a slight rebound, as the dollar weakened on concerns about China's bond buying. February-dated gold finished up $5.60, or 0.4% to settle at $1,319.30 per ounce.