Chip Rally Lifts Nasdaq; S&P Extends Losing Streak
The S&P 500 logged its fourth straight loss
The Dow spent most of the session higher, thanks to upbeatcomments from Treasury Secretary Steven Mnuchin, who said "there's a path" to a trade deal with China. The blue-chip index traded up over 100 points at its session highs, but ultimately reversed lower amid big-cap pharma headwinds. However, while the S&P 500 suffered its fourth straight loss, a strong push from chip stocks helped the Nasdaq snap a three-day losing streak.
Continue reading for more on today's market, including:
Here are the best stocks to own in July.Analyst: These 2 penny stocks could quadruple.Wayfair stock bounced back today from the walkout drama.Plus, 2 red-hot oil stocks; a tobacco stock put out; and behind Micron's big day.The Dow Jones Industrial Average (DJI - 26,536.82) fell 11.4 points in today's trading. Intel (INTC) led the 15 blue-chip winners with a 2.9% gain, while Travelers (TRV) paced the other half of losers with a 2.9% drop.
The S&P 500 Index (SPX - 2,913.78) lost 3.6 points, or 0.1%, while the Nasdaq Composite (IXIC - 7,909.97) tacked on 25.3 points, or 0.3%.
The Cboe Volatility Index (VIX - 16.21) fell 0.1 point, or 0.4%.
5 Items on our Radar Today
In an exclusive report, Reuters said the Chinese Ministry of State Security hacked eight of the world's largest computer services firms in an effort to steal clients' commercial secrets. The elaborate year-long operation sought out Western intellectual property from companies such as Hewlett Packard and IBM, sources said. (Reuters)Bitcoin continues its impressive revival, crossing an 18-month high earlier today. There remains some hope that Facebook's Libra project will help push cryptocurrencies into the mainstream. (Reuters)Scoop up these 2 oil stocks right now, history says.The San Francisco vape ban dug into this tobacco stock.A big earnings beat made Micron stock the chip sector darling.
Data courtesy of Trade-Alert
Oil Rebounds, Gold Takes Breather
Oil also bounced back today, thanks to a massive drop in U.S. inventories and simmering tensions with Iran. By the close, August-dated crude added $1.55, or 2.7%, to end at $59.38 per barrel.
Gold pulled back, amid reduced expectations for a Fed interest rate cut later this month in the wake of comments from Fed Chair Jerome Powell. August-delivered gold gave back $3.30, or 0.2%, to settle at $1,415.40 an ounce.