Dow Bags Four in a Row on Tariff Delay Hopes
This was the Dow's third straight triple-digit gain and longest win streak since March
The Dow nabbed itsfourth straight win today-- it's longest winning streak since mid-March -- and third triple-digit gain in a row. Wall Street is still cheering Fed Chair Jerome Powell's dovish comments from Tuesday, and stocks got a last-minute boost today from a Bloomberg report that indicated the U.S. may postpone its 5% tariffs on all Mexican imports, set to go into effect next week. But trade tensions still loom large with China, after President Donald Trump said the U.S. could still increase tariffs on Chinese goods by "another at least $300 billion."
Continue reading for more on today's market, including:
2 pharma stocks that nearly doubled today.Breaking down the volatility explosion on INSY stock.Options traders blasted the worst Big Board stock today.Plus, breaking down a big Box win; a scathing Citron note; and a weed stock flashing a "buy" signal.
The Dow Jones Industrial Average (DJI - 25,720.66) added 181.1 points, or 0.7%, in today's trading. Chevron (CVX) led the 26 winners with a 2.6% gain, while Travelers (TRV) paced the four losers with a 0.6% drop.
The S&P 500 Index (SPX - 2,843.49) gained 17.3 points, or 0.6%, while the Nasdaq Composite (IXIC - 7,615.55) climbed 40.1 points, or 0.5%.
The Cboe Volatility Index (VIX - 15.93) fell 0.2 point, or 1%, today.
5 Items on our Radar Today
Fiat Chrysler (FCAU) scrapped plans to buy Renault, citing "the political conditions in France." The French government currently holds a 15% stake in Renault. (Reuters)Alphabet (GOOGL) agreed to a big purchase today, with plans to buy Looker Data Sciences Inc. for $2.6 billion. The move helps expand Alphabet's cloud data management and is Google's biggest deal since 2014. (Bloomberg)How Schaeffer's subscribers more than doubled their money on Box stock in six weeks.Options bears flocked to FLT after a Citron report.This weed stock is ready to rally.
Data courtesy of Trade-Alert
Oil Bounces Back; Gold's Longest Win Streak in a Year
Black gold rallied today, with July-dated oil futures gaining 91 cents, or 1.8%, to end at $52.59 per barrel. Oil had traded flat throughout most of the day, but got an uptick after the report that the U.S. may delay Mexico tariffs.
Gold turned in its seventh straight win, the longest wining streak since January 2018. August-delivered gold rose $9.10, or 0.7%, to settle at $1,342.70 an ounce, as demand for the safe-haven asset remained in tact amid trade uncertainty.