Dow Dips with Earnings, Powell in Focus
The S&P muscled its way to a record close, though
The Dow spent the day in the red as investors reacted to quarterly reports from blue chips Walmart (WMT) and Cisco Systems (CSCO). The price action was lackluster for the S&P 500 and Nasdaq, as well -- though the former managed to scrape its way to a record close -- as traders monitored another day of testimony from Fed Chair Jerome Powell. Powell spoke positively about the U.S. economy, saying there are no signs that "things are overheating." Looking ahead to tomorrow, data could be front in center, with a number of economic reports due out, including retail sales.
Continue reading for more on today's market, including:.
Apple options ran hot after a new "sell" rating. Buy puts to bet on this tech supplier's pullback. Plus, a look at Macy's before the holidays; analyst sees Beyond Meat rally; and Nvidia's pre-earnings options data.The Dow Jones Industrial Average (DJI - 27,781.96) erased a large chunk of its intraday losses, but finished down 1.6 points, or 0.01%. Twelve of 30 Dow components closed in the black, led by Boeing's (BA) 1.4% rise. Cisco was the worst performer, falling 7.3% today.
The S&P 500 Index (SPX - 3,096.63) closed up 2.6 points, or 0.1%, and the Nasdaq Composite (IXIC - 8,479.02) slipped 3.1 points, or 0.04%.
The Cboe Volatility Index (VIX - 13.05) edged up 0.05 point, or 0.4%.
5 Items on Our Radar Today
Cigarette smoking again hit a record low in the U.S. last year. More than 34 million said they smoked last year, while e-cigarette use increased from 2017 to 2018, driven by growth among the 18-24 age range. (CNBC)USA Today Owner Gannett (GCI) is being acquired by New Media Investment Group (NEWM) in a deal that will form the largest U.S. print media company. The combined company will own more than 260 daily publications and have an average online audience of 145 million unique visitors. (USA Today) Why Macy's slide could last into the holiday season. An analyst is seeing a rally for Beyond Meat shares. Call traders lined up for Nvidia's earnings release.
Gold Gains in Risk-Off Session
Oil prices fell today on another build in domestic crude inventories. December crude futures finished down 35 cents, or 0.6%, at $56.77 per barrel.
Gold took advantage of the pullback in stocks, notching a second straight win. December gold futures finished up $10.10, or 0.7%, at $1,473.40 an ounce.