Dow Drops With Retail, Tech
Renewed trade fears had the Dow suffering, too
The Dow took a hit today by big losses from Home Depot (HD) and Apple (AAPL). Renewed trade worries and a suffering retail sector sparked selling on the S&P, as well, while the tech-heavy Nasdaq was dragged lower by Apple supplier Qualcomm (QCOM). The release of the Federal Open Market Committee's (FOMC) May meeting minutes failed to ignite excitement on Wall Street, as the central bank's patient stance quashed any hope of a potential rate cut.
Continue reading for more on today's market, including:
Analysts still have confidence in these 2 battered commodity stocks.Signal says to bite into this burrito stock. Behind Lowe's really bad day.Plus, this retail stock hit new lows; a bull signal flashing for GLUU; and UnitedHealth tests newfound resistance.The Dow Jones Industrial Average (DJI - 25,776.61) lost 100.7 points, or 0.4%, in today's trading. Coca-Cola led the 12 winners on a 2.2% gain, while Apple (AAPL) lagged at the bottom with its 2% drop.
The S&P 500 Index (SPX - 2,856.27) ended 8.1 points, or 0.3%, lower, and the Nasdaq Composite (IXIC - 7,750.84) slipped 34.9 points, or 0.5%.
The Cboe Volatility Index (VIX - 14.75) was 0.2 point, or 1.3%, lower.
5 Items on our Radar Today
Treasury Secretary Steven Mnuchin just announced that the 2020 release of the redesigned $20 bill, in which Harriet Tubman was to replace Andrew Jackson, will be postponed until 2028. Mnuchin cited "counterfeiting issues" as the major reason behind the redesign, and as such, the Treasury Department will add new features to the $10 and $50 bills first. (CNBC)Social media giant Facebook just announced that, after much debate, it will carry on with its ban of marijuana sales on its site. Over 60 employees came to the decision at the firm's weekly product policy meeting, but added that they plan on altering the way online content featuring cannabis is handled. (MarketWatch)The retail stock that just hit fresh lows after earnings. Signal says GLUU stock could bounce. 3 levels to watch on UnitedHealth stock.
Data courtesy of Trade-Alert
Oil Drops on Crude Inventories Data
Oil for June delivery was down again today, slumping $1.71, or 2.7%, to end at $61.42 per barrel. The downside came as data from the Energy Information Administration (EIA) showed domestic crude inventories rose more than expected last week.
June-delivered gold rose $1 to settle at $1,274.20 per ounce ahead of the release of the FOMC meeting minutes. Futures held gains in electronic trading, as minutes indicated a patient Fed.