Dow Falls on Trump's Trade Comments
Trump said the U.S. is "not ready" for a deal with China
All three stock market indexes ended the day lower, erasing early gains amid re-emerging concerns about a lengthy U.S.-China trade spat. Despite recently speculating that the trade war could come to a swift conclusion, President Donald Trump over the weekend said the U.S. is "not ready" to make a trade deal, and hinted at even more tariff hikes on Chinese imports. As such, the 10-year Treasury yield continued to explore 19-month lows, and a rough day for consumer staples and chip stocks sent the S&P 500 and Nasdaq into the red.
Continue reading for more on today's market, including:
This white-hot pharma stock could double, according to one analyst. Fraud allegations fueled options volume on the "Amazon of Africa." Why analysts are on the fence about this retail stock ahead of earnings. Plus, the tech stock slapped with a pre-earnings bear note; ATVI joins Goldman's conviction list; and TEVA stock hits new lows.The Dow Jones Industrial Average (DJI - 25,347.77) lost 237.9 points, or 0.9%, in today's trading. Visa (V) was the lone blue chip to end higher, gaining 0.7%, while UnitedHealth (UNH) fell to the bottom of the barrel with a 2.3% loss.
The S&P 500 Index (SPX - 2,802.39) fell 23.7 points, or 0.8%, while the Nasdaq Composite (IXIC - 7,607.35) fell 29.7 points, or 0.4%.
The Cboe Volatility Index (VIX - 17.50) was 1.7 points, or 10.4%, higher today.
5 Items on our Radar Today
Retail giant Walmart just hired on Suresh Kumar -- whose resume includes high-level roles at Amazon, Microsoft, and most recently Google -- as its new chief technology and chief development officer. Kumar will take the place of former CTO Jeremy King, who left to join Pinterest in March. (CNBC)Amazon CEO Jeff Bezos' ex-wife, MacKenzie Bezos, said she would be donating half of her $56 billion Amazon fortune to charity, as one of 19 people to join the "Giving Pledge," a charity campaign founded by Warren Buffett and Bill Gates. (Reuters)The tech stock slapped with an analyst downgrade before earnings. Goldman just stuck Activision stock on its conviction list. The opioid settlement that had TEVA stock tumbling.There were no earnings of note today.
Data courtesy of Trade-Alert
Midwest Flooding Boosts Oil Prices
Inclement weather and flooding that struck a major portion of the Midwest, including a key U.S. storage hub in Cushing, Oklahoma, had oil for July delivery up 51 cents, or 0.9%, to settle at $59.14 a barrel.
June-delivered gold edged lower again today, as the dollar firmed against most foreign rivals.June-date gold was down $6.50, or 0.5%, to settle at $1,277.10 an ounce.