Dow Finishes Lower as Nasdaq Extends Winning Streak
Stocks started the day off strong, as traders continued to react to Friday's jobs report. However, lingering concerns President Donald Trump's tariffs -- set to be implemented later this month -- and big sell-offs for blue chips Intel (INTC), Boeing (BA) and Caterpillar (CAT) sent the Dow down 157 points at the close. Tech stocks outperformed, however, with the Nasdaq locking in a fresh record close and seventh straight daily win -- its longest winning streak since October. Elsewhere, the VIX snapped its six-day losing streak.
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Options traderstarget record highs for Facebook and Microsoft stocks. Put writers are betting on a Dick's Sporting Goods volatility crush. The options market is bracing for a big post-earnings move for this retail stock. Plus, the drug stock Leerink is watching; Micron's new high; and two toy stocks receiving bearish brokerage notes.TheDow Jones Industrial Average (DJI - 25,178.61) finished down 157.1 points, or 0.6%.Today saw 11 Dow components close in positive territory, led by General Electric (GE) with a 1.1% gain. BA was the worst performer, shedding 2.9%.
The S&P 500 Index (SPX - 2,783.02) gave back 3.6 points, or 0.1%. The Nasdaq Composite (IXIC - 7,588.33) gained 27.5 points, or 0.4%, for its seventh straight win.
The Cboe Volatility Index (VIX - 15.78) finished 1.1 points, or 7.8%, higher.
5 Items on Our Radar Today
Cloud-based platform Dropbox announced the terms for its initial public offering (IPO) today, setting a valuation as high as $8 billion. It also announced a $100 million private placement from Salesforce.com (CRM). The shares will begin trading next week on the Nasdaq under the ticker DBX, and will be priced at $16 to $18 apiece. (CNBC)Harvey Schwartz, co-president and chief operating officer (COO) of Goldman Sachs, will retire next month. This has many speculating that David Solomon -- now the big bank's only president and COO -- will become the sole name in the running to replace current CEO Lloyd Blankfein. (Reuters)The drug stock Leerink is bullish on. A big price-target hike boosted Micron stock to new highs.Barclays weighed in on two struggling toy stocks.There are no earnings to report today.
Data courtesy of Trade-Alert
Oil, Gold Start Week Off Lower
April-dated crude futures fell 68 cents, or 1.1%, to end at $61.36 per barrel, after an Energy Information Administration (EIA) monthly report that projected higher-than-forecast U.S. output forecast for April.
Gold futures for April delivery shed $3.20, or 0.2%, to close at $1,320.80 an ounce, ahead of tomorrow's latest consumer price index data. The metal rose last Friday after the strong jobs report.