Dow Gives Up Gains After Trump Speaks
The president blasted the Fed for keeping interest rates too high
The Dow spent most of the day in positive territory, but ran out of steam down the stretch to finish flat. The S&P 500 and Nasdaq were also strong early on, hitting record highs, but pared these gains into the close. Investors monitored an afternoon speech from President Donald Trump, who said China has cheated the U.S. on trade in the past, but didn't offer more insight on current negotiations. Trump also blasted the Fed for keeping interest rates too high in the U.S., citing other countries' adoption of negative interest rates.
Continue reading for more on today's market, including:.
The level to watch for this mid-cap ETF, according to founder and CEO Bernie Schaeffer.M&A news had one tech stock surging. Plus, streaming stocks see increased options trading; Garmin set up for bulls; and inside SWKS' pre-earnings trading.The Dow Jones Industrial Average (DJI - 27,691.49) closed at breakeven on the day, even though 16 of 30 components ended higher. Walt Disney's (DIS) 1.3% gain led the way, while the 14 losers were paced by Exxon Mobil's (XOM) 1.4% fall.
The S&P 500 Index (SPX - 3,091.84) managed a 4.8-point, or 0.2%, gain. The Nasdaq Composite (IXIC - 8,486.09) added 21.8 points, or 0.3%.
The Cboe Volatility Index (VIX - 12.68) dipped 0.01 point, or 0.08%.
5 Items on Our Radar Today
Conservative Supreme Court justices appear to be leaning toward the Trump administration's argument on ending the Deferred Action for Childhood Arrivals (DACA) program. Liberal justices said that the program has benefited many businesses and organizations. (Reuters)Dean Foods (DF) cited changing consumer habits for the company's decision to file for bankruptcy. People have been moving away from dairy milk, instead paying much more for plant-based options. (MarketWatch) Options traders jumped on streaming stocks. Navigation stock Garmin is set up nicely for bulls. How traders were playing tonight's Skyworks Solutions report.
Oil, Gold Move Lower
There wasn't much movement in oil prices today. December crude futures finished down 6 cents, or 0.1%, at $56.80 per barrel.
Gold prices also fell today. December-dated gold lost $3.40, or 0.2%, to close at $1,453.70 per ounce, marking a fourth straight loss and another three-month low.