Dow Jones Industrial Average Retreats in Low-Volume Session
Coming off Friday's record-setting session, the Dow Jones Industrial Average (DJIA) traded in a tight 56-point range today. The low volatility was seen on the S&P 500 Index (SPX) and Nasdaq Composite (COMP), too, though the latter managed to eke out a new all-time peak in early trading. Nevertheless, all three major market indexes closed in the red, as Apple stock was hit with a rare downgrade ahead of its Worldwide Developers Conference (WWDC), and oil prices continued to retreat after several countries cut ties with Qatar.
Continue reading for more on today's market, including:
The Dow Jones Industrial Average (DJIA - 21,184.04) closed down 22.3 points, or 0.1%. Apple's 1% loss paced the 13 Dow decliners, while Wal-Mart stock's 0.8% gain led the 17 advancers.
The S&P 500 Index (SPX - 2,436.10) gave back 3 points, or 0.1%. The Nasdaq Composite (COMP - 6,295.68) hit a record intraday high of 6,310.62, before closing down 10.1 points, or 0.2%.
The CBOE Volatility Index (VIX - 10.07) rose 0.3 point, or 3.3%.
5 Items on Our Radar Today:President Donald Trump unveiled part of his infrastructure proposal today, highlighted by a plan to privatize the U.S. air traffic control system. The effort would be a part of a broader $1 trillion infrastructure initiative. (Bloomberg)Apple kicked off its Worldwide Developers Conference (WWDC), an annual event that often marks the release of new software, products, and designs. This year has featured the unveiling of a fresh lineup of MacBooks, a new iOS system update, and a peer-to-peer payment program called Pay Cash. (CNBC)Given Amazon's lofty share price, it may be a good time to trade options on the FANG stock.These 3 drug stocks made big moves after the American Society of Clinical Oncology's (ASCO) annual event. Pandora stock gained ground on reports of a possible $100 million blue-chip investment.
Data courtesy of Trade-Alert
Commodities
Oil prices dropped today, after several Middle Easter states cut their diplomatic ties with Qatar over accusations of funding militant factions, sparking uncertainty surrounding a supply-cut agreement among global crude producers. By the close, July-dated futures were down 26 cents, or 0.6%, at $47.40 per barrel.
Gold marked a second straight gain, as a terrorist attack in London over the weekend heightened its safe-haven appeal. August-dated gold futures added $2.50, or 0.2%, to settle at $1,282.70 an ounce -- a six-week high.