Dow Lags to End the Day, Week With a Loss
A negative earnings reaction for XOM dragged on the blue-chip index
U.S. stocks finished the day mixed, though all three major indexes explored territory on both sides of breakeven. The Dow underperformed its peers, after Exxon Mobil (XOM) sold off after earnings, while the Nasdaq erased a big lead to close near the flatline. What's more, the Dow, S&P, and Nasdaq all closed lower on the week. Big earnings are expected next week, with Apple (AAPL) and Transocean (RIG) among the many names set to report.
Continue reading for more on today's market, including:
This blue chip could be flashing a "buy" signal ahead of earnings.The news that sparked heavy selling in steel stocks. This Dow stock bucked the bearish bias to gap higher after earnings.Plus, one analyst says FB is cheap; Sprint gets pounded by call traders; and the tech stock bracing for a big post-earnings move.TheDow Jones Industrial Average (DJI - 24,311.19) shed 11.2 points, or 0.05%, for the day. Verizon (VZ) was the biggest of the 14 blue-chip winners, surging 3.6%, General Electric (GE) ended the day flat, and Exxon Mobil was the biggest loser, falling 3.8%. The Dow gave back 0.6% on the week.
The S&P 500 Index (SPX - 2,669.91) gained 3 points, or 0.1%, while the tech-heavy Nasdaq Composite (IXIC - 7,119.80) picked up 1.1 points, or 0.02%. The indexes lost 0.01% and 0.4% for the week, respectively.
The Cboe Volatility Index (VIX - 15.41) lost 0.8 point, or 5.1%, on the day. The market's "fear gauge" took an 8.7% loss for the week.
5 Items on Our Radar Today
For the first time since 2014, e-commerce giant Amazon (AMZN) announced that it is raising the annual membership fee for its Prime service by 20% to $119 from $99, effective May 11. Amazon said the increase will offset fees and other shipping costs that have surfaced in recent years, and could create an additional $2 billion for the company. (MarketWatch) A flood of protests have shaken South Africa this week, after President Cyril Ramaphosa proposed a national minimum wage. The policy to set the wage at roughly $1.62 per hour was slated for a parliamentary vote next Tuesday, May 1, but has been delayed. (CNBC)Analyst: Facebook stock is "too cheap to ignore."Sprint stock got pounded by call traders amid merger rumors.This tech stock tends to make big post-earnings moves.
Data courtesy of Trade-Alert
Gold Resumes Climb Higher, Oil Suffers
Oil prices traded mostly flat throughout the day, but closed slightly lower after the U.S. rig count edged up last week. June-dated crude finished the session down 9 cents, or 0.1%, at $68.10 per barrel, and closed the week 0.4% lower.
Gold broke its two-day losing streak, as the 10-year Treasury yield retreated from its recent highs north of 3%.June-dated futures finished up $5.50, or 0.4%, to settle at $1,323.40 per ounce on the day, but closed 1.1% lower on the week.