Dow Loses 221 Points Amid Trade, Treasury Anxieties
China's next tariff weapon could be rare earth minerals
The Dow lost over 200 points today, amid concerns about an escalating U.S.-China standoff. China is reportedly considering using rare earth minerals as its next weapon in the trade dispute, and worries over bond yields also weighed on stocks, especially in the financial sector. Retail stocks were dinged too, with Abercrombie & Fitch (ANF) among the equities hit hard after earnings.
Continue reading for more on today's market, including:
Grab these 25 stocks that tend to buck the summer doldrums. Why options bears might want to gobble up this food stock. 2 reasons to bet on this drug stock soon. Plus, Goldman Sachs hits 2 drug stocks with downgrades; VSI's CBD expansion; and Dick'searnings results.The Dow Jones Industrial Average (DJI - 25,126.41) lost 221.4 points, or 0.9%, in today's trading. Intel (INTC) led the three gainers, with a 1.5% win, while Johnson & Johnson (JNJ) sunk to the bottom on a 4.2% loss.
The S&P 500 Index (SPX - 2,783.02) fell 19.4 points, or 0.7%, while the Nasdaq Composite (IXIC - 7,547.31) fell 60 points, or 0.8%. However, both indexes managed to finish atop their 200-day moving averages.
The Cboe Volatility Index (VIX - 17.40) was 0.4 point, or 2.3%, higher today.
5 Items on our Radar Today
Earlier today, several witnesses saw an unnamed man set himself on fire on the Ellipse park near the White House. The Secret Service responded immediately, and the man is currently being treated for injuries, according to a statement from Secret Service representative Jeffrey Adams. (CNBC)Over 20 tornadoes were reported in Kansas last night, following a flurry of storms on Monday in western Ohio. The storms so far have claimed the life of one 81-year-old man in Celina, Ohio, and injured several others. (Reuters)Why traders should avoid these 2 drug stocks, according to Goldman. The CBD expansion that couldn't save this vitamin retailer. Options traders were flocking to Dick's Sporting Goods stock after earnings.
Data courtesy of Trade-Alert
Oil Dips Ahead of Crude Inventories Report
July-delivered oil fell 33 cents, or 0.6%, to end at $58.81 a barrel, amid expectations for sinking global demand in the wake of the U.S.-China trade war. In addition, traders are awaiting the holiday-delayed crude inventories report.
Gold finished higher today, as investors sought safety amid increasing global tensions. Gold for June delivery gained $3.90, or 0.3%, to finish at $1,281 an ounce.