Dow Outperforms Ahead of Busy Week on Wall Street
The Fed meeting and U.S.-China trade talks are just two things in focus this week
It was a choppy start to a busy trading week, as speculators looked ahead to a crowded economic calendar -- which includes this week's Fed meeting -- as well as the latest round of U.S.-China trade talks. And at the start of a jam-packed earnings docket, blue chip Pfizer (PFE) dropped after the pharmaceutical concern lowered its full-year guidance and said it will merge its off-patent medicines division with generic drugmaker Mylan (MYL). While the Dow managed to brush off these headwinds to close higher on Intel (INTC) and Johnson & Johnson (JNJ) strength, the S&P and Nasdaq retreated from Friday's record highs as FANG stocks dropped.
Continue reading for more on today's market, including:
3 reasons to watch Apple this week.The best S&P stocks for August.The level Under Armour bulls are eyeing ahead of earnings.Plus, why DISH was downgraded before earnings; calls are cheap on this surging software stock; and behind Anheuser-Busch Inbev's rare upgrade.The Dow Jones Industrial Average (DJI - 27,221.35) closed up 28.9 points, or 0.1%. Intel (INTC) and Johnson & Johnson (JNJ) paced 18 advancers, adding 1.8% apiece, while Pfizer (PFE) led the 12 decliners with its 3.8% drop.
The S&P 500 Index (SPX - 3,020.97) shed 4.9 points, or 0.2%, while the Nasdaq Composite (IXIC - 8,293.33) gave back 36.9 points, or 0.4%.
The Cboe Volatility Index (VIX - 12.83) gained 0.7 point, or 5.5%.
5 Items on our Radar Today
A U.S. district judge in Washington blocked a plan approved by the Trump administration that would deny Medicaid health insurance in New Hampshire to those not meeting work requirements. This follows similar moves made by judges in Arkansas and Kentucky to overturn the measure. (Reuters)Lyft (LYFT) stock dropped today, after Bloomberg reported Jon McNeill is stepping down as the ride-hailing firm's chief operating officer. McNeill joined the team at Lyft in early 2018, and previously worked as an executive at Tesla (TSLA). (CNBC)Why DISH Network stock was downgraded before earnings.Call options are cheap on this surging software stock.Behind Anheuser-Busch Inbev's rare upgrade.
Data courtesy of Trade-Alert
Oil, Gold Rise Ahead of Fed
Oil rose ahead of a busy week of economic data. Crude for September delivery added 67 cents, or 1.2%, to close at $56.87 per barrel.
Gold eked out a gain before the kick-off of this week's Fed meeting. At the close, August-dated gold was up $1.10 to settle at $1,420.40 an ounce.