Dow, S&P, Nasdaq Snap Weekly Win Streaks
It was another down day for U.S. stocks, with the Dow Jones Industrial Average (DJIA) and S&P 500 Index (SPX) closing lower to break eight-week win streaks -- their longest in four years. Today's downside came following a round of disappointing retail earnings, and despite a post-earnings pop from Disney (DIS). Although the Nasdaq Composite (IXIC) managed to eke out a small win thanks to strong tech earnings, the index snapped its six-week win streak, as traders continued to express concerns over reports of a possible delay in corporate tax cuts.
Continue reading for more on today's market, including:
Buy the dip on this FAANG stock.How options traders are playing Abercrombie & Fitch stock before earnings.2 pharmaceutical stocks that spiked on Amazon rumors.Plus, the e-commerce stock to watch on Monday; a look at Amazon stock before the holidays; and inside XLF shares' retreat.The Dow Jones Industrial Average (DJIA - 23,422.21) ended with a loss of 39.7 points, or 0.2%. General Electric (GE) led the eight Dow gainers with a 2.5% advance, while Intel (INTC) paced the 22 losers with a 1.6% drop. For the week, the Dow lost 0.5%.
The S&P 500 Index (SPX - 2,582.30) closed down 2.3 points, or 0.1%, while the Nasdaq Composite (IXIC - 6,750.94) ended with a fractional gain. For the week, the SPX and IXIC both lost 0.2%.
The CBOE Volatility Index (VIX - 11.29) added 0.8 point, or 7.5%, for its highest close in two weeks and a weekly gain of 23.5% -- its biggest weekly gain since mid-August.
5 Items on Our Radar Today
Disney announced plans to make a new "Star Wars" trilogy that will introduce new characters "from a corner of the galaxy that 'Star Wars' lore has never before explored." The company also has plans to make a "Star Wars" TV series, which viewers will be able to access on its new streaming service. (MarketWatch) Speaking of Disney, its subsidiary ESPN plans to lay off more than 100 employees after Thanksgiving, due to a growth in streaming services and a move away from cable. Additionally, the company plans to launch an "add-on" digital service to allow viewers to watch live sporting events on their phones. (CNBC)Why JD.com stock could be in for a volatile Monday.How options traders are playing Amazon stock ahead of Black Friday.XLF's retreat drew a rare batch of options bears.
Data courtesy of Trade-Alert
Commodities
Crude prices settled lower today, after data showed the U.S. rig count rose by nine last week. December-dated oil futures ended down 43 cents, or 0.8%, at $56.74 per barrel. For the week, though, crude added 2.3% -- its fifth straight weekly gain.
Gold also closed lower today, with traders possibly taking some profits off the table amid the safe-have asset's recent run higher. December-dated gold ended down $13.30, or 1%, at $1,274.20 an ounce. Week-over-week, gold added 0.4%.