Dow Slides on Mixed Blue-Chip Earnings
Earnings disappointments from McDonald's and Travelers knocked the Dow lower
With earnings season at full tilt, a mixed day of of blue chip reports wound up sending the Dow lower during that last hour of trading. The index initially inched higher after Procter & Gamble (PG) and United Technologies (UTX) both posted well-received quarterly reports, but eventually succumbed to disappointing results from Travelers (TRV) and McDonald's (MCD). Elsewhere, news that 47 attorneys general are probing Facebook (FB) for alleged antitrust violations pressured the tech-rich Nasdaq, while the S&P also ended lower.
Continue reading for more on today's market, including:
Outperforming Hershey stock is a sweet pick for bulls right now. The struggling mining stock that could dig itself an even deeper hole after tomorrow's earnings. Why traders scrambled toward options after this Biogen bombshell. Plus, the partnership pushing Stamps.com stock higher; 2 cloud stocks getting bullish attention; and Under Armour's latest C-suite shakeup.The Dow Jones Industrial Average (DJI - 26,788.10) lost 39.5 points, or 0.2%. Procter & Gamble (PG) led the 17 gainers on a 2.6% advance, while Travelers (TRV) fell to the bottom of the 13 losers with an 8.3% loss.
The S&P 500 Index (SPX - 2,995.99) settled 10.7 points, or 0.4%, lower. The Nasdaq Composite (IXIC - 8,104.30) closed down 58.7 points, or 0.7%.
The Cboe Volatility Index (VIX - 14.46) added 0.5 point, or 3.3%.
5 Items on Our Radar Today
Adam Neumann, former CEO of office-leasing company WeWork, is being offered a severance package worth $1.7 billion in stock, cash, and credit as SoftBank moves to take control of the company. This will require Neumann to give up his voting rights and all decision making power. (CNBC)As a number of emerging competitors, including Disney+, continue to pose a threat to Netflix (NFLX), the sector giant says it is planning on selling another $2 billion in junk bonds in an effort to raise money for new content, production and development. (MarketWatch)The brand-new partnership that has options bulls flocking to Stamps.com stock. UAA stock just popped on a C-suite shakeup. 2 cloud stocks analysts are eyeing today.
Data courtesy of Trade-Alert
Oil Gains on OPEC Output Cut Reports
Oil prices finally turned higher today after reports indicated the Organization of the Petroleum Exporting Countries (OPEC) will consider production cuts during their meeting this December. November-dated crude futures finished up $0.85, or 1.6%, to settle at $54.16 a barrel.
Gold prices ended just south of flat today, with traders cautiously watching the latest Brexit developments and a mixed day for equities. Gold futures for December delivery shed $0.60, or 0.04%, to end at $1,487.50 per ounce.