Dow Slips 140 Points on Worrying U.S.-China Trade Report
Bloomberg said some Chinese officials are concerned about Trump's "impulsive nature"
The Dow lost 140 points today, as sentiment over trade negotiations between Washington and Beijing continued to sour, dampening positive earnings from FAANG names Apple (AAPL) and Facebook (FBB). Specifically, a report from Bloomberg said some Chinese officials are wary over a long-term trade deal amid concerns over U.S. President Donald Trump's "impulsive nature." Trump responded to these reports with a tweet assuring that a new "phase one" signing location "will be announced soon." This did little to calm investors, evidenced by the Nasdaq and S&P ending in the red, too, with the latter puling back from yesterday's record high.
Continue reading for more on today's market, including:
2 stocks slammed with post-earnings bear notes.The Boeing rival that's a good bet for November. This tech stock's long-term buy signal has rarely been wrong.Plus, ETSY stock slips after earnings; 2 drug stocks to watch; and the political ad ban that's rocking TWTR stock.The Dow Jones Industrial Average (DJI - 27,046.23) lost 140.5 points, or 0.5%, with a 0.5% gain for the month. Apple (AAPL) led the five gainers on a 2.3% surge, while 3M (MMM) dragged down the 25 losers on a 2% drop.
The S&P 500 Index (SPX - 3,037.56) lost 9.2 points, or 0.3%, with a 2% pop for the month. The Nasdaq Composite (IXIC - 8,292.36) finished 11.6 points, or 0.1%, lower, settling 3.7% higher on the month.
The Cboe Volatility Index (VIX - 13.22) settled up 0.9 point, or 7.2%, but lost 18.3% for the month.
5 Items on Our Radar Today
Billionaire investor Leon Cooperman had some harsh words for Sen. Elizabeth Warren today, in a letter sent to the Democratic presidential hopeful, calling out Warren's critical tweet against him from earlier this month. Cooperman accused her of admonishing him "as if a parent chiding an ungrateful child." The letter was obtained by CNBC. (CNBC)Three more people have been reported dead as the result of a mysterious vaping-related lung disease that has taken the lives of 34 already, and caused illness in roughly 1,800, according to a report from the Centers for Disease Control and Prevention (CDC). (Reuters)Behind Etsy stock's brutal post-earnings analyst drubbing. 2 drug stocks running way up the Nasdaq. How traders are reacting to Twitter's latest political ad ban.
Data courtesy of Trade-Alert
Oil Prices Fall for Fourth Straight Day
Oil clocked its fourth straight loss, dampened by weak Chinese economic data, and cooling optimism over a finalized U.S.-China "phase one" deal. December-dated crude futures lost 88 cents, or 1.6%, to settle at $54.18 a barrel.
Gold popped back atop the psychologically significant $1,500 level, hitting a five-week high as traders turned back to the "safe haven" amid a stumbling U.S. stock market. December gold futures rose $18.10, or 1.2%, to end at $1,514.80 an ounce.