Dow Snaps Win Streak as Tech Stocks Pivot Lower
Larry Kudlow still predicts 3% U.S economic growth through 2019
The Dow snapped its six-day winning streak today, taking a breather from recent risk-on sessions. Stimulus buzz out of China saw the Dow jump out to a triple-digit lead in the morning. Around midday, the tech sector that had earlier propped markets up pivoted lower, sending all three benchmarks into the red. As investors await trade updates with Mexico and China, Director of the National Economic Council Larry Kudlow predicted the U.S. economy will maintain 3% growth in 2019, even without a China trade deal.
Continue reading for more on today's market, including:
This red-hot auto stock still has room to run.Nasdaq just booted this pharma stock.Keep an eye on this retail stock on Thursday.Plus, a Lululemon earnings preview; an energy stock flashing "buy"; and another bull note for Facebook.The Dow Jones Industrial Average (DJI - 26,048.51) shed 14.2 points, or 0.05%, in today's trading. Caterpillar (CAT) led the 18 winners with a 1.2% gain, while United Technologies (UTX) paced the 12 losers again with a 4% drop.
The S&P 500 Index (SPX - 2,885.72) lost 1 point, or 0.08%, while the Nasdaq Composite (IXIC - 7,822.57) ended fractionally lower.
The Cboe Volatility Index (VIX - 15.99) added 0.05 point, or 0.3%.
5 Items on our Radar Today
Ten states, including New York and California, have banded together to sue T-Mobile (TMUS) over its purchase of Sprint (S). The lawsuit voices concerns that consumer prices will increase amid one less nationwide carrier. The complaint asserts that it could cost Sprint and T-Mobile subscribers more than $4.5 billion annually. (Reuters)Amid intensifying competition from Uber (UBER) and GrubHub (GRUB), Amazon.com (AMZN) officially shut down its restaurant delivery service today. Amazon Restaurants was launched in 2015, but failed to gain any traction. Nevertheless, the FAANG giant still has stake in British online food delivery company Deliveroo. (MarketWatch)Lululemon has an impressive post-earnings history.Bet on this energy stock to rally soon.Analysts are unbothered by Facebook's regulatory concerns.
Data courtesy of Trade-Alert
Oil Adds a Penny, Gold Gains
Black gold finished a tick higher, as as the prospects of a supply cut from the Organization of the Petroleum Exporting Countries (OPEC) offset concerns about a global economic slowdown. By the close, June-dated crude added one penny to end at $53.27 per barrel.
Gold gained today, as well, benefiting from the stock market's midday pivot lower. August-delivered gold added $1.90, or 0.1%, to settle at $1,331.20 an ounce.