Fed Comments, Oil Prices Drag Down Markets
Investors continue to fret over Fed Chair Jerome Powell's comments
The Dow fell for the second day in a row, dropping over 120 points, as investors continue to stew over Fed Chair Jerome Powell's comments on Wednesday. Elsewhere, House Speaker Nancy Pelosi accused Attorney General William Barr of misleading Congress over special counsel Robert Mueller's report, calling his action a "crime." Against this backdrop -- and in the wake of sinking oil prices -- the S&P 500 and Nasdaq also ended in the red.
Continue reading for more on today's market, including:
This battered pharma stock could double could double, according to one analyst. The cosmetics stock pulling back from its record highs. Bausch Health stock is flashing a "buy" signal before earnings. Plus, options traders are flocking to Nutanix stock; how Schaeffer's subscribers made big bucks on VEEV; and a post-earnings slip from Square.The Dow Jones Industrial Average (DJI - 26,307.79) lost 122.4 points, or 0.5%, in today's trading. Eleven of the 30 Dow stocks ended in the black, with Home Depot (HD) at the helm on a 1.1% pop. Dow Inc (DOW), on the other hand, was the worst of the 19 losers, ending 6.1% lower after earnings.
The S&P 500 Index (SPX - 2,917.52) fell 6.2 points, or 0.2%. The Nasdaq Composite (IXIC - 8,036.77) ended 12.9 points, or 0.2%, lower.
The Cboe Volatility Index (VIX - 14.42) was 0.38 point, or 2.6%, lower.
5 Items on our Radar Today
Fast food concern Burger King has just launched its new line of burger meals called "Real Meals" during Mental Health Awareness Month, in order to shed light on the issue. The four "Real Meals" -- meant as a direct jab at burger rival McDonald's "Happy Meals" -- range from Blue Meal to Yaas Meal and include a Whopper, fries, and a drink. (CNBC)The first climate change bill in over 10 years was just passed by the U.S. House of Representatives in a 231-to-190 vote. The bill would keep President Donald Trump from withdrawing from the Paris Climate Agreement, though Senate Majority Leader Mitch McConnell said the Senate would not take up the bill. (Reuters)Why options traders are piling on Nutanix stock today. How Schaeffer's subscribers just doubled their money on this red-hot tech stock. Why Morgan Stanley dumped SQ stock, despite an earnings' beat.
Data courtesy of Trade-Alert
Oil Hits Monthly Lows as Supply Fears Fade; Gold Hits 2019 Low
Oil continued to sink today, hitting a one-month low, as easing fears over worldwide oil supplies overshadowedincreasing political turmoil in Venezuela. June-dated crude futures finished $1.79, or 2.8%, lower, to close at $61.81 a barrel.
Traders' dashed hopes of a Fed rate cut helped push gold futures to a new year-to-date low.June-dated gold ended $12.20, or 1%, lower at $1,272 an ounce.