Nasdaq Leads the Way in Mixed Monday Trade
Oil futures edged higher as questions lingered over Saudi Arabia
It was another unpredictable session for U.S. equity benchmarks. Today's trading started off strong out of the gate, following suit with a big day for China stocks -- but geopolitical tensions with Saudi Arabia remained at the forefront, and investors quickly turned cautious ahead of an onslaught of earnings reports slated for later this week. By the close, the major market indexes were straddling both sides of breakeven.
Continue reading for more on today's market, including:
Buy signals flash for Corning before earnings.Earnings speculators bet on lofty moves for Biogen stock. Analyst sees big upside for Chipotle. Plus, the chip stock popping pre-earnings; BMY falls; and oil futures react to Saudi news.The Dow Jones Industrial Average (DJI - 25,317.41) fell 126.9 points, or 0.5%, for the day. Eleven Dow stocks ended the day higher, with Intel (INTC) leading the way, closing up 2.3%. Meanwhile, DowDuPont (DWDP) paced the 19 losers with a 2.5% drop.
The S&P 500 Index (SPX - 2,755.88) shed 11.9 points, or 0.4%, to tally its fourth straight daily decline. The Nasdaq Composite (IXIC - 7,468.63) outperformed by adding 19.6 points, or 0.3%.
The Cboe Volatility Index (VIX - 19.64) shed 0.3 point, or 1.3%, in today's trading.
5 Items on our Radar Today
Just days after its stock was downgraded to "equal weight" at Morgan Stanley, Ford (F) has resumed production on its Ranger pickup truck for the first time since 2011. The company also plans to begin making its Bronco model again for the first time since its discontinuation in 1996. Both initiatives are a part of the truck maker's push to follow U.S. buying trends toward more midsized vehicles. (CNBC) Yet another hurricane is headed toward North America. This time, Hurricane Willa -- presently a Category 5 storm -- is nearing the coast of Mexico, 175 miles southwest of Las Islas Marias. The National Hurricane Center said Willa is "potentially catastrophic," and may drop 18 inches of rain by Tuesday. (MarketWatch) How AMD shares managed a pre-earnings pop. Bristol-Myers Squibb stock is near annual-low territory after an FDA delay. 3 stocks making monster moves.
Data courtesy of Trade-Alert
Oil Edges Higher on Saudi Arabia Reassurance
Oil futures reversed early losses and closed slightly higher, as Saudi Arabia's Energy Minister Khalid Al Falih said the country has "no intention" of staging a repeat of the 1973 oil embargo. The expiring November crude futures contract picked up 5 cents, or 0.07%, to settle at $69.17 per barrel for the day. Crude for December delivery edged up 8 cents, or 0.1%, to settle at $69.36 per barrel.
Gold closed today's session slightly lower, pressured by a strengthening U.S. dollar. December-dated gold futures fell $4.10, or 0.3%, to close at $1,224.60 per ounce.