Retail Strength Helps Dow Recover
Walmart's strong earnings report helped the Dow
The Dow managed to gain today, recovering slightly from yesterday's massive sell-off. Walmart's (WMT) strong earnings report fueled the index's rise early on, and positive economic data -- including upbeat retail sales -- also piqued buyers' interest. At the same time, sharp losses from names like Cisco Systems (CSCO) and General Electric (GE) stocks capped the upside for the S&P 500 -- and kept the Nasdaq lower -- while trade tensions and a continued slide in Treasury yields also kept traders slightly on edge.
Continue reading for more on today's market, including:
The pot stock predicted to drop 90%. How SPY straddle traders racked up big gains. Wall Street bets on 2-year lows for this blue chip. Plus, a software stock gives up a key level; Netflix's hedge fund buzz; and an analyst says to buy Pinterest.
The Dow Jones Industrial Average (DJI - 25,578.98) added 99.6 points, or 0.4%, overcoming an earlier dip into negative territory. Of the Dow's 30 components, 19 finished higher, led by the 6.1% surge in Walmart shares. The biggest loser was Cisco Systems, down 8.6% at the close.
The S&P 500 Index (SPX - 2,847.60) managed to add 7 points, or 0.3%, while the Nasdaq Composite (IXIC - 7,766.62) sat out today's gains, losing 7.3 points, or 0.1%.
The Cboe Volatility Index (VIX - 21.18) gave back 0.9 point, or 4.2%.
5 Items on our Radar Today
New data from Canalys shows that the wearables market in North America topped $2 billion in the second quarter, growing 38% from a year before. The numbers reveal steady growth in the space, led by Apple (AAPL) and Samsung. (TechCrunch)The European Central Bank (ECB) had to shut down one of its websites after a hacker gained access. Malicious software was planted on the site, though no market-sensitive information was compromised. (Reuters)M&A reports sent tjos software stock through chart support. The hedge fund news that put Netflix in focus. Why one analyst says to buy Pinterest.
Data courtesy of Trade-Alert
Oil Prices Hit Again
Oil prices were again under pressure due to global economic fears. By the close, September crude futures were down 76 cents, or 1.4%, at $54.47 per barrel.
Gold prices managed to rise today, though the renewed interest in equities capped the metal's upside. December gold futures finished up $3.40, or 0.2%, at $1,531.20 an ounce.