Stock Weakness Continues as S&P, Nasdaq Finish with Worst Week of '19
The Dow fell for a fourth straight day
U.S. stocks added to their recent weakness today, with the Dow finishing deep in the red for its fourth consecutive loss. The S&P and Nasdaq also finished deep in the red and extended their losing streaks to five days -- the longest since March -- due to ongoing trade fears, each posting their worst weekly performance of the year. An afternoon press conference from President Donald Trump announcing an increase in beef exports to Europe did little to help bulls, as the Dow had its lowest close since June 18. Meanwhile, the VIX -- or Wall Street's "fear index" -- saw its biggest weekly gain since March 2018.
Continue reading for more on today's market, including:
2 weed stocks that joined the sector rally. The car stock that saw an uptick in call trading. A bull signal says this drug stock could rally more. Plus, 3 grocery stocks to watch; a drug stock to sell; and the ETSY earnings reaction.The Dow Jones Industrial Average (DJI - 26,485.01) finished the day down 98.4 points, or 0.4%. Ten of 30 Dow components managed gains, and Boeing (BA) led the way with a 1.6% win. The 20 losers were paced by a 3.9% decline in Cisco Systems (CSCO). The Dow closed the week down 2.6%.
The S&P 500 Index (SPX - 2,932.05) fell21.5 points, or 0.7%, while the Nasdaq Composite (IXIC - 8,004.07) shed 107 points, or 1.3%. The S&P lost 3.1% on the week, and the Nasdaq dropped 3.9%.
The Cboe Volatility Index (VIX - 17.61) finished the day down 0.3 point, or 1.5%, but had a weekly gain of 44.8% -- its best weekly performance since March 2018.
5 Items on our Radar Today
Technology assembly giant Foxconn may reportedly need to sell its $8.8 billion factory in China due to trade concerns. The factory is supposed to be for building LCD display panels. (Reuters)Some analysts believe President Trump's latest tariffs on China could increase the price of iPhones by $100. If the tariffs go through, the same analysts at Wedbush say the duties could reduce iPhone sales by 6-to-8 million units. (USA Today)3 grocery stocks to dump now, per BMO Capital.Why J.P. Morgan Securities says cancer drug stock MRTX is a sell. Analysts weren't concerned with Etsy's sell-off.
Data courtesy of Trade-Alert
Oil Recovers Somewhat from Historic Drop; Gold Hits 6-Year Peak
Oil prices tried to recover some after Thursday's massive slide. By the close, September-dated crude was up $1.71, or 3.2%, to finish at $55.66 per barrel -- putting the weekly decline at 1%.
Gold managed to end the day higher, overcoming early weakness. Gold for December delivery finished with a $25.10, or 1.8%, lead at $1,457.50 per ounce -- the highest settlement for a most-active contract in six years. The precious metal closed the week up 2.7%.