Stocks Finish Mixed After Dow Earnings, Durable Goods
Microsoft's earnings beat couldn't pull the Dow back from 3M's dismal day
More lackluster blue-chip earnings sent the Dow down 28 points today. Specifically, 3M (MMM) weighed on the index after slashing its full-year guidance, with that negative reaction offsetting a strong quarterly earningsreport from Microsoft (MSFT). In fact, it was a mixed day for earnings across the board. Outside the Dow, Twitter (TWTR) was hammered hard for its soft revenue forecast, but Tesla (TSLA) stock surged on a surprise profit. Elsewhere, Wall Street digested a steeper-than-forecast drop in durable goods orders -- sparking hopes for a possible Fed interest rate cut next week. Against this backdrop, the S&P and Nasdaq both ended the day in the black.
Continue reading for more on today's market, including:
The semiconductor stock that landed 13 post-earnings bull notes. This transport stock just flashed a buy signal. Inside a pre-earnings spread strategy for VF stock. Plus, the bear signal sounding for Sally Beauty; Russia ETF put buyers emerge; and the biotech stock hit with an analyst bear note.The Dow Jones Industrial Average (DJI - 26,805.53) lost 28.4 points, or 0.1%. The eight gainers were led by Dow (DOW) with a 4.7% gain, while 3Mfell to the bottom of the 22 losers with a 4.1% drop.
The S&P 500 Index (SPX - 3,010.29) settled 5.8 points, or 0.2%, higher. The Nasdaq Composite (IXIC - 8,185.80) closed up 66 points, or 0.8%.
The Cboe Volatility Index (VIX - 13.71) lost 0.3 point, or 2.1%.
5 Items on Our Radar Today
A. Wayne Johnson, the chief operating officer of the Office of Federal Student Aid who was appointed by Education Secretary Betsy DeVos, resigned today. Johnson is now advocating for student loan forgiveness, calling the loan system "broken," just one week after DeVos called student debt erasure "crazy." (CNBC)A wildfire in California has ripped through Sonoma County -- a wine country just north of San Francisco -- causing a power outage for nearly 200,000, and forcing hundreds to evacuate. (MarketWatch)Sally Beauty stock's latest bounce could be short lived, according to one study. Options bears are reaching for this Russia ETF as it eyes overhead resistance. This biotech stock is set to drop, says J.P. Morgan.
Data courtesy of Trade-Alert
Gold Pops Atop $1,500on Durable Goods Miss
Oil prices tacked on their third straight win, finding continued support from yesterday's dip in crude supplies and the upcoming potential for production cuts from the Organization of the Petroleum Exporting Countries (OPEC). December-dated crude futures finished up $0.26, or 0.5%, to settle at $56.23 a barrel.
Gold prices clocked a two-week high today, popping north of the psychologically significant $1,500 region, after weak U.S. durable goods data had traders turning toward the safe-haven commodity. Gold futures for December delivery added $9, or 0.6%, to end at $1,504.70 per ounce.