The Nasdaq was able to manage a small win on the day
U.S. stocks started the day deep in the red following a stunningly bad retail sales report, sparking murmurs of a potential recession. While the major indexes were able to pare much of the losses, traders were hit late in the day with news that President Donald Trump plans to declare a state of emergency to get funding for his border wall after signing the new spending deal that Congress is preparing to vote on. The Nasdaq was still able to grab a win on the day, but the Dow and S&P 500 closed below breakeven.
Continue reading for more on today's market, including:
Weekly options popped in the semiconductor sector. This FAANG stock is Citi's top pick. 2 stocks stuck with post-earnings bear notes.Plus, huge options trade on consumer staples; 2 pharma stocks with new buy ratings; and Exxon's double upgrade.The Dow Jones Industrial Average (DJI - 25,439.39) gave back 103.9 points, or 0.4%. There were 12 Dow components to close in the black, and Cisco Systems (CSCO) was by far the top gainer, adding 1.9%. Pacing the 18 losers was Coca-Cola's (KO) 8.4% earnings slide.
The S&P 500 Index (SPX - 2,745.73) fell 7.3 points, or 0.3%, and the Nasdaq Composite (IXIC - 7,426.96) managed a 6.6-point, or 0.1%, victory.
The Cboe Volatility Index (VIX - 16.22) moved up 0.6 point, or 0.09%.
Data courtesy of Trade-Alert
Oil prices enjoyed another positive session thanks to ongoing tailwinds from U.S.-China trade hopes and output cuts from major crude producers. March crude futures settled up 51 cents, or 1%, at $54.41 per barrel.
Gold prices moved lower today as the dollar strengthened. Gold for April delivery was down $1.20 at $1,313.90 per ounce by the close.