Stocks Grab New Highs in Choppy Session
Oil prices dropped sharply, though
Stocks traded in a tight range today, but though the Dow, S&P 500, and Nasdaq closed near breakeven, all three indexes managed to grab fresh record highs. Trade uncertainty was hanging over equities early on, with the weakness spreading to the commodity space, where oil prices struggled. The action could pick up tomorrow, however, as earnings will come into focus due to a quarterly update from blue chip Home Depot (HD).
Continue reading for more on today's market, including:.
The drug stock that soared 400%.Put players are jumping on Urban Outfitters before earnings. Plus, call buyers stay on health insurer; traders target consolidating stock; and signal says Ferrari going higher.The Dow Jones Industrial Average (DJI - 28,036.22) ended the day up 31.3 points, or 0.1%. Fourteen of the 30 Dow components closed with gains, led by Walt Disney's (DIS) 2.1% rise. Chevron (CVX) paced the losers, falling 1.7%.
The S&P 500 Index (SPX - 3,122.03) added 1.6 points, or 0.05%, and the Nasdaq Composite (IXIC - 8,549.94) rose 9.1 points, or 0.1%.
The Cboe Volatility Index (VIX - 12.46) added 0.4 point, or 3.4%.
5 Items on Our Radar Today
Stadia, the streaming video game service from Alphabet's (GOOGL) Google, launched today. This version costs users $10 a month, with a free version expected to come out next year. Probably unsurprisingly, some have noted technical glitches in the service's technology. (Fortune)It was another dismal day for publicly traded marijuana growers. These stocks were already getting hit hard on the charts, and another sharp sell-off from Aurora Cannabis (ACB) in the wake of Friday's poor quarterly report only added new pressure today. (MarketWatch) Call buyers keep betting on this hot health insurer. How traders are playing the consolidation in Huntsman shares. A signal showing potential upside for Ferrari.
Gold Prices Get a Lift
As mentioned, it was a bad day for oil prices. December crude futures fell 67 cents, or 1.2%, to $57.05 per barrel.
Gold prices, meanwhile, benefited from a weaker dollar. December gold futures finished up $3.40, or 0.2%, at $1,471.90 an ounce.