Stocks Log Second Straight Weekly Loss Amid U.S.-China Buzz
Stocks dropped amid reports Trump could delist Chinese firms from U.S. exchanges
The Dow finished the week on a gloomy note, logging a modest loss amid the latest U.S.-China trade drama. The blue-chip index started off in the black, but ultimately turned lower after a Bloomberg News report signaled the Trump administration is considering limiting capital flows to China, including possibly delisting Chinese companies from U.S. exchanges.The S&P 500 and Nasdaq joined the Dow in the red, and all three benchmarks logged their second straight weekly losses. As global trade concerns rear their ugly head again, Wall Street's "fear gauge," the VIX, logged its highest close in over three weeks.
Continue reading for more on today's market, including:
This China stock stumbled after Trump's trade threat.Citron: This opioid stock could fall 40%. Plus, a Stitch Fix earnings preview; an underperforming drug store stock; and an airliner soaring on a Delta investment.The Dow Jones Industrial Average (DJI - 26,820.25) recorded a 70.9-point, or 0.3%, loss. Pfizer (PFE) had the best day of the 13 blue-chip gainers, finishing up 1.2%, while Microsoft (MSFT)led the 17 laggards with its 1.3% loss. For the week, the Dow gave back 0.4%.
The S&P 500 Index (SPX - 2,961.79) logged a 15.8-point, or 0.5%, loss, while the Nasdaq Composite (IXIC - 7,939.63) closed down 91 points, or 1.1%. The S&P 500 dipped 1% on the week, while the Nasdaq recorded a 2.2% weekly loss.
The Cboe Volatility Index (VIX - 17.22) tacked on 1.2 points, or 7.2%. The VIX gained 12.4% on the week
5 Items on our Radar Today
The Center for Disease Control (CDC) continues to scramble to address the growing THC vaping controversy. A mysterious lung disease attributed to vaping has the death toll at 13 people now, with over 805 sickened. CDC Principal Deputy Director Anne Schuchat said, "We have many questions about the supply chain and integrity" of THC vapes. (CNBC)Dennis Muilenburg, the CEO of Boeing (BA), will testify in front of Congress next month to address the 737 MAX aircraft. Two fatal 737 crasheskilled 346 people earlier this year, and the subsequently grounded aircraft's role has been called into question. (Reuters)Stitch Fix has a history of making outsized post-earnings moves.This drug store stock struggles with a key trendline.LATAM Airlines call volume soared after a Delta investment.
Data courtesy of Trade-Alert
Oil, Gold Log Weekly Losses
Oil prices fell for the fourth straight day today, weighed down bya reported ceasefire between Saudi Arabia and Yemen, and since-denied claims that Trump was considering removing sanctions on Iran. November-dated crude futures shed 50 cents, or 0.9%, to settle at $55.91 per barrel. For the week, oil shed 3.8%.
Gold pulled back too, as the dollar firmed. The safe-haven asset pared its losses, though, as U.S.-China trade tensions flared up again. Gold for December delivery fell $8.80, or 0.6%, to settle at $1,506.40 an ounce. Gold posted a weekly loss of 0.6%.