President Trump will hold a surprise news conference on China tomorrow
The Dow seemed ready to log its third consecutive day in the black on Thursday, but pivoted lower in the final hour of trading to finish almost 150 points in the red. Fueling the dramatic dive is news of a surprise announcement that U.S. President Donald Trump is holding a press conference regarding China tomorrow. The blue-chip index's almost 350-point reversal from its session highs comes amid lingering apprehension surrounding a bill passed by China's National People's Congress that will compromisesome of Hong Kong's autonomy from mainland China.
For most of the day, investors pushed past another terrible week of jobs data amid hope that the worst of the coronavirus-related damage to the economy is now in the rear-view. But the S&P 500 and Nasdaq both suffered the same last-minute U-turn lower as well, snapping respective three-day win streaks in the process.
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The tech stock buzzing after its Q2 report.The Dow Jones Industrial Average (DJI - 25,400.64) lost 147.6 points, or 0.6% for the day. Fourteen of the index members ended higher, led by Pfizer (PFE) which added 2.1%, while Goldman Sachs (GS) saw the biggest loss of the bluechips, down 4%.
The S&P 500 Index (SPX - 3,029.73) ended 6.4 points, or 0.2% lower, while the Nasdaq Composite (IXIC - 9,368.99) ended down 43.4 points, or 0.5%.
The Cboe Volatility Index (VIX - 28.59) gained nearly 1 point or 3.5%.
Data courtesy of Trade-Alert
U.S.-China tensions are continuing to drive the price of gold up, as anxious investors turn back towards the safe-haven commodity. Gold for August delivery added $1.50, or 0.1%, to settle at $1,728.30 an ounce.
Oil futures pared earlier losses to end with a strong finish on Thursday, as investors cheered a decline in crude inventories at the futures delivery hub in Cushing, Oklahoma. Oil for July delivery tacked on 90 cents or 2.7% to settle at $33.71 per barrel.