Stocks Settle Choppy Session Down
Traders eyed retail earnings and China's stimulus buzz
It was a relatively quiet day on Wall Street following Monday's volatile session, with the Dow exploring a 145-point range on both sides of breakeven. In addition to a fresh batch of retail earnings -- including a positive reaction to Target's (TGT) quarterly results -- traders also digested an economic growth warning and new round of stimulus measures from China, as well as late-day reports that Food and Drug Administration (FDA) Commissioner Scott Gottlieb is resigning. By the close, the Dow and Nasdaq were modestly lower, while the S&P 500 settled below 2,800 for a second straight day.
Continue reading for more on today's market, including:
Why Jefferies thinks this penny stock could nearly triple.This early 2009 sentiment signal just flashed again.Don't sweat this FAANG stock slump.Plus, Hertz puts hot on Icahn buzz; a surging weed stock; and another down day for Tesla.The Dow Jones Industrial Average (DJI - 25,806.63) was up 57 points at its intraday peak, before swinging to a 13-point, or 0.05%, loss. UnitedHealth (UNH) paced the 12 Dow advancers with its 2.3% surge, while Walgreens Boots Alliance (WBA) led the 18 decliners with its 2.1% drop.
The S&P 500 Index (SPX - 2,789.65) closed down 3.2 points, or 0.1%, while the Nasdaq Composite (IXIC - 7,576.36) gave back 1.2 points, or 0.02%.
The Cboe Volatility Index (VIX - 14.76) added 0.1 point, or 0.8%.
5 Items on our Radar Today
New home sales arrived at a seasonally adjusted annual rate of 621,000 in December -- down 2.4% year-over-year and up 3.7% from November. The median sales price for the month fell 7% on an annualized basis, to $318,600. For all of 2018, new home sales were up 1.5%. (MarketWatch)General Electric (GE) CEO Larry Culp warned on Tuesday that the company's "industrial free cash flow in 2019 will be negative." Speaking to J.P. Morgan Securities analyst Stephen Tusa at a conference, Culp pointed to ongoing troubles in GE's power business, and said issues would remain for "a couple of years." (CNBC) Carl Icahn buzz had Hertz put volume in overdrive.This weed stock surged more than 10% on a bullish brokerage note.Tesla extended its daily losing streak to three.
Data courtesy of Trade-Alert
Gold Logs Longest Losing Streak in Two Years
Oil edged lower today as Libya reopened a major oil field. April-dated crude shed 3 cents to settle at $56.56 per barrel.
A stronger U.S. dollar and China's lowered economic growth forecast sent gold to a seventh straight loss today, its longest daily losing streak since March 2017. Gold for April delivery settled down $2.80, or 0.2%, at $1,284.70 an ounce.