Stocks Slip in Late-Day Selling, But Log Big Weekly Wins
The Dow spent most of the session higher before staging a retreat
It was a relatively quiet end to a busy week on Wall Street. The Dow spent most of the session in the black, with help from outperforming energy stocks, and even came within a chip-shot of record highs. However, an eleventh-hour sell-off prevented the blue-chip index from a fifth straight win, and sent the S&P 500 pulling back from all-time-high territory. Nevertheless, the major market indexes logged their third straight weekly wins, amid escalating expectations for a Fed rate cut next month. Looking ahead, investors will watch U.S.-China trade relations ahead of next weekend's G-20 summit, with Vice President Mike Pence touting "positive signs" on trade.
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History says scoop up calls on this defense stock. This company is reportedly going all-in on blockchain.Plus, earnings previews for Micron and FedEx; and an undervalued drug stock.The Dow Jones Industrial Average (DJI - 26,719.06) gave back 34.1 points, or 0.1%, in today's trading. UnitedHealth (UNH) led the 12 winners with a 1.8% gain, while Walt Disney (DIS) paced the 18 losers with a 1.2% drop. For the week, the Dow added 2.4%.
The S&P 500 Index (SPX - 2,950.46) lost 3.7 points, or 0.1%, after touching an all-time peak of 2,964.15, while the Nasdaq Composite (IXIC - 8,031.71) shed 19.6 points, or 0.2%. For the week, the S&P 500 gained 2.2%, while the Nasdaq added 3%.
The Cboe Volatility Index (VIX - 15.40) added 0.7 point, or 4.4%. It added 0.8% on the week.
5 Items on our Radar Today
Earlier this month, Exxon Mobil (XOM) was nearing a $53 billion project to boost Iraq's oil output. Now, due to heightened tensions between the U.S. and Iran, the deal is reportedly on thin ice. Exxon officials have yet to comment on the snag. (Reuters)Four additional states have stepped in to disrupt the Sprint -T-Mobile merger. Hawaii, Massachusetts, Minnesota, and Nevada have joined California and New York in an effort to halt the merger of the two telecom giants for antitrust reasons. (Reuters)Bear notes for Micron stock as earnings loom.FedEx puts popped ahead of earnings next week. Options traders loved this "undervalued" drug stock today.
Data courtesy of Trade-Alert
Oil's Best Week Since 2016, Gold Crosses $1,400
Oil stayed hot today after President Donald Trump reportedly called off airstrikes on Iranian targets. By the close, August-dated crude added 36 cents, or 0.6%, to end at $57.43 per barrel. For the week, black gold gained 8.8% for its best weekly win since December 2016. Elsewhere, July-dated gasoline futures surged 3.9% to $1.856 per gallon, after a refinery explosion in Philadelphia.
It was an equally big day for gold. August-delivered gold added $3.20, or 0.2%, to settle at $1,400.10 an ounce. That's the highest close for gold since September 2013. The malleable metal peaked at $1,415.40 earlier. For the week, the safe-haven asset added 4.1%.