Trade Optimism Sends Dow to Sixth Straight Win
This was the Dow's longest win streak since May 2018
The Dow locked up its sixth win in a row, good for its best winning streak since May 2018. President Donald Trump's decision to not implement tariffs on Mexico was met with a universal sigh of relief, while stocks also got a boost after Treasury Secretary Steven Mnuchin tweeted about "candid" and "constructive" trade talk with People's Bank of China Governor Yi Gang. However, relations still remain icy, especially after Trump today told CNBC if Chinese President Xi Jinping skips the G-20 summit later this month, more duties will go into effect.
Continue reading for more on today's market, including:
Options traders blasted this chip stock amid E3 buzz.These 3 stocks made outsized moves today.Beyond Meat stock's surge was met with flurry of options activity.Plus, diabetes data sparked volatility; a reliable Chipotle "buy" signal; and two stocks that enjoyed double upgrades.The Dow Jones Industrial Average (DJI - 26,062.68) added 78.7 points, or 0.3%, in today's trading. Goldman Sachs (GS) led the 22 winners with a 2.3% gain, while United Technologies (UTX) paced the six losers with a 3.1% drop.
The S&P 500 Index (SPX - 2,886.73) gained 13.4 points, or 0.5%, while the Nasdaq Composite (IXIC - 7,823.17) climbed 81.1 points, or 1.1%.
The Cboe Volatility Index (VIX - 15.94) shed 0.4 point, or 2.2%.
5 Items on our Radar Today
Job openings fell in in April, but remained close to record-high levels, according to the Labor Department's Job Openings and Labor Turnover Survey (JOLTS). This indicates a labor market that remains solid, despite recent economic data. (Bloomberg)The U.S. Justice Department agreed today to hand over evidence from Special Counsel Robert Mueller's Russia investigation to Congress. Many lawmakers are considering launching an impeachment investigation into President Trump and Russia's interference in the 2016 U.S. presidential election. (Reuters)2 stocks that made massive moves on diabetes data.Signal says Chipotle stock could stay hot.These 2 stocks soared on double upgrades today.There is no earnings chart to report today.
Data courtesy of Trade-Alert
Oil, Gold Take a Breather
Black gold closed lower today, as traders await a supply-cut deal between Russia and Saudi Arabia. By the close, June-dated crude shed 73 cents, or 1.4%, to end at $53.26 per barrel.
Gold also fell today and snapped an eight-day winning streak. August-delivered gold slid $16.80, or 1.3%, to settle at $1,329.30 an ounce, as the stock rally dulled the appetite for a safe-haven asset.