Trade Tweets, Pfizer Drag On Dow
The S&P and Nasdaq closed lower for a second straight day
The Dow spent almost the whole session in the red, as troubling trade tweets from President Donald Trump and a sharp sell-off for newly downgraded Pfizer (PFE) overshadowed positive earnings reactions for blue chips Procter & Gamble (PG) and Merck (MRK). This risk-off backdrop was seen on the S&P and Nasdaq, too, which both closed lower for a second straight session. Losses were modest, though, as traders digested a round of economic data ahead of tomorrow's Fed decision, including a tame update on inflation.
Continue reading for more on today's market, including:
How options traders reacted to the Capital One data breach.The 25 worst stocks to own in August.Founder and CEO Bernie Schaeffer explains what happens after this equity ETF options ratio gets low.Plus, SunPower stock flashes pre-earnings bull signal; 3 reasons to be bullish on this video game stock; and why Beyond Meat slumped after earnings.The Dow Jones Industrial Average (DJI - 27,198.02) shed 23.3 points, or 0.09%. Pfizer (PFE) paced the 20 decliners with its 6.4% drop, while Procter & Gamble (PG) led the 10 advancers with its 3.8% gain.
The S&P 500 Index (SPX - 3,013.18) gave back 7.8 points, or 0.3%, while the Nasdaq Composite (IXIC - 8,273.61) closed down 19.7 points, or 0.2%.
The Cboe Volatility Index (VIX - 13.94) gained 1.1 points, or 8.7%.
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The S&P CoreLogic Case-Shiller home price index showed home prices rose 3.4% year-over-year in May, below the 3.5% annual rise in April. The 10-city and 20-city price composites increased 2.2% and 2.4% year-over-year, respectively, in May, slimmer gains than the previous month, with Las Vegas, Phoenix, and Tampa seeing the highest year-over-year rise. (CNBC)Consumer spending rose 0.3% in June, according to data from the Commerce Department. The figure matched economists' consensus estimate, but was lower than the May reading on a decline in motor vehicle sales. (Reuters)SunPower stock flashed a pre-earnings bull signal.3 reasons to be bullish on this video game stock.Why Beyond Meat stock slumped after earnings.
Data courtesy of Trade-Alert
Oil, Gold Extend Win Streaks Before Fed Decision
Oil gained ground for a fourth consecutive session on forecasts for another weekly decline in domestic crude inventories. Crude for September delivery was up $1.18, or 2%, to close at $58.05 per barrel.
Gold notched a third straight win on expectations the Fed will announce a rate cut tomorrow. At the close, August-dated gold was up $9.30, or 0.7%, to settle at $1,429.70 an ounce.