The DJIA couldn't hold its early gains, as jobs numbers discouraged traders ahead of the long holiday weekend
After jumping out of the gate, the Dow Jones Industrial Average (DJIA) fell below breakeven before noon, and never recovered. The underwhelming nonfarm payrolls report set the tone for the day, while traders continued to weigh strong words from Greek Prime Minister Alexis Tsipras ahead of the country's referendum on Sunday. Against this backdrop, the DJIA broke its two-day win streak, finishing the holiday-shortened week deep in the red. While trading volume was predictably anemic ahead of the long weekend, activity could pick up next week, with the unofficial start to second-quarter earnings season set for Wednesday night.
Continue reading for more on today's market, including:
The Dow Jones Industrial Average (DJIA - 17,730.11) spent most of the day below breakeven, trading within a roughly 140-point range before ending 27.8 points, or 0.2%, lower. Eleven of the DJIA's 30 components ended higher, led by Intel Corporation's (NASDAQ:INTC) 1.2% gain. DuPont's (NYSE:DD) 2.3% drop paced the 19 losers. For the week, the Dow fell 1.2%.
The S&P 500 Index (SPX - 2,076.78) stumbled 0.6 point, or 0.03%. The Nasdaq Composite (COMP - 5,009.21) was slightly worse off, sliding 3.9 points, or 0.08%. On a weekly basis, the SPX gave up 1.2%, while the COMP dropped 1.4%.
The CBOE Volatility Index (VIX - 16.79) notched a slight uptick, gaining 0.7 point, or 4.4%, to close above its 40-week moving average for the first time since late March. Week-to-date, the "fear gauge" gained 19.8%.
5 Items on Our Radar Today:
- The latest nonfarm payrolls report revealed unemployment is now at its lowest point in seven years. However, the 223,000 jobs created in the U.S. during June arrived below economists' expectations of 230,000. (MarketWatch)
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BP plc (NYSE:BP) has reportedly
reached a settlement with five states over the 2010 Deepwater Horizon oil spill. The settlement is worth $18.7 billion, and still needs to be approved by a federal judge. (
AP via ABC News)
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If history is any indicator, these three stocks could have a huge third quarter.
- Bears aren't done betting on this flailing coal concern.
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Tesla Motors Inc (NASDAQ:TSLA) beat expectations with its Model S sales numbers.
Commodities:
Crude dipped lower today, tracking weakness in equities in the wake of Wednesday's bearish inventories report. Oil dated for August fell 3 cents, or 0.05%, to $56.93 per barrel. On the week, crude dropped 4.5%.
For the third straight day, gold closed lower, as traders continue to speculate on a resolution in Greece. August-dated gold gave back $5.80, or 0.5%, to hit $1,163.50 per ounce -- its lowest close in over three months. Week-to-date, gold was 0.8% lower.