Disappointing blue-chip earnings and sliding oil prices sent the DJIA spiraling
The
Dow Jones Industrial Average (DJIA) traded lower throughout the day -- and was off triple digits at one point -- snapping its impressive nine-day winning streak, as investors' appetite for stocks cooled. On top of disappointing earnings from a handful of Dow components, sliding crude oil prices also dampened trader sentiment. Meanwhile, better-than-expected jobless claims and an impressive housing number failed to offer stocks much support, with the Dow, S&P 500 Index (SPX), and Nasdaq Composite (COMP) all closing near session lows.
Continue reading for more on today's market, including:
The Dow Jones Industrial Average (DJIA - 18,517.23) ended its win streak by falling 77.8 points, or 0.4%. Only five of 30 Dow components closed higher, while Merck & Co., Inc. (NYSE:MRK) ended flat. The biggest gainer was McDonald's Corporation (NYSE:MCD), up 0.9%, while Intel Corporation's (NASDAQ:INTC) 4% post-earnings loss paced the losers.
The S&P 500 Index (SPX - 2,165.17) ended the day down 7.9 points, or 0.4%. The Nasdaq Composite (COMP - 5,073.90) dropped 16 points, or 0.3%.
The CBOE Volatility Index (VIX - 12.74) added 1 point, or 8.2%, for its first positive finish in seven sessions.
5 Items on Our Radar Today:
- Americans bought homes at the fastest rate in nine years in June, according to the National Association of Realtors. Existing home sales for the month grew by 1.1% to a seasonally adjusted rate of 5.6 million, marking the fourth straight monthly increase. (CBS News)
- The Department of Justice (DOJ) filed a lawsuit to block two major mergers between health insurance companies. Specifically, the government is looking to stop Anthem Inc's (NYSE:ANTM) bid to buy CIGNA Corporation (NYSE:CI), as well as the M&A hopes of Humana Inc (NYSE:HUM) and Aetna Inc (NYSE:AET). (Bloomberg)
- The latest pre-earnings brokerage note for Apple Inc. (NASDAQ:AAPL).
- Elon Musk's "master plan" for Tesla Motors Inc (NASDAQ:TSLA) left Wall Street wanting more.
- What had Chesapeake Energy Corporation (NYSE:CHK) options in high demand?
Data courtesy of Trade-Alert
Commodities:
Crude oil futures followed stock prices lower today. At the close, September-dated crude was down $1, or 2.2%, at $44.75 per barrel.
Meanwhile, a weaker dollar helped gold futures rebound off a one-month low to close the session higher. Gold dated for August delivery added $11.70, or 0.9%, to end at $1,331 per ounce.
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