The DJIA and SPX stumbled, as energy and drug stocks led the way lower
The Dow Jones Industrial Average (DJIA) suffered its first back-to-back losses since January, snapping a 23-session streak. The energy sector was the leading decliner on the S&P 500 Index (SPX), while President Donald Trump's tweets and a new health insurance proposal from House Republicans pressured drugmakers. On the data front, the U.S. trade deficit reached a multi-year high, while consumer borrowing rose by its smallest margin in over five years.
Continue reading for more on today's market, including:
- 3 oil stocks for bargain-hunting options traders.
- Apple Inc. (NASDAQ:AAPL) options are screaming "buy."
- Is this retail stock destined for another earnings bloodbath?
- Plus... Biotech puts pop, TASER sounds a bullish signal, and 5 trading tips.
The Dow Jones Industrial Average (DJIA - 20,924.76) dropped 29.6 points, or 0.1%. Thirteen of 30 Dow stocks ended in the green, with Intel Corporation (NASDAQ:INTC), Boeing Co (NYSE:BA), and United Technologies Corporation (NYSE:UTX) leading the pack, up 0.6% each. Among the 17 losers, Chevron Corporation (NYSE:CVX) and Verizon Communications Inc. (NYSE:VZ) were the hardest hit, down 1.2% apiece.
The S&P 500 Index (SPX - 2,368.39) shed 6.9 points, or 0.3%, while the Nasdaq Composite (COMP - 5,833.93) retreated 15.2 points, or 0.3%.
The CBOE Volatility Index (VIX - 11.45) added 0.2 point, or 1.9%.
5 Items on Our Radar Today
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Uber CEO Travis Kalanick has informed his staff that he's looking for a
chief operating officer, in the wake of several corporate
scandals. "This is the first time I've been willing to admit that I need leadership help and I intend to get it," Kalanick said.
(Reuters)
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Facebook Inc (NASDAQ:FB) CEO and Harvard dropout Mark Zuckerberg will give the university's
commencement address this May. The social network also announced the launch of its
Advanced Measurement service, equipping advertisers with the ability to better gauge reach and attribution.
(CNBC; TechCrunch)
- How a Trump tweet sent put traders streaming to these biotech ETFs.
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- 5 tips for trading weekly options.
Data courtesy of Trade-Alert
Commodities
Oil resolved slightly lower, after Saudi Arabia's oil minister said he would only tolerate interference from the Organization of the Petroleum Exporting Countries (OPEC) for a "restricted period of time." In addition, the Energy Information Administration (EAI) upped its predictions for U.S. crude output. Ahead of tomorrow's U.S. crude inventories report, April-dated futures drifted lower by 6 cents, or 0.1%, to settle at $53.14 per barrel.
Gold stumbled for the sixth straight session -- the longest stretch since early November -- as the dollar continued to strengthen on rising expectations of a Fed interest rate hike next week. Specifically, April-dated gold lost $9.40, or 0.8%, to close at $1,216.10 per ounce.
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