The Dow wavered with oil prices, but eventually closed higher on the week
The Dow Jones Industrial Average (DJIA) spent time on both sides of breakeven on quadruple witching expiration -- when futures and options on indexes and stocks simultaneously expire -- before eventually settling with a modest loss. Traders kept a close eye on trade discussions in a meeting between President Donald Trump and German Chancellor Angela Merkel, as well as the G-20 summit of global financial leaders. Stocks also reacted to a round of economic data and wavering oil prices. Despite the relatively muted action in stock markets today, the Dow, S&P 500 Index (SPX), and Nasdaq Composite (COMP) all closed higher on the week, with the COMP notching an all-time intraday high.
Continue reading for more on today's market, including:
- 2 penny stocks flashing a possible "buy."
- 5 ways stock traders use MACD as a technical indicator.
- 3 drug stocks that made big moves today.
- Plus, American Airlines hits more turbulence; Tesla's big week; and a $1.4 million housing bet.
The Dow Jones Industrial Average (DJIA - 20,914.62) traded in a 69-point range, before settling down 19.9 points, or 0.1%. Fourteen of 30 Dow stocks closed lower, led by a 1.7% loss for Goldman Sachs. 3M shares paced the 15 advancers with its 1.1% pop, while Cisco stock finished flat. For the week, the Dow added 0.06%.
The S&P 500 Index (SPX - 2,378.25) closed the day down 3.1 points, or 0.1%, but gained 0.2% on the week. The Nasdaq Composite (COMP - 5,901.00) topped out at a record peak of 5,912.61, before settling with a fractional gain. Week-over-week, the COMP rose 0.7%.
The CBOE Volatility Index (VIX - 11.28) edged up 0.07 point, or 0.6%. On a weekly basis, though, the market's "fear gauge" surrendered 3.3%.
5 Items on Our Radar Today
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While an official document won't be released until Saturday, early reports suggest global financial leaders agreed to stand against currency and forex manipulation at today's
G-20 summit in Germany. However, differences surrounding trade and climate change financing have emerged, due mainly to the objections of the Trump administration.
(Reuters)
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Mulesoft stock began trading on the New York Stock Exchange today, under the ticker MULE. Shares of the software company jumped to an intraday high of $25.92 -- more than 52% above Thursday's IPO price of $17 per share -- before settling at $24.75.
(CNBC)
- American Airlines stock headed lower once again, after Imperial Capital lowered its expectations for the shares.
- Tesla shares closed out the week 7.3% higher following a better-than-expected stock offering.
- Options traders have been buying to open calls on the iShares U.S. Home Construction ETF (ITB), with one bull betting $1.4 million on higher highs.
Data courtesy of Trade-Alert
Commodities
Crude oil eked out a win, even after data showed the domestic rig count increased for a ninth straight week. April-dated crude futures ended the session up 3 cents at $48.78 per barrel. For the week, liquid gold added 0.6%.
Gold prices gained ground amid a cooling U.S. dollar. By the close, gold for April delivery was $3.10, or 0.3%, higher at $1,230.20 an ounce. Week-over-week, gold rose 2.4% -- its biggest weekly advance since early February.
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