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Netflix Helps Nasdaq to Record High; Goldman Drags Down Dow Jones Industrial Average

The Dow Stock to Watch Through July

Managing Editor
Jul 18, 2017 at 4:29 PM
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The Dow Jones Industrial Average (DJIA) finished lower today, brought down by a poor earnings showing from the likes of Goldman Sachs. The S&P 500 Index (SPX) ended a wishy-washy session slightly higher, while the Nasdaq Composite (COMP) proved to be the darling of the day, logging a record high in its eighth straight win -- the longest winning streak since 2015 -- aided by a strong earnings showing from FAANG stock Netflix. Outside of earnings, all eyes were on Washington, D.C., as Republicans' plans to repeal and replace Obamacare stalled.

Continue reading for more on today's market, including:

  • Founder and CEO Bernie Schaeffer: The Dow stock to watch through the end of July.
  • How bargain-hunting options traders are striking gold on GDX.
  • Behind Harley-Davidson stock's breakdown.
  • Plus, another health scare for Chipotle; a QUALCOMM earnings preview; and 2 Apple suppliers slammed by downgrades.

The Dow Jones Industrial Average (DJIA - 21,574.73) lost 55 points, or 0.3%. Of the 30 Dow stocks, 12 ended positive, led by a 1.7% gain for Johnson & Johnson. Goldman Sachs stock was the biggest loser, dipping 2.6%.

The S&P 500 Index (SPX - 2,460.61) added 1.5 points, or 0.1%. The Nasdaq Composite (COMP - 6,344.30) added 29.9 points, or 0.5%. It also hit an intraday peak of 6,344.55, a new record high.

The CBOE Volatility Index (VIX - 9.89) gained 0.7%.

Closing Indexes Summary July 18
NYSE and Nasdaq July 18

5 Items on Our Radar Today:

  1. "We'll just let Obamacare fail," President Trump told reports today, saying he was "disappointed" that plans to repeal and replace the healthcare act went south. However, he said, he's "not going to own" the failure. (CNBC)
  2. Seventy percent of Americans consider it "very important" or "somewhat important" to buy American-made goods, according to a Reuters/Ipos poll. However, 37% said they wouldn't be willing to pay more for domestic goods over imports. (Reuters)
  3. The norovirus news that rocked Chipotle.
  4. How options traders are speculating on QUALCOMM earnings.
  5. 2 Apple suppliers slammed by downgrades.

Corporate Earnings Chart July 18
Unusual Options Activity July 18
Data courtesy of Trade-Alert

Commodities

Oil prices ended higher today, thanks to a weaker dollar and reports that Saudi Arabia could cut crude shipments by as much as a million barrels per day. By the close, August-dated oil futures were up 38 cents, or 0.8%, to end at $46.40 per barrel.

A softer greenback also propelled gold futures higher for a third straight session. August-dated gold gained $8.20, or 0.7%, to end at $1,241.90 an ounce.

 

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