The COMP extended its longest winning streak in two years
The Dow Jones Industrial Average (DJIA) spent most of the session in the red, bogged down by Home Depot's steep Amazon-fueled drop. In addition, negative earnings reactions for fellow Dow stocks American Express and Travelers, as well as concerns about a possible probe into President Donald Trump's business dealings, added salt to the index's proverbial wounds.
The S&P 500 Index (SPX) also failed to stay afloat, but not before touching a record high early in the session. The Nasdaq Composite (COMP) stumbled to the finish line as well, touching another record high and extending its winning streak to 10 sessions -- the longest since 2015. Likewise, the CBOE Volatility Index (VIX) ended south of 10 for a sixth straight day, continuing its longest streak ever.
Continue reading for more on today's market, including:
The Dow Jones Industrial Average (DJIA - 21,611.78) shed 29 points, or 0.1%. Of the 30 Dow stocks, 15 ended positive, led by a 2.3% gain for Nike. Home Depot was the biggest loser, dipping 4.1%.
The S&P 500 Index (SPX - 2,473.45) shed 0.4 point, or 0.01%, but reached a new intraday high of 2,477.62. The Nasdaq Composite (COMP - 6,390.00) added 5 points, or 0.08%. It also hit a record intraday peak of 6,398.26.
The CBOE Volatility Index (VIX - 9.58) shed 0.2 point, or 2.1%, to end below 10 for the sixth straight session.
5 Items on Our Radar Today:
- Tesla CEO Elon Musk said The Boring Co. got a verbal nod from the government to start building an underground "Hyperloop" on the East Coast. The Hyperloop will allegedly take commuters less than half an hour to get from New York to Washington, D.C. (CNBC)
- The Congressional Budget Office (CBO) announced that the most recent revision of the GOP healthcare bill would leave more than 22 million Americans without coverage by the year 2026. "I don't know how CBO has time to do anything else but score plans on a daily basis," joked Democratic Representative Richard Neal, after a previous draft of the bill flopped on Monday. (ABC News)
- Amazon gave this stock a huge surge.
- 2 social media stocks slammed by MoffettNathanson.
- Analysts aren't giving up on this Dow stock.
Data courtesy of Trade-Alert
Commodities
Oil prices fell from their six-week high after traders began to worry about the rising output from Nigeria, Libya, and the U.S. August-dated oil futures settled at $46.79 a barrel, for a 0.7%, or 33-cent, loss. The new front-month September-dated contract settled with an even larger loss of 40 cents, or 0.9%, at $46.92 per barrel.
Gold futures continued to impress, as the European Central Bank's policy decision caused the U.S. dollar to plummet against the euro. August-dated gold futures closed $3.60, or 0.3%, higher at $1,245.50 per ounce, marking a fifth straight win.