The Dow and S&P snapped their historic winning streaks after payrolls data
The Dow Jones Industrial Average (DJIA) and S&P 500 Index (SPX) snapped their historic winning streaks today, as Wall Street digested this morning's disappointing payrolls report. In addition, traders kept an eye on Tropical Storm Nate, as well as reports that North Korea is preparing to test a long-range missile. However, the Nasdaq Composite (IXIC) notched another record high in intraday trading, and even eked out a ninth straight win. For the week, all three indexes ended comfortably higher.
Continue reading for more on today's market, including:
- What the Dow's win streak could mean for the fourth quarter.
- The airline stock expected to reach record highs.
- Options players are predicting new lows for Snap stock.
- Plus, Activision Blizzard could be ready for its next leg up; the week's hottest IPO; and Costco stock dropped on sinking margin concerns.
The Dow Jones Industrial Average (DJIA - 22,773.67) ended its winning streak with a 1.7-points, or 0.01%, loss. Sixteen of the Dow's 30 stocks ended in the black, led by a 0.5% rally for Travelers (TRV), while Chevron (CVX) paced the losers with a 1.3% drop. The Dow ended up 1.7% on the week.
The S&P 500 Index (SPX - 2,549.33) finished 2.7 points, or 0.1% lower, while managing to tack on 1.3% for the week. The Nasdaq Composite (IXIC - 6,590.18) moved up 4.8 points, or 0.1% for the day, and finished up 1.4% for the week.
The CBOE Volatility Index (VIX - 9.65) worked its way up 0.5 points, or 5% on the day, and 1.5% on the week.
5 Items on Our Radar Today
- Tesla CEO Elon Musk agreed to discuss plans to rebuild Puerto Rico's power grid, after Hurricane Maria left the country in ruins and entirely without power. Puerto Rico Governor Ricardo Rossello and Musk started communicating over Twitter after a random user tweeted at Musk, asking if rebuilding the country's power system was possible with the kind of batteries Tesla makes. (CNBC)
- An anti-nuclear weapon campaign group won the Nobel Peace Prize for its efforts to abolish nuclear arms on a global scale. The award comes amid rising geopolitical tensions between the U.S. and North Korea, which has conducted multiple nuclear tests and issued various nuclear threats in recent months.
- Activision Blizzard stock could be ready for its next leg higher.
- Behind one of the week's hottest IPOs.
- Costco stock dropped on shrinking margins concerns.
Data courtesy of Trade-Alert
Commodities
Crude futures dropped to post their first weekly loss in more than a month, as energy companies in the Gulf of Mexico halt oil production in preparation for Tropical Storm Nate. November-dated oil futures ended with a loss of $1.50, or 3%, at $49.29 per barrel, and a weekly loss of about 4.6%.
Gold rebounded today, but still posted its fourth straight weekly loss, as traders digested monthly jobs data and Fed chatter. December-dated gold ended up $1.70, or 0.1% higher, at $1,274.90 an ounce.