Schaeffer's Top Stock Picks for '25

Nasdaq Wraps Up Worst Day Since August

Wall Street is betting on bank stocks ahead of an expected Senate vote on tax reform

Nov 29, 2017 at 4:29 PM
facebook X logo linkedin


The Dow Jones Industrial Average (DJIA) and S&P 500 Index (SPX) started the session hitting record highs, as traders cheered a strong third-quarter gross domestic product (GDP) reading, which helps strengthen the case for a December rate hike. The Dow eventually closed at an all-time peak, as Wall Street continued to bet on bank stocks ahead of this week's GOP tax reform vote, and UnitedHealth (UNH) stock rallied following the healthcare name's well-received investor day. Nevertheless, a sharp selloff in tech stocks pulled the SPX into negative territory -- and had the Nasdaq Composite (IXIC) logging its biggest one-day percentage loss since August.

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

  • This FAANG stock just suffered its worst day in a year.
  • 2 real estate stocks that could enjoy a Santa Claus rally.
  • This tech name could be due for a volatile Friday.
  • Plus, Western Digital's really bad day; the search is on at Chipotle; and the 2 reasons this restaurant stock was downgraded.

The Dow Jones Industrial Average (DJIA - 23,940.68) topped out at a record high of 23,959.76, before settling with a 104-point, or 0.4%, gain. Twenty of the Dow's 30 components closed higher, led by UNH's 3.1% pop. Visa (V) paced the decliners with its 3.1% drop.

The S&P 500 Index (SPX - 2,626.07) hit an all-time peak of 2,634.89, but erased these gains to close down 1 point, or 0.04%. The Nasdaq Composite (IXIC - 6,824.34) spent the entire session in the red, giving back 88 points, or 1.3%, at the close.

The CBOE Volatility Index (VIX - 10.70) rose 0.7 point, or 6.7%, for its highest close since Nov. 17.

Closing Indexes Summary Nov 29

NYSE and Nasdaq Nov 29

5 Items on Our Radar Today

  1. The Fed's Beige Book showed "a slight improvement in the outlook among contacts in reporting districts" through mid-November. The report also signaled "modest or moderate" wage growth, and said inflation pressures "have strengthened since the last report." (Bloomberg)
  2. Amazon (AMZN) subsidiary Amazon Web Services (AWS) today announced a raft of products to help companies delve further into the artificial intelligence (AI) sphere. Included in the bunch is DeepLens, an AI-powered camera that costs $250. (The Verge)
  3. Western Digital (WDC) stock breached two key technical levels amid today's big retreat.
  4. Chipotle Mexican Grill (CMG) said it is searching for a new CEO, after announcing its co-founder and current chief will be stepping down. CMG stock settled up more than 5% on the day.
  5. 2 reasons Guggenheim downgraded Wingstop stock.

Corporate Earnings Chart Nov 29

Unusual Options Activity Nov 29
Data courtesy of Trade-Alert

Commodities

Oil prices brought their daily losing streak to three, as uncertainty over Russia's willingness to agree to a long-term supply-cut extension at tomorrow's Organization of the Petroleum Exporting Countries (OPEC) meeting overshadowed a bigger-than-expected drop in weekly U.S. crude inventories. At the close, January-dated crude was down 69 cents, or 1.2%, at $57.30 per barrel.

A strengthening dollar put pressure on gold prices today. Gold for February delivery -- now the most active contract -- settled down $11.90, or 0.9%, at $1,287.30 an ounce.

 
 

You have the chance to join one of Bernie's most exclusive programs, complete access at HUGE savings!

As we prepare for a new administration to take the reins in Washington, the near-term market landscape is rife with uncertainty.

The Federal Reserve has already hinted at the turbulence ahead, lowering its interest rate outlook for 2025.

Meanwhile, breakthroughs in artificial intelligence (AI), quantum computing, and other transformative sectors have unlocked incredible profit potential.

But these opportunities are fleeting, and timing is everything. That's where Quick-Hit Trader comes in.

Quick-Hit Trader is designed for precision and speed, getting you in and out of the market in a flash. While other investors scramble to navigate volatile conditions, you'll have access to expertly curated trades that leverage these rapid shifts to deliver explosive profits in short order.

This is your chance to capitalize on the fast-moving market like never before. Are you ready to make your move?

 

 

(function(doc, script) { var js, fjs = doc.getElementsByTagName(script)[0], frag = doc.createDocumentFragment(), add = function(url, id) { if (doc.getElementById(id)) {return;} js = doc.createElement(script); js.src = url; id && (js.id = id); frag.appendChild( js ); }; // Google+ button //add('https://apis.google.com/js/platform.js', async="defer"); // Facebook SDK add('//connect.facebook.net/en_US/all.js#xfbml=1&appId=772755279557744', 'facebook-jssdk'); // Twitter SDK //add('//platform.twitter.com/widgets.js', charset='utf-8'); fjs.parentNode.insertBefore(frag, fjs); }(document, 'script'));