President Trump wants Russia back at the G-7 table
The Dow closed higher today, but gains were held in check by bubbling trade-war tensions ahead of this weekend's Group of Seven (G-7) meeting. The tit-for-tat tariff issues between the U.S., Canada, and Europe will be in focus during the summit, and while President Donald Trump said Russia should be reinstated into the talks, French President Emmanuel Macron tweeted that the G-7 doesn't "mind signing a 6-country agreement if need be."
Investors also largely shrugged off the latest in special counsel Robert Mueller's Russia probe, after Mueller brought forth more indictments against ex-Trump campaign chief Paul Manafort and a Russian national. Nevertheless, the Dow locked up a third straight win and its highest close since March. All three benchmarks walked away with weekly wins as well.
Continue reading for more on today's market, including:
- Short these stocks before the Fed rate hike.
- One analyst heaped praise on Eli Lilly stock.
- Foot Locker stock has room to run.
- Plus, FB options traders eye July highs; Monster Beverage hints at a price increase; and the worst stock to own after a rate hike.
The Dow Jones Industrial Average (DJI - 25,316.53) added 75.1 points, or 0.3%, and turned in a 2.8% gain for the week. Of the 30 blue chips, 21 closed with gains. Procter & Gamble (PG) had the best day, adding 1.9%, while Intel (INTC) paced the nine losers once again with its 1.5% drop.
The S&P 500 Index (SPX - 2,779.03) added 8.7 points, or 0.3%, and tacked on 1.6% for the week. The Nasdaq Composite (IXIC - 7,645.51) added 10.4 points, or 0.1%. It gained 1.2% for the week.
The Cboe Volatility Index (VIX - 12.18) added 0.1 point, or 0.4%, but shed 9.5% for the week.
5 Items on Our Radar Today
- In a surprise move, Verizon Communications (VZ) named Hans Vestberg the company's new CEO. Vestberg previously occupied the post of Chief Technology Officer. The appointment signals a pivot towards expanding the wireless company's 5G network technology. (Reuters)
- According to sources, the European Union's antitrust regulators are poised to approve Comcast's (CMCSA) bid for European broadcast giant Sky. The approval sets the table for a showdown with 21st Century Fox (FOXA), which is attempting to sell assets in order to buy Sky. (Reuters)
- Facebook's faithful options bulls targeted record highs in July
- Monster Beverage's planned price hike sent the stock soaring today.
- TripAdvisor stock has been the worst stock to own after Fed rate hikes.
Data courtesy of Trade-Alert
Oil, Gold Prices Creep Lower
Oil prices ended fractionally lower today, after JPMorgan cut its 2018 price forecast for West-Texas Intermediate (WTI) futures, citing less demand from China and increasing U.S. output. July-dated crude futures gave back 21 cents, or 0.3%, to settle at $65.74 per barrel. Black gold shed 0.1% for its third straight weekly decline.
Gold prices inched lower today as well, due to a steadying dollar. Losses were limited, though, as concerns remain over global trade tensions. Gold futures for August delivery shed 30 cents, or 0.1%, to close at $1,302.70 an ounce. For the week, gold held on to a 0.3% advance.