President Trump reportedly is eyeing another round of tariffs on China
U.S. stocks spent most of the day in positive territory, but reports that President Donald Trump wants to move forward with a plan to initiate tariffs on another $200 billion in Chinese goods pulled the major indexes off their highs. Investors also digested another heavy dose of economic data, including a lackluster update on retail sales for August. But even though the Dow Jones Industrial Average (DJI), S&P 500 Index (SPX), and Nasdaq Composite (IXIC) failed to make a meaningful move higher today, all three indexes comfortably notched weekly wins -- while the SPX eked out a fifth straight daily gain, the longest such streak since mid-February.
Continue reading for more on today's market, including:
- Option bear predicts weed stock sell-off.
- FedEx stock tests key level before next week's earnings release.
- Plus, a hot stock gets downgraded; LG Display gets an Apple boost; and a retailer's chart says "sell."
The Dow Jones Industrial Average (DJI - 26,154.67) added 8.7 points, or 0.03%, with 14 Dow components closing in positive territory. The best day came from United Technologies (UTX), which closed up 1.7%. Of the 16 blue-chip losers, Walt Disney (DIS) had the worst session, slipping 1.3%. For the week, the Dow grabbed a 0.9% win.
The S&P 500 Index (SPX - 2,904.98) managed an 0.8-point, or 0.03% win, but the Nasdaq Composite (IXIC - 8,010.04) closed in the red, falling 3.7 points, or 0.05%. The SPX picked up 1.1% this week, while the Nasdaq added 1.4%.
The Cboe Volatility Index (VIX - 12.07) lost 0.3 point, or 2.4%. The VIX dropped 18.9% this week.
5 Items on our Radar Today
- North Carolina power outrages from Hurricane Florence have topped 600,000 customers. The Weather Channel predicts that number could rise to as high as 3 million. (USA Today)
- Former Trump campaign chairman Paul Manafort has agreed to cooperate with prosecutors who are investigating potential collusion with Russia. The White House then released a statement saying it has nothing to do with President Trump. (Reuters)
- One of this year's best stocks just got downgraded.
- The Apple news that boosted LG Display shares.
- Bed Bath & Beyond stock chart says more downside could be coming.
Data courtesy of Trade-Alert
Oil Prices Rebound, Get a Weekly Win
Oil prices gained today, rebounding from Thursday's sharp slide. October-dated crude futures picked up 40 cents, or 0.6%, to end at $68.99 per barrel. For the week, oil added 1.8%.
A stronger U.S. dollar weighed on gold prices today. December-dated gold shed $7.10, or 0.6%, to land at $1,201.10 an ounce. The precious metal still closed up 70 cents for the week.