Trump's speech at the UN general assembly drew unintended laughter from world leaders
Despite a strong start to the day, the Dow closed in the red for a second straight session. Wall Street early on watched as McDonald's (MCD) and blue-chip bank stocks rallied, with financials gaining in anticipation of tomorrow's Fed decision. However, President Donald Trump's hawkish tone on trade at the United Nations (UN) General Assembly sent the Dow back below breakeven, despite a surprisingly strong consumer confidence update for September. But once again the Nasdaq was able to buck the broad-market headwinds, thanks to more gains out of the tech sector.
Continue reading for more on today's market, including:
The Dow Jones Industrial Average (DJI - 26,492.21) fell 69.8 points, or 0.3%, ending near session lows for a second straight day. Of the 30 Dow stocks, 11 closed higher, and MCD was by far the biggest gainer with a 1.9% rise. Intel (INTC) paced the losers, shedding 2.1%.
The S&P 500 Index (SPX - 2,915.56) closed down 3.8 points, or 0.1%, while the Nasdaq Composite (IXIC - 8,007.47) picked up 14.2 points, or 0.2%.
The Cboe Volatility Index (VIX - 12.42) ended up 0.2 point, or 1.8%.
5 Items on our Radar Today
- Qualcomm (QCOM) made headlines today by accusing Apple (AAPL) of stealing its chip manufacturing information and handing it to Intel. Apple switched from Qualcomm's chips to Intel's back in 2016 for the iPhone. (Reuters)
- Amazon (AMZN) announced today that it has invested in homebuilder Plant Prefab. The move is seen as a way to enhance Amazon's presence in the smart home space. (CNBC)
- Behind Square stock's huge day.
- This beer stock could be ripe for the picking for bears.
- Intel was hit with another analyst downgrade.
Data courtesy of Trade-Alert
Oil Adds to Gains as Trump Rips OPEC Again
Oil prices rose again today, after President Trump called out the Organization of the Petroleum Exporting Countries (OPEC) in his UN speech. November crude futures finished up 20 cents, or 0.3%, at $72.27 per barrel.
A softening dollar helped gold prices today. December gold futures closed up 70 cents, or 0.06%, at $1,205.10 an ounce.