Oil prices rose on reports the EU will back French sanctions on Iran
The Dow dropped out of the gate and didn't look back, ending with a loss of nearly 400 points. FAANG stocks continued to drag down the market, with Facebook (FB) and Apple (AAPL) among the worst hit. The former touched an annual low on more negative media attention, while the latter plummeted amid renewed concerns about iPhone demand. Chip stocks were also battered amid antitrust allegations from China. Against this backdrop, all three major market indexes kicked off the shortened trading week in the red, with the tech-rich Nasdaq suffering the worst, dropping more than 3% for its lowest close since April.
Continue reading for more on today's market, including:
- Citron: This stock could surge 50%.
- Credit Suisse's top U.S. airline pick.
- JD stock's dismal post-earnings performance.
- Plus, Foot Locker is set to report earnings; the energy stock to sell now; and the penny stock joining the pot market.
The Dow Jones Industrial Average (DJI - 25,017.44) fell 395.8 points today, or 1.6%, with 21 of the 30 stock finishing lower. Pfizer (PFE) was at the top of the list with a 1.5% gain, while Boeing (BA) was at the bottom with a 4.5% loss.
The S&P 500 Index (SPX - 2,690.73) dropped 45.5 points, or 1.7%. The Nasdaq Composite (IXIC - 7,028.48) also sunk, shedding 219.4 points or 3%.
The Cboe Volatility Index (VIX - 20.10) rose about 2 points, or 10.8%.
5 Items on our Radar Today
- Kroger will open its first robotically operated warehouse -- part of a partnership with Britain's Ocado -- in Cincinnati, Ohio later this year. The grocer plans to roll out about 20 of these tech-based customer fulfillment centers as an attempt to compete against Amazon's grocery services. (CNBC)
- Democrats filed a lawsuit to block President Donald Trump's appointment of acting Attorney General Matthew Whitaker. The suit claims Trump's appointment was unconstitutional, as it deprived the U.S. Senate of its power to review nominations. (Reuters)
- Foot Locker stock could enjoy a post-earnings rally, if past is precedent.
- The energy stock to dump right now.
- The penny stock flying high after pot news.
There were no earnings of note today.
Data courtesy of Trade-Alert
Oil Ends Higher on Expectations for Iran Sanctions
Oil finished higher today, amid reports that the European Union (EU) will back French sanctions on Iran. Oil for December delivery -- which expired today -- edged up 30 cents, or 0.5%, to end at $56.76 a barrel.
Gold prices were up again for a fourth straight session, as a rough day for stocks increased the metal's "safe haven" appeal. December-dated gold rose $2.30, or 0.2%, settling at $1,225.30 an ounce.