Oil and gold both finished lower, however, as the U.S. dollar ticked higher
The Dow opened lower today -- pressured in part by losses for tariff target Apple (AAPL) ahead of this weekend's much-anticipated G-20 meeting -- but the index eventually clawed higher after exploring a 334-point range on both sides of breakeven. Traders showed some cautious interest in defensive names after Fed Vice Chair Richard Clarida predicted a likely "gradual policy normalization" in 2019, and National Economic Council Director Larry Kudlow walked back some of President Donald Trump's hawkish China trade talk. Meanwhile, the S&P capitalized on freshly reclaimed chart support in the wake of Monday's rally, extending its lead above the 2,650 half-century level and its 80-week moving average.
Continue reading for more on today's market, including:
- What sparked SAVE's comeback.
- Today's UTX sell-off could be a buying opportunity.
- Why it's game over for entertainment names TTWO and ATVI.
- Plus, ATHN and BIIB get bear notes; UAL stock rallies; and one options trader bets millions on RACE.
The Dow Jones Industrial Average (DJI - 24,748.73) made gains today, tacking on 108.5 points, or 0.4%. Twenty-one of the 30 Dow stocks were up today, with Verizon (VZ) in the lead with a 2.5% gain and United Technologies (UTX) bringing up the back with a 4.1% loss.
The S&P 500 Index (SPX - 2,682.20) rose 8.8 points, or 0.3%, while the Nasdaq Composite (IXIC - 7,082.70) edged 0.9 point higher, or 0.01%.
The Cboe Volatility Index (VIX - 19.02) put on 0.1 point, or 0.6%.
5 Items on our Radar Today
- Mark Luckie, a former employee of Facebook, published a note stating that the social media name has a "black people problem." Luckie elaborated, saying the inclusive outlook that Facebook projects is not representative of the company's actual lack of diversity and everyday racial bias. (CNBC)
- The Federal Bank of Minnesota just released a chart showing a spike in farm bankruptcies in the Upper Midwest. According to the central bank, the amount of bankruptcies in Wisconsin and adjacent states has more than doubled since 2014. (MarketWatch)
- Analysts are over these 2 struggling healthcare stocks.
- What UAL's recent stock surge could mean for options bears.
- The options bull who just placed a huge bet on RACE stock.
Data courtesy of Trade-Alert
Oil, Gold Back Down as Dollar Firms
Oil prices were little changed today, inching only a few cents lower as a stronger U.S. dollar overshadowed expectations for a possible forthcoming production cut from the Organization of the Petroleum Exporting Countries (OPEC). Crude futures for January delivery lost 7 cents, or 0.1%, to settle at $51.56 per barrel.
Dollar-denominated gold futures also finished lower today. December-dated gold dropped $9, or 0.7%, to settle at $1,213.40 an ounce.