A busy week of corporate earnings season is underway
Stocks closed mixed in today's trading. The Dow chalked up a loss, after heavyweight Boeing (BA) stock dropped on a critical New York Times report. Losses were limited, though, as blue-chip energy stocks Exxon Mobil (XOM) and Chevron (CVX) surged with oil prices, after Secretary of State Mike Pompeo tweeted the U.S. will make no exceptions on waiving sanctions for Iranian oil imports. Against this backdrop, the S&P 500 closed above breakeven, while the Nasdaq eked out a modest gain ahead of an onslaught of corporate earnings reports due out this week.
Continue reading for more on today's market, including:
The Dow Jones Industrial Average (DJI - 26,511.05) lost 48.5 points, or 0.2%. UnitedHealth (UNH) was the top Dow gainer, adding 2.4%. Meanwhile, Nike (NKE) paced the 18 losers with a 2% drop.
The S&P 500 Index (SPX - 2,907.97) scraped together 2.9 points, or 0.1%, while the Nasdaq Composite (IXIC - 8,015.27) tacked on 17.2 points, or 0.2%, moving back above its notable 8,000 mark.
The Cboe Volatility Index (VIX - 12.42) added 0.3 point, or 2.7%.
5 Items on our Radar Today
- Abigail Disney, granddaughter of Walt Disney (DIS) co-founder Roy O. Disney, stated that current CEO Bob Iger's fiscal 2018 compensation is "insane" at the Fast Company Impact Council last Thursday. The heiress' words follow a recent study from Equilar that found Iger's pay to be 1,424 times that of the company's median employee. (CNBC)
- As Starbucks (SBUX) continues to expand into the Chinese market, rival Luckin Coffee Inc., today filed for its U.S. initial public offering (IPO). With plans to debut under the ticker LK on the Nasdaq, the coffee chain is home to 2,370 shops in China. (MarketWatch)
- Analysts say buy the dip on these biotechs.
- Coca-Cola stock might see more downside after earnings.
- Dillard's stock driven lower by a downgrade.
Data courtesy of Trade-Alert
Gold, Oil Mark Notable Daily Wins
Oil moved higher after the U.S. committed to ending waivers on Iran crude imports, even as President Donald Trump tweeted "Saudi Arabia and others in OPEC will more than make up the Oil Flow difference." May-dated crude added $1.70 cents, or 2.7%, to settle at $65.70 per barrel -- its highest close since October.
A weaker dollar helped push gold higher. After slumping to its fourth straight weekly loss last week, June-dated gold gained $1.60, or 0.1%, to close at $1,277.60 per ounce.