The DJI staged a valiant eleventh-hour rebound, but it wasn't enough
The Dow was down 118 points at its session low, and despite a late-stage jump into positive territory, still ended in the red. The index couldn't shake off headwinds from a recoiling chip sector, subpar Chinese manufacturing data, and a smaller-than-expected increase in May retail sales. The S&P 500 and Nasdaq also closed lower, but all three major indexes walked away with their second straight weekly wins. Elsewhere, investors are monitoring U.S.-Iran tensions over recent oil tanker attacks, while looking ahead to next week's Fed meeting, especially in light of growing chatter about a summer rate cut.
Continue reading for more on today's market, including:
- Steer clear of these 25 stocks around Fed meetings.
- This could be the best social media stock for bulls right now.
- Plus, 4 of the latest IPOs; one stock to target next week; and a biotech battered by options traders.
The Dow Jones Industrial Average (DJI - 26,089.61) gave back 17.2 points, or 0.1%, in today's trading. Home Depot (HD) led the 17 winners with a 1.7% gain, while Dow (DOW) paced the 13 losers with a 3.3% drop. For the week, the Dow finished up 0.4%.
The S&P 500 Index (SPX - 2,886.98) lost 4.7 points, or 0.2%, while the Nasdaq Composite (IXIC - 7,796.66) shed 40.5 points, or 0.5%. For the week, the S&P gained 0.5%, and the Nasdaq added 0.7%.
The Cboe Volatility Index (VIX - 15.28) fell 0.5 point, or 3.4%. The VIX lost 6.3% this week.
5 Items on our Radar Today
- United Nations (U.N.) Secretary-General Antonio Guterres is calling for an independent investigation to discern the culprit behind the attacks on two oil tankers yesterday in the Gulf of Oman. The probe comes after the U.S. came out and blamed Iran for the attacks. (Reuters)
- There are four candidates to replace outgoing White House press secretary Sarah Sanders, sources close to President Donald Trump say: deputy White House press secretary Hogan Gidley, former State Department spokeswoman Heather Nauert, outgoing Treasury Department spokesman Tony Sayegh, and the First Lady's communications director, Stephanie Grisham. (Reuters)
- Recapping 4 big IPOs from the past week.
- This medical device maker historically outperforms during Fed weeks.
- Analysts and options traders circled this biotech stock.
Data courtesy of Trade-Alert
Oil Up Amid Tanker Drama; Gold Goes Four in a Row
Oil climbed again today, as recent tanker attacks in the Gulf of Oman continue to fuel concerns about supply disruptions. By the close, July-dated crude added 23 cents, or 0.4%, to end at $52.51 per barrel. For the week, black gold shed 2.7%.
Gold notched its fourth straight win today, but gave back much of its gains as the dollar strengthened . After rallying as high as $1,362.20 an ounce -- its highest price since April 2018 -- August-delivered gold added 80 cents, or 0.1%, to settle at $1,344.50 an ounce. For the week, it fell 0.1%.