The S&P 500 logged its fourth straight loss
The Dow spent most of the session higher, thanks to upbeat comments from Treasury Secretary Steven Mnuchin, who said "there's a path" to a trade deal with China. The blue-chip index traded up over 100 points at its session highs, but ultimately reversed lower amid big-cap pharma headwinds. However, while the S&P 500 suffered its fourth straight loss, a strong push from chip stocks helped the Nasdaq snap a three-day losing streak.
Continue reading for more on today's market, including:
- Here are the best stocks to own in July.
- Analyst: These 2 penny stocks could quadruple.
- Wayfair stock bounced back today from the walkout drama.
- Plus, 2 red-hot oil stocks; a tobacco stock put out; and behind Micron's big day.
The Dow Jones Industrial Average (DJI - 26,536.82) fell 11.4 points in today's trading. Intel (INTC) led the 15 blue-chip winners with a 2.9% gain, while Travelers (TRV) paced the other half of losers with a 2.9% drop.
The S&P 500 Index (SPX - 2,913.78) lost 3.6 points, or 0.1%, while the Nasdaq Composite (IXIC - 7,909.97) tacked on 25.3 points, or 0.3%.
The Cboe Volatility Index (VIX - 16.21) fell 0.1 point, or 0.4%.
5 Items on our Radar Today
- In an exclusive report, Reuters said the Chinese Ministry of State Security hacked eight of the world's largest computer services firms in an effort to steal clients' commercial secrets. The elaborate year-long operation sought out Western intellectual property from companies such as Hewlett Packard and IBM, sources said. (Reuters)
- Bitcoin continues its impressive revival, crossing an 18-month high earlier today. There remains some hope that Facebook's Libra project will help push cryptocurrencies into the mainstream. (Reuters)
- Scoop up these 2 oil stocks right now, history says.
- The San Francisco vape ban dug into this tobacco stock.
- A big earnings beat made Micron stock the chip sector darling.
Data courtesy of Trade-Alert
Oil Rebounds, Gold Takes Breather
Oil also bounced back today, thanks to a massive drop in U.S. inventories and simmering tensions with Iran. By the close, August-dated crude added $1.55, or 2.7%, to end at $59.38 per barrel.
Gold pulled back, amid reduced expectations for a Fed interest rate cut later this month in the wake of comments from Fed Chair Jerome Powell. August-delivered gold gave back $3.30, or 0.2%, to settle at $1,415.40 an ounce.