U.S. and China trade negotiators are expected to meet in person next week
Stocks jumped into positive territory out of the gate, as Wall Street cheered a round of upbeat earnings reports. Blue-chip drink maker Coca-Cola (KO) and "Avengers" toymaker Hasbro (HAS) were two notable winners, surging 6% and 10%, respectively, on the back of the companies' second-quarter profit beats. Upbeat U.S.-China trade headlines helped strengthen tailwinds into the close, with the Dow, S&P, and Nasdaq all notching big gains on reports in-person talks between the two countries will resume next week.
Continue reading for more on today's market, including:
- The level Snap options traders targeted ahead of earnings.
- Signal says Target could bounce before earnings.
- Plus, Yeti popped on a new price target; 3 tech stocks that could make major moves; and the food stock ripe for a bearish options trade.
The Dow Jones Industrial Average (DJI - 27,349.19) closed up 177.3 points, or 0.7%. Coca-Cola (KO) paced the 22 advancers with its 6.1% surge, while Travelers (TRV) led the eight decliners with its 1.5% drop.
The S&P 500 Index (SPX - 3,005.47) gained 20.4 points, or 0.7%, to close back above 3,000. The Nasdaq Composite (IXIC - 8,251.40) rose 47.3 points, or 0.6%.
The Cboe Volatility Index (VIX - 12.61) shed 0.9 point, or 6.8%.
5 Items on our Radar Today
- FAANG companies spent roughly $13 million on lobbying in the second quarter, with Facebook's (FB) $4.1 million topping the list. Netflix (NFLX) brought up the rear with its $200,000 outlay in the April-through-June period. In the middle was Amazon ($4 milion), Alphabet ($2.9 million), and Apple ($1.8 million). (MarketWatch)
- President Donald Trump today filed a lawsuit against the House Ways and Means Committee, as well as New York state's attorney general and tax commissioner in order to block the release of his tax returns. This comes after the Ways and Means Committee sued the Treasury Department to obtain the documents, and New York's State Senate passed the TRUST Act which could provide Congress with the president's state tax returns. (CNBC)
- Yeti stock popped after Cowen lifted its price target.
- These 3 tech stocks are expected to make major moves on Thursday.
- This food stock seems ripe for a bearish options trade.
Data courtesy of Trade-Alert
Stronger Dollar Pressures Gold
Oil prices swung higher today on expectations domestic crude inventories declined last week. September-dated crude gained 55 cents, or 1%, to settle at $56.77 per barrel.
A stronger U.S. dollar weighed on gold prices today. At the close, gold for August delivery was down $5.20, or 0.4%, to close at $1,421.70 an ounce.