The Fed meeting will kick off tomorrow, too
The Dow kicked off the week with a triple-digit loss, snapping what was an eight-day winning streak. The big surge in oil prices was the talk of the town, as the Saudi Arabia attacks -- which create a massive disruption to crude oil production -- had energy stocks soaring, but sparked uncertainty over the impact to the global economy. The S&P 500 and Nasdaq also finished in the red, as Wall Street prepares for the start of the Fed meeting tomorrow.
Continue reading for more on today's market, including:
- Transocean bears were caught off guard by the crude climb.
- Options bulls blitzed booming Toll Brothers stock.
- This healthcare stock seems ripe for a bearish options trade.
- Plus, Turtle Beach stock breaking out; FedEx hit with a pre-earnings bear note; and what surging oil prices did to Delta stock.
The Dow Jones Industrial Average (DJI - 27,076.82) recorded a 142.7-point, or 0.5%, loss. Chevron (CVX) had the best day of the seven blue-chip gainers, finishing up 2.2%, while Procter & Gamble (PG) led the 23 laggards with its 1.9% drop.
The S&P 500 Index (SPX - 2,997.96) gave back 9.4 points, or 0.3%, while the Nasdaq Composite (IXIC - 8,153.54) closed down 23.2 points, or 0.3%.
The Cboe Volatility Index (VIX - 14.67) shed 0.9 point, or 6.8%.
5 Items on our Radar Today
- According to South Korea's Joongang Ilbo newspaper that cited diplomatic sources, North Korean leader Kim Jong Un last month invited U.S. President Donald Trump to visit Pyongyang. The invitation came via a letter, which reportedly expressed a desire to hold a third summit, despite little progress made between the two countries on denuclearization in the past year. (Reuters)
- OxyContin maker Purdue Pharma, which recently has been embroiled in thousands of lawsuits over its role in the opioid crisis, filed for bankruptcy. The decision follows a tentative settlement the company reached last week with several states and local governments, which could be worth up to $12 billion. (MarketWatch)
- Here's how options traders reacted to the Turtle Beach stock breakout.
- FedEx stock picked up an bear note before earnings tomorrow.
- Delta stock took a hit amid the surge in oil prices today.
There are no earnings to report today.
Data courtesy of Trade-Alert
Oil Logs Biggest Daily Gain in Over 10 Years
Oil roared higher after the weekend attack on the Saudi crude production facilities. October-dated crude futures surged $8.05, or 14.7%, to settle at $62.90 per barrel. That's black gold's largest daily gain since late 2008.
Gold also made outsized moves higher today, as the safe-haven asset got a boost from rising geopolitical uncertainty. Gold for December delivery closed up $12, or 0.8%, at $1,511.50 an ounce.