"The key driver today seemed to be the global markets," noted Schaeffer's Senior Trading Analyst Bryan Sapp. "Nearly every European and Asian market closed lower for the session. However, despite global markets selling off, Caterpillar Inc. (NYSE:CAT) missing badly on earnings, and the news that China is tightening its monetary policy, today's move lower was very muted, and small-caps continued to outperform the other indexes." Meanwhile, the Dow Jones Industrial Average (DJI) finished south of breakeven.
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The Dow Jones Industrial Average (DJI - 15,413.33) faltered almost right out of the gate, and touched an intraday low of 15,366.19 around 10:00 a.m. ET following some troubling developments out of China. By the close, the blue-chip barometer was down 54.3 points, or 0.4%. The Boeing Company (NYSE:BA) led the Dow's eight advancers with an earnings-induced gain of 5.3%, while Caterpillar Inc. (NYSE:CAT) paced the 21 decliners with a 6.1% loss -- spurred by its dismal earnings report. The Coca-Cola Company (NYSE:KO) remained unchanged.
Similarly, the S&P 500 Index (SPX - 1,746.38) spent the session in negative territory, and finished 8.3 points, or 0.5%, lower. Meanwhile, the Nasdaq Composite (COMP - 3,907.07) snapped its streak of new intraday records, losing 22.5 points, or 0.6%, by day's end.
Conversely, the CBOE Volatility Index (VIX - 13.42) gained a bit of ground today to end 0.1 point, or 0.7%, higher, after touching an intraday peak of 14.21. However, the "fear gauge" is still on pace to finish a second consecutive week below its 20-week moving average.
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