"The major markets were mostly lower today, as we began the first full week of trading now that all of the big holidays are in the rearview mirror," observed Schaeffer's Senior Equity Analyst Joe Bell, CMT. "The ISM non-manufacturing index came in worse than expected, and November factory orders were right in line with consensus estimates. Although these might not have been major market drivers, they certainly didn't do much to curb the early negative momentum." As such, the Dow Jones Industrial Average (DJI) closed south of breakeven.
Continue reading for more on today's market, including:
The Dow Jones Industrial Average (DJI - 16,425.10) was parked in the red for most of the session, and was off nearly 45 points, or 0.3%, by the closing bell. The blue-chip index's 11 advancers were led by Goldman Sachs Group Inc (NYSE:GS) -- which gained 0.7% -- while Microsoft Corporation (NASDAQ:MSFT) led the 19 decliners with a loss of 2.1%.
The S&P 500 Index (SPX - 1,826.77) mimicked the path of the Dow, and shed 4.6 points, or 0.3%, for the day. Meanwhile, the Nasdaq Composite (COMP - 4,113.68) dropped 18.2 points, or 0.4%.
Aside from a few blips higher, the CBOE Volatility Index (VIX - 13.55) spent most of the day south of breakeven, and finished 0.2 point, or 1.5%, lower.
A Trader's Take:
"This is the first time in several weeks that the Dow has been down two days in a row," remarked Bell. "Much of the early selling was met with buying though, as many sectors finished well off their lows. The low-volatility uptrend that this market has been in is just incredible, so a little volatility and even a slight pullback has to be expected at some point."
5 Items on Our Radar Today:
For a look at today's options movers and commodities activity, head to page 2.
The Case for Big Moves in IWM and QQQ
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