"It was a very slow day," noted Schaeffer's Trading Analyst Peter Bryans. "There weren't any 'A-list' items on the economic calendar, and the market barely budged. However, the data picks up a bit tomorrow, and Wall Street will be watching the European Central Bank (ECB) meeting and Friday's nonfarm payrolls report." Against this ho-hum backdrop, the Dow Jones Industrial Average (DJI) and the S&P 500 Index (SPX) took a break from their record-setting ascents, closing modestly lower on the day.
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The Dow Jones Industrial Average (DJI - 16,722.34) spent the day in the red, swallowing a loss of 21.3 points, or 0.1%, by the time the dust settled. Eighteen of the Dow's 30 blue chips finished lower, with Nike Inc (NYSE:NKE) and Verizon Communications Inc. (NYSE:VZ) each shedding 1.5%. Intel Corporation (NASDAQ:INTC) paced the advancing minority, tacking on 1.5%.
The S&P 500 Index (SPX - 1,924.24) failed to hit an intraday record for the first session in six, ending with a loss of 0.7 point, or less than 0.1%. The Nasdaq Composite (COMP - 4,234.08) spent most of the session south of breakeven, giving up 3.1 points, or 0.1%, to bring its losing streak to three days.
The CBOE Volatility Index (VIX - 11.87) muscled higher for a second straight day, ending north of its 10-day moving average for the first time since May 20. However, the "fear gauge" -- which added 0.3 point, or 2.5%, on the day -- remains south of the closely watched 12 level.
A Trader's Take:
"If there was one positive for the bulls, it was that small-caps -- measured by the iShares Russell 2000 ETF (IWM) -- came off their lows," added Bryans. "Technically speaking, the IWM was trading right around the 'gap area' that was filled in yesterday's session. It will be interesting to see which way small-caps break in the next few days, or if it's just more of the same slow, sideways action."
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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