The DJIA and SPX both notched second consecutive weekly wins ahead of next week's Fed minutes
The
Dow Jones Industrial Average (DJIA) started and ended on
a positive note, but spent most of the session south of breakeven, due to a batch of
disappointing economic and sentiment data and caution ahead of
next week's highly anticipated Fed event. The blue-chip barometer regained momentum in the final minutes of trading, ending near a session high -- and within 16 points of a record. The
S&P 500 Index (SPX) followed a similar path, but resolved to the upside -- and at
another record closing high. On a weekly basis, both major market indexes secured
a second straight weekly win.
Continue reading for more on today's market, including:
The Dow Jones Industrial Average (DJIA - 18,272.56) waffled on both sides of breakeven -- and came within a chip-shot of notching a fresh all-time best -- before settling up 20.3 points, or 0.1%. Eighteen of the Dow's 30 components gained ground, led by Cisco Systems, Inc.'s (NASDAQ:CSCO) 1.7% pop. Microsoft Corporation (NASDAQ:MSFT) paced the 12 decliners with its 0.9% drop. For the week, the DJIA added 0.4%.
The S&P 500 Index (SPX - 2,122.73) also explored both positive and negative territory, but managed to muscle 1.6 points, or 0.1%, higher to hit a new record close. The Nasdaq Composite (COMP - 5,048.29) lagged its peers, giving back 2.5 points, or 0.1%. On a weekly basis, the SPX and COMP added 0.3% and 0.9%, respectively.
The CBOE Volatility Index (VIX - 12.38) surrendered 0.4 point, or 2.8%, to settle at its lowest mark since April 24. Week-over-week, the market's "fear gauge" shed 3.7%.
5 Items on Our Radar Today:
- Factory activity in New York grew in May, but less than economists had expected. Elsewhere, industrial production declined by a wider-than-forecast margin in April, while consumer sentiment unexpectedly dropped in May -- and fell to its lowest level in seven months. (CNBC; MarketWatch; Bloomberg)
- Carl Icahn has invested $100 million into Lyft -- a San Francisco-based car-sharing service that rivals Uber. Lyft President John Zimmer said, "With this additional investment, we remain focused on deepening our U.S. footprint." (Bloomberg)
- 3D Systems Corporation (NYSE:DDD) fell to a multi-year low following news the company is switching out its chief financial officer.
- Analysts waxed optimistic on this fast-food giant's ability to "welcome ideas" to boost shareholder value.
- Schaeffer's contributor Adam Warner took a closer look at the "biggest VIX trade ever."
Commodities:
Crude oil fell for a third straight session, on reports that the number of active rigs declined by the slimmest margin since December. By the close, crude for June delivery was down 19 cents, or 0.3%, at $59.69 per barrel. Week-over-week, though, crude tacked on 0.5% -- its ninth consecutive weekly advance.
Gold futures edged higher today, as the dollar retreated. At session's end, June-dated gold was up 10 cents at $1,225.30 per ounce. On a weekly basis, gold rallied 3.1% -- its best weekly percentage gain since January.