The DJIA called it a draw, as INTC led tech higher and UNH weighed on healthcare
The Dow Jones Industrial Average (DJIA) struggled for direction today, following yesterday's triple-digit surge. On the one hand, tech stocks climbed on upbeat guidance from Intel Corporation (NASDAQ:INTC) and a banner day for IPOs. On the other, energy stocks followed crude lower, and ugly guidance from UnitedHealth Group Inc (NYSE:UNH) had healthcare swimming in red ink. The latest economic data and batch of Fed speeches didn't do much to tip the scales, with central bankers mostly reiterating expectations for a December rate hike.
Continue reading for more on today's market, including:
The Dow Jones Industrial Average (DJIA - 17,732.75) traded on both sides of breakeven, but ultimately resolved lower, shedding 4.4 points, or 0.02%. INTC led the 18 advancing blue chips, adding 3.4% after upping its dividend and issuing upbeat guidance. UNH paced the 11 decliners, dropping 5.6%, while Nike Inc (NYSE:NKE) finished flat.
The S&P 500 Index (SPX - 2,081.24) also struggled to pick up steam, giving up 2.3 points, or 0.1%. The tech-rich Nasdaq Composite (COMP - 5,073.64) spent the most time in positive territory, but surrendered 1.6 points, or 0.03%, by the close.
The CBOE Volatility Index (VIX - 16.99) also waffled, but eked out a gain of 0.1 point, or 0.8%, by the bell.
5 Items on Our Radar Today:
- The U.S. House of Representatives made some noise today, passing a bill to "pause" the acceptance of Syrian refugees into the U.S., and increase screenings of refugees from Syria and Iraq. In addition, the House passed legislation to make the Fed more transparent -- much to the dismay of Fed Chair Janet Yellen and President Obama. (CNBC)
- It was a rough day for one short seller, who woke up more than $100,000 in the hole -- and begging for help -- following a KaloBios Pharmaceuticals Inc (NASDAQ:KBIO) explosion. (MarketWatch)
- Meanwhile, these two biotechs are also making a few shorts sweat.
- Talk of "an extended downturn" had Titan International Inc (NYSE:TWI) exploring six-year lows.
- How GMCR surprised everyone.
Commodities:
It was more of the same for black gold, due to lingering concerns about a global supply glut. Oil for December delivery shed 21 cents, or 0.5%, to settle at $40.54 per barrel.
On the other hand, gold enjoyed its best day since October, capitalizing on a softer greenback. By the close, December-dated gold soared $9.20, or 0.9%, to land at $1,077.90 an ounce.