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Box Inc (BOX) soared in its public debut
The Dow Jones Industrial Average (INDEXDJX:DJI) and S&P 500 Index (SPX) snapped their four-session winning streaks today, amid a round of disappointing economic data and an ongoing sell-off in crude. Specifically, existing home sales for December and the flash reading for Markit's manufacturing purchasing managers index both underwhelmed the Street -- as did United Parcel Service, Inc.'s (NYSE:UPS) fourth-quarter guidance. On the earnings front, General Electric Company (NYSE:GE) beat estimates, while fellow Dow component McDonald's Corporation (NYSE:MCD) missed.
Continue reading for more on today's market, including:
The Dow Jones Industrial Average (DJI - 17,672.60) ended near a session low, down 141.4 points, or 0.8%. Twenty-four of the Dow's 30 components fell, paced by a 2.1% drop at Exxon Mobil Corporation (NYSE:XOM). Meanwhile, GE led a group of six advancers, gaining 0.8%. For the week, the blue-chip index added 0.9%, halting a four-week losing streak.
The S&P 500 Index (SPX - 2,051.82) shed 11.3 points, or 0.6%, but still jumped 1.6% week-over-week. The Nasdaq Composite (COMP - 4,757.88) bucked the bearish trend, closing with a 7.5-point, or 0.2%, lead. On a weekly basis, the COMP popped 2.7%. The weekly gains mark the first in five for both the SPX and COMP.
The CBOE Volatility Index (VIX - 16.66) muscled 0.3 point, or 1.6%, higher -- but still lost 20.5% week-over-week.
5 Items on Our Radar Today:
- The Conference Board's index of leading economic indicators rose for a fourth consecutive month in December. Specifically, the index picked up a slightly better-than-expected 0.5% last month, helped by an improving job market and falling gas prices. (Bloomberg)
- Enterprise cloud company Box Inc (NYSE:BOX) soared more than 65% in its public debut today. The firm already has roughly 44,000 paying customers -- though it has yet to turn a profit. (CNBC)
- Why TWTR was worth following over the past few days.
- Options traders responded to the latest Ebola vaccine news on this pharmaceutical firm.
- The Dow component that blew past expectations in the earnings confessional.
For a look at today's options movers and commodities activity, head to page 2.
Commodities:
Crude futures dropped following the death of Saudi Arabia's King Abdullah, which created uncertainty about the future of the nation's oil output. Also weighing on liquid gold was a buildup in stockpiles at an Oklahoma storage hub, and a partial shutdown at an Indiana refinery. By the close, oil for March delivery was down 72 cents, or 1.6%, at $45.59 -- its lowest settlement in nearly six years. On a week-over-week basis, crude gave back 6.4%.
Gold fell back below the $1,300 level, pressured by a strengthening dollar. The February-dated contract lost $8.10, or 0.6%, to settle at $1,292.60. For the week, however, the malleable metal gained 1.2% -- for a third straight weekly win.