Dow Jones Industrial Average Cools Off Ahead of Jobs Data

Israeli Prime Minister Benjamin Netanyahu gave a speech to Congress

Mar 3, 2015 at 4:16 PM
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The Dow Jones Industrial Average (INDEXDJX:DJI) and Nasdaq Composite (COMP) both stepped back from Monday's new highs, as the latest round of auto sales data hit the Street. In fact, a number of prominent manufacturers missed expectations, including two of Detroit's finest. There was little else in the way of economic data, although there was plenty of news out of Washington -- including a speech from Israeli Prime Minister Benjamin Netanyahu and the House's passage of a bill to fund the Department of Homeland Security. Looking ahead, Wednesday's docket is highlighted by ADP's employment report -- a closely watched indicator ahead of Friday's nonfarm payrolls data -- as well as the Institute for Supply Management services index.

Continue reading for more on today's market, including:

The Dow Jones Industrial Average (DJI - 18,203.37) was down by nearly 152 points at its intraday low, but finished on a loss of 85.3 points, or 0.5%. Just six of the blue-chip index's 30 components advanced, led by Boeing Co's (NYSE:BA) 1.2% gain. Cisco Systems, Inc. (NASDAQ:CSCO) paced the 24 losers, giving back 2.2%.

The S&P 500 Index (SPX - 2,107.78) retreated 9.6 points, or 0.5%. Meanwhile, the Nasdaq Composite (COMP - 4,979.90) slid back below 5,000, with a loss of 28.2 points, or 0.6%.

The CBOE Volatility Index (VIX - 13.86) added 0.8 point, or 6.3%, but still settled below 14 for the sixth straight session.

CLOSING SUMMARY – INDICES

CLOSING SUMMARY – NYSE AND NASDAQ

5 Items on Our Radar Today:

  1. February auto sales were mixed, with several major manufacturers missing estimates. In terms of rankings, General Motors Company (NYSE:GM) saw sales grow 4.2% year-over-year to hang on to the top spot in overall sales, Toyota Motor Corp (NYSE:TM) sales jumped 13.3% for second place, and Ford Motor Company (NYSE:F) sales slid 2% to finish third. (USA Today)
  2. In a speech before Congress, Netanyahu warned that a diplomatic agreement between the U.S. and Iran will pave the way for Tehran to acquire nuclear weapons. Instead, he urged the U.S. to work toward dismantling the nation's nuclear program, saying, "Iran has proven time and again that it cannot be trusted." (MarketWatch)
  3. The debut of a new phone had options traders flocking to BlackBerry Ltd (NASDAQ:BBRY).
  4. Mounting competition for GoPro Inc (NASDAQ:GPRO)? These call buyers aren't sweating it.
  5. Find out what boosted this semiconductor stock to a three-year high.
EARNINGS

For a look at today's options movers and commodities activity, head to page 2.

STOCKS – NOTABLE CALL ACTIVITY

STOCKS – NOTABLE PUT ACTIVITY

Commodities:

Crude bounced back today amid rising violence in Libya and Netanyahu's speech against Iran, a major oil exporter. At the close, April-dated crude was up 93 cents, or 1.9%, at $50.52 per barrel.

Gold ticked lower for the second straight session, as fear levels remained relatively depressed with equities trading just off record highs. The April-dated contract gave back $3.80, or 0.3%, to settle at $1,204.40 per ounce.

 

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