Earnings Crush Dow Jones Industrial Average Again

What You Didn't Know About Momentum Stocks

by Josh Selway

Published on Jul 22, 2015 at 4:22 PM

It was all about earnings again today on Wall Street, which spelled trouble for the Dow Jones Industrial Average (DJIA). The 30-stock index grinded lower after several big-name tickers took post-earnings dives. Elsewhere, today's promising economic news provided little solace, while crude and gold saw significant slides. The DJIA is currently pointed 1.3% lower for the week, but there are two more full days of earnings reports left to keep traders on their toes. 

 

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

 

 

The Dow Jones Industrial Average (DJIA - 17,851.04) was again painted red all day, giving back 68.3 points, or 0.4%. Eleven of the 30 Dow components ended higher, led by JPMorgan Chase & Co.'s (NYSE:JPM) 1.4% advance. The 19 losers were led by Apple Inc. (NASDAQ:AAPL) and its 4.2% post-earnings drop. 

 

The S&P 500 Index (SPX - 2,114.15) moved 5.1 points, or 0.2%, lower. The Nasdaq Composite (COMP - 5,171.77) suffered the worst fate, dropping 36.4 points, or 0.7%. 

 

The CBOE Volatility Index (VIX - 12.12) traded on both sides of breakeven again, but managed another loss, falling 0.1 point, or 0.8%. 

 

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5 Items on Our Radar Today:

 

  1. Existing home sales for June beat analysts' expectations, with the median price setting a record high. The 5.49 million annual rate topped the 5.40 million rate expected by economists, and marked a 3.2% jump from the previous month. (USA Today)
  2. Reports are circulating that McDonald's Corporation (NYSE:MCD) may begin to offer all-day breakfast at some locations as early as October. The fast-food chain has been testing the idea in a few markets as part of its ongoing turnaround efforts. (NBC News)
  3. The analyst attention that helped propel this restaurant name to record highs
  4. Option traders were happy to see this Internet giant take a stumble. 
  5. The backdrop that helped push Apple shares lower

 

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Commodities:

 

Crude oil was doomed by a surprise increase in domestic inventories. Liquid gold dropped $1.67, or 3.3%, to hit $49.19 per barrel. 

 

Gold's struggles continued today, making it 10 losing sessions in a row. Futures for August delivery fell $12, or 1.1%, to $1,091.50 per ounce. 


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