The DJIA couldn't hold on to early gains, pressured by another drop at blue chip Apple Inc. (AAPL)
The Dow Jones Industrial Average (DJIA) flirted with early gains before reversing lower for its fourth straight loss. Leading the Dow south was blue chip Apple Inc. (NASDAQ:AAPL), which dropped below its 200-day moving average yesterday, and shows no signs of bouncing back. On the commodities front, a rally in China was a boon to crude oil, while rate-hike chatter limited gold's gains. Finally, while the economic calendar was relatively bare today (with just factory orders in focus), there was plenty to digest on the corporate front -- including M&A rallies for these 2 stocks and a post-earnings swoon for this insurance name.
Continue reading for more on today's market, including:
- Will FitBit Inc (NYSE:FIT) make a big post-earnings move following its first quarterly report? The options market thinks so.
- Inside major management shake-ups at these 2 retailers.
- In case you missed it, the bullish S&P pattern that (almost) no one's talking about.
- Plus ... A Fed official weighs in on interest rates, factory orders bounce, and Netflix, Inc.'s (NASDAQ:NFLX) newest milestone.
The
Dow Jones Industrial Average (DJIA - 17,550.69) spent most of the day in the red, but bounced from the round 17,500 level to close on a modest loss of 47.5 points, or 0.3%. Ten of the Dow's 30 components settled higher, led by a 1.6% advance at Microsoft Corporation (NASDAQ:MSFT). AAPL paced the 20 blue-chip laggards, sliding 3.2%.
The
S&P 500 Index (SPX - 2,093.32) gave back 4.7 points, or 0.2%, for its third consecutive loss. The
Nasdaq Composite (COMP - 5,105.55) dipped 9.8 points, or 0.2%, but managed to close above the 5,100 century mark.
The
CBOE Volatility Index (VIX - 13.00) edged up 0.4 point, or 3.5%, for its second straight daily win.
5 Items on Our Radar Today:
- Atlanta Fed President Dennis Lockhart said he thinks the current economic backdrop makes a September interest-rate hike "appropriate." "I think there is a high bar right now to not acting, speaking for myself," he added. (CNBC)
- U.S. factory orders rebounded in June, jumping 1.8% -- boosted by a surge in aircraft bookings -- the Commerce Department reported. One month prior, new orders slid 1.1%, raising concerns about the manufacturing sector. Meanwhile, orders for nonmilitary capital goods (excluding aircraft) edged 0.7% higher in June. (The New York Times)
- The catalyst that sent NFLX to its latest record high.
- The stock halted after a murder rap?
- Tesla Motors Inc (NASDAQ:TSLA) reports earnings tomorrow, and expectations are sky-high.
Commodities:
Crude futures bounced back from Monday's drubbing, thanks to a weaker dollar and a recovery in Chinese markets. At the close, the September-dated contract was up 57 cents, or 1.3%, at $45.74 per barrel.
Gold also got a lift from the softer dollar, but pared its gains after Lockhart's comments. By day's end, gold for December delivery had added $1.30, or 0.1%, to settle at $1,090.70 per ounce.