Dow Jones Industrial Average Extends Losing Streak to Four

Is This Wall Street Rookie Poised for a Massive Move?

Alex Eppstein
Aug 4, 2015 at 4:21 PM
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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.

 

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5 Items on Our Radar Today:

 

  1. 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)
  2. 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)
  3. The catalyst that sent NFLX to its latest record high.
  4. The stock halted after a murder rap?
  5. Tesla Motors Inc (NASDAQ:TSLA) reports earnings tomorrow, and expectations are sky-high.

 

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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.

 

 


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