The DJIA waffled -- mostly to the downside -- but maintained a weekly win
After notching back-to-back triple-digit gains, the Dow Jones Industrial Average (DJIA) cooled off a bit today -- but maintained a weekly victory -- as traders considered rising oil, economic data, and a very verbal Fed. Among the notables, Fed Vice Chair Stanley Fischer said the case for a September rate hike was "pretty strong" before China devalued the yuan, and -- despite recent comments from New York Fed President William Dudley -- it's too early to tell if the timing is now "less compelling." Next week (when we turn the calendar to September!) should fuel even more Fed speculation, with a handful of highly anticipated Fed speeches and economic reports on tap.
Continue reading for more on today's market, including:
The
Dow Jones Industrial Average (DJIA - 16,643.01) spent most of the session in the red -- and was down triple digits at one point -- before settling 11.8 points, or 0.1%, lower. The Dow 30 finally moved out of unison, with 17 components ending lower, paced by Pfizer Inc.'s (NYSE:PFE) 1.8% dip. Oil issue Chevron Corporation (NYSE:CVX) once again led the gainers with a 3.6% jump. For the week, the Dow added 1.1%.
The
S&P 500 Index (SPX - 1,988.87) also spent the majority of the day lower, but eked out a win of 1.2 points, or 0.1%, by the close. The
Nasdaq Composite (COMP - 4,828.32) hands-down outperformed its peers, gaining 15.6 points, or 0.3%. For the week, the SPX notched a 0.9% gain, while the COMP tacked on 2.6% -- marking its biggest Monday-to-Friday gain on record.
The
CBOE Volatility Index (VIX - 26.05) extended its losing streak to four -- albeit barely -- edging down 0.05 point, or 0.2%. For the week, the "fear gauge" surrendered 7.1%.
5 Items on Our Radar Today:
- Minneapolis Fed President Narayana Kocherlakota weighed in on this morning's batch of data, saying inflation "remains very low" and that it'll take time to reach the central bank's 2% target. Meanwhile, Atlanta Fed President Dennis Lockhart said recent volatility presents a "new" risk, and lowered the odds of a September hike to 50-50. (MarketWatch)
- Apple Inc. (NASDAQ:AAPL) will reportedly unveil its next generation of iPhones at its Sept. 9 event. The smartphones' camera megapixel count will be upgraded for the first time since the iPhone 4S launch four years ago, according to inside sources. (9to5mac)
- Speaking of AAPL, competition concerns might be fueling bearish speculation on Fitbit Inc (NYSE:FIT).
- What prompted a rush to Micron Technology, Inc.'s (NASDAQ:MU) options?
- This retailer just confessed to its 11th straight quarterly loss.
Commodities:
A session after notching its biggest daily gain since 2009, crude continued its upward momentum today, wrapping up its best week in six years. The October contract was up $2.66, or 6.3%, to settle at $45.22 per barrel. For the week, black gold added 11.8%.
Gold snapped its four-session losing streak, with December futures advancing $11.40, or 1%, to end at $1,134 an ounce. For the week, though, the yellow metal lost 2.2% -- its biggest weekly decline in over a month.