The DJIA pulled back modestly, with Wall Street turning its attention to AAPL earnings and the Fed's upcoming policy meeting
The Dow Jones Industrial Average (DJIA) spent almost the entire session in negative territory, pressured by pre-earnings concerns surrounding blue chip Apple Inc. (NASDAQ:AAPL). Lackluster housing data didn't do the bulls any favors, and energy also weighed on sentiment as crude oil churned lower, offsetting an exciting day on the M&A front. Meanwhile, the Federal Open Market Committee (FOMC) policy-setting meeting is set to kick off tomorrow, with Wall Street on the lookout for rate-hike clues.
Continue reading for more on today's market, including:
The Dow Jones Industrial Average (DJIA - 17,623.05) only briefly explored positive territory, and ended on a loss of 23.7 points, or 0.1%. Leading the 16 blue-chip winners was Microsoft Corporation (NASDAQ:MSFT), which popped 2.6% on a new joint venture. On the other hand, AAPL paced the 13 Dow losers, sliding 3.3%, and Boeing Co (NYSE:BA) was flat.
The S&P 500 Index (SPX - 2,071.18) spent the entire session in the red, ultimately slipping 4 points, or 0.2%. The Nasdaq Composite (COMP - 5,034.70) broke from the pack, adding 2.8 points, or 0.06%, battling back from an early morning drop.
The CBOE Volatility Index (VIX - 15.29) tacked on 0.8 point, or 5.7%, but settled a third straight session below its 10-day moving average.
5 Items on Our Radar Today:
- U.S. new home sales dropped 11.5% last month to an annualized rate of 468,000 units, the Commerce Department said. It was the slowest pace since November 2014. (Reuters)
- Shares of Pep Boys-Manny Moe and Jack (NYSE:PBY) soared over 23% and hit a three-year high, after the automotive retailer agreed to be bought for $835 million, or $15 per cash in cash, by Bridgestone Americas Inc. (USA Today)
- TASR broke out of its funk, thanks to a partnership with this tech blue chip.
- Why the future looks far from bright for Groupon Inc (NASDAQ:GRPN).
- Goldman Sachs added this recent spin-off to a prestigious list, fueling a sharp rally.
Commodities:
Worries of oversupply due to unseasonably warm weather, as well as a warning about long-term price risks from Goldman Sachs, kept crude prices inching lower. The December contract settled at $43.98 per barrel, a loss of 62 cents, or 1.4%. This marks the lowest close for oil since Aug. 10.
Meanwhile, December-dated gold rose $3.40, or 0.3%, to close at $1,166.20 an ounce. The dollar's ascent was on hold today, as uncertainty persists ahead of this week's Fed policy meeting, and gold also moved higher on lackluster housing data.