S&P Snaps Losing Streak; Dow Jones Industrial Average Dodges Apple Blues

Is Macy's About to Make a Major Move?

Nov 10, 2015 at 4:26 PM
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The Dow Jones Industrial Average (DJIA) spent most of the session modestly lower, amid lingering expectations for a year-end rate hike, and as Apple Inc. (NASDAQ:AAPL) reeled on lackluster iPhone projections. In addition, traders weighed a bigger-than-expected drop in U.S. import prices, a surprise jump in wholesale inventories, and long-term oil estimates from the International Energy Agency (IEA). While the broader tech woes dragged the Nasdaq Composite (COMP) lower, the blue-chip index muscled higher by the close, and the S&P 500 Index (SPX) snapped its four-session losing streak.

Continue reading for more on today's market, including

The Dow Jones Industrial Average (DJIA - 17,758.21) was down nearly 73 points at its session low, but staged an afternoon rebound to end 27.7 points, or 0.2%, higher. Twenty of the Dow's 30 components ended in the black, led by Visa Inc's (NYSE:V) 2% gain. AAPL paced the 10 decliners, dropping 3.2%.

The S&P 500 Index (SPX - 2,081.72) muscled higher for the first session in five, tacking on 3.1 points, or 0.2%. The tech-heavy Nasdaq Composite (COMP - 5,083.24) spent the entire day in the red, surrendering 12.1 points, or 0.2%. 

The CBOE Volatility Index (VIX - 15.29) ticked higher in early action, but blazed a steady trail lower in the final half of the day, giving up 1.2 points or 7.5%, when all was said and done.

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5 Items on Our Radar Today:

  1. The Labor Department reported that U.S. import prices dropped 0.5% in October, compared to an expected 0.1% loss, weighed down by dropping oil prices and strength in the dollar. Meanwhile, wholesale inventories saw the largest increase since June, surprising economists by rising 0.5% in September, according to the Commerce Department. (Reuters, via CNBC)
  2. Fast-food workers took to the streets in many cities to protest wages they consider too low to live on. The "Fight for $15" represents those who have been campaigning for a minimum-wage increase since 2012, and is gaining more traction across the country. Still, neither that -- nor a big announcement -- could stop this blue chip from hitting an all-time high.  (USA Today)
  3. Calithera Biosciences Inc (NASDAQ:CALA) took another knock today, as traders reacted to earnings.
  4. This trio of Apple suppliers retreated, attracting short-term option bears.
  5. It was another day in the spotlight for Valeant Pharmaceuticals Intl Inc (NYSE:VRX), as the company held a second conference call with investors.


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Commodities:

December crude oil broke its four-day losing streak, gaining 34 cents, or 0.8%, to settle at $44.21 a barrel, following the IEA's energy outlook. The American Petroleum Institute is set to release data on crude inventories after the market closes, while a Veterans Day-delayed report from the Energy Information Administration is expected on Thursday.

Despite the dollar at a seven-month high, December gold futures eked out a small gain, closing at $1,088.50 an ounce – an increase of 40 cents, or 0.03 %. 

 

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