The DJIA ended a relatively light-volume session to the downside
It was another tilt-a-whirl session for the Dow Jones Industrial Average (DJIA). With a blank economic docket and relatively light Veterans Day volume, retailers and energy names stole the show. An ugly forecast from Macy's, Inc. (NYSE:M) sent pre-holiday shivers across the industry, with a handful of department store stocks sinking to new lows. Meanwhile, a surprisingly sharp jump in crude supplies sent black gold reeling, weighing on the energy sector. Against this backdrop, the Dow and its index peers ended in the red, with all three on pace to snap their weekly winning streaks.
Continue reading for more on today's market, including:
The Dow Jones Industrial Average (DJIA - 17,702.22) ended a hot-and-cold session with a loss of nearly 56 points, or 0.3%, but found a foothold in the 17,700 region. Two out of three Dow components finished lower, with retailers Nike Inc (NYSE:NKE) and Wal-Mart Stores, Inc. (NYSE:WMT) pacing the decliners, giving up a respective 2% and 1.9%. General Electric Company (NYSE:GE) led the 10 advancing blue chips, tacking on 1.8%.
The S&P 500 Index (SPX - 2,075.00) settled near an intraday low, giving up 6.7 points, or 0.3%. The tech-heavy Nasdaq Composite (COMP - 5,067.02) suffered a similar fate, dropping 16.2 points, or 0.3%.
The CBOE Volatility Index (VIX - 16.06) climbed back atop the 16 level, adding 0.8 point, or 5%, to notch a third straight close above its 10- and 20-day moving averages.
5 Items on Our Radar Today:
- In an interview published late Tuesday, San Francisco Fed President John Williams said that there is a "very strong case" for a December rate hike. Williams believes another round of data consistent with recent numbers would be enough to boost interest rates for the first time in almost 10 years. (USA Today)
- Since the release of this year's holiday red cups at Starbucks Corporation (NASDAQ:SBUX), miffed customers have taken to social media to display their displeasure with the minimalist design. Now, Dunkin' Donuts (NASDAQ:DNKN) has unveiled a new seasonal cup that might have enough yuletide spirit to bring coffee drinkers joy with their morning jolt. (USA Today)
- Alphabet Inc (NASDAQ: GOOGL) got an impressive price-target hike from MKM Partners, sending the shares to a new all-time high.
- Is the weather really to blame for lackluster holiday sales? Schaeffer's contributor Adam Warner chimes in.
- Alibaba Group Holding Ltd (NYSE:BABA) may have had a record-breaking day of sales in China, but CEO Jack Ma warned of a "tough" year ahead, sending the stock lower by the bell.
Commodities:
Data from the American Petroleum Institute today revealed a higher-than-expected growth in U.S. crude inventories last week, sending December-dated crude oil down $1.28 , or 2.9%, to settle at $42.93 a barrel. While there are indications that U.S. production is slowing, some of the world's largest producers are still pumping at near-record levels. Official inventory data from the Energy Information Administration will be reported tomorrow.
A softer dollar was not enough to help gold futures today, as comments from the Fed, along with last week's strong payrolls report, have a December rate hike looking highly probable. The malleable metal gave up $3.60, or 0.3%, today to close at $1,084.90 an ounce -- a three-month low.