Pfizer Losses Weigh on Dow Jones Industrial Average

Is the Honeymoon Already Over for Match Group?

Nov 23, 2015 at 4:38 PM
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The Dow Jones Industrial Average (DJIA) finished lower today, losing earlier gains, on a day devoid of major earnings or data surprises. Pfizer Inc. (NYSE:PFE) was the biggest loser dragging the blue-chip index down, with the shares sliding on news of a  $160 billion M&A spend. Trading volume is expected to remain light throughout the week due to the Thanksgiving holiday, which means there could be more see-saw action for stocks in the days ahead.

Continue reading for more on today's market, including

The Dow Jones Industrial Average (DJIA - 17,792.68) got some traction early on, but began to slip around midday, ultimately losing 31.1 points, or 0.2%, by the close. Exxon Mobil Corporation (NYSE: XOM) and Chevron Corporation (NYSE: CVX) managed to end in the black, in spite of falling oil prices. Meanwhile, PFE led the 21 losers, shedding 2.7%.

The S&P 500 Index (SPX - 2,086.59) dipped 2.6 points, or 0.1%, edging back down after last week's rally. The Nasdaq Composite (COMP - 5,102.48) lost 2.44 points, or 0.05%, as a strong morning on the charts was followed by a sharp dip in the mid-afternoon.

The CBOE Volatility Index (VIX - 15.62) rose in the afternoon before settling back toward breakeven, adding 0.2 point, or less than 1%, for the day.

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5 Items on Our Radar Today:

  1. Brussels remained on lockdown today, with Belgium's capital city on high terror alert as authorities continued their search for Salah Abdeslam -- one of the suspects in the Paris attacks. The extended shutdown has many local business owners on edge as the busy holiday shopping season approaches, with questions over whether the tourist-friendly Brussels Christmas market will open on Friday as planned. (The New York Times)
  2. British Prime Minister David Cameron will seek parliamentary approval to join France in launching airstrikes on Syria. Cameron plans to make an oral statement this Thursday, with a Commons vote expected early next week. While he'd like legislators to have time to debate the matter, Cameron added, "We shouldn't take too long over it. Every day that we spend is a day that we're not getting to grips with the ISIL menace." (The Guardian)
  3. With Black Friday right around the corner, mega-retailer Amazon.com, Inc. (NASDAQ:AMZN) is already defying the expectations of some skeptical options traders.
  4. Chipotle Mexican Grill, Inc. (NYSE:CMG) rallied today, even as the burrito chain's expanding E. coli outbreak spooked analysts.
  5. Volatile chip stock Ambarella Inc (NASDAQ:AMBA) ticked higher out of the gate, but eventually surrendered to gravity after a steep price-target cut.

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Commodities:

After a back-and-forth session, oil for January delivery settled in the red, as oversupply concerns prevailed. The contract ended down 15 cents, or 0.4%, at $41.75 per barrel.

Gold futures tumbled, settling at their lowest point since February 2010, as the U.S. dollar strengthened. December-dated gold shed $9.50, or 0.9%, to end the day at $1,066.80 per ounce.

 

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