Oil Weakness Drags Dow Jones Industrial Average Into the Red

The Dow Jones Industrial Average (DJIA) suffered a setback today, as plunging crude futures pressured oil stocks into the red. Meanwhile, weakness in the energy sector dragged the broader S&P 500 Index (SPX) below a critical technical level. Elsewhere, it was a light day on the data front, though the Dallas Fed manufacturing index suffered a huge drop.

Continue reading for more on today's market, including:

• Why these 3 stocks could get a year-end bump -- while this trio may slump.
• Our founder and CEO Bernie Schaeffer deconstructs the myth of the all-powerful Fed.
• According to Schaeffer's contributor Adam Warner, a near-term volatility spike is far from guaranteed.
• Plus ... the economic contraction deepens in Dallas, a new destination for "Star Wars" fans, and commodity stocks get roughed up. 
  

The Dow Jones Industrial Average (DJIA - 17,528.27) spent the entire session in the red, finishing on a loss of 23.9 points, or 0.1%. Eighteen of the Dow's 30 components gave up ground, paced by Chevron Corporation's (NYSE:CVX) 1.8% loss. Walt Disney Co (NYSE:DIS) paced the 12 gainers, tacking on 1.3%.

The S&P 500 Index (SPX - 2,056.50) ticked 4.5 points, or 0.2%, lower -- and below its year-to-date breakeven. Similarly, the Nasdaq Composite (COMP - 5,040.99) gave up 7.5 points, or 0.2%. 

The CBOE Volatility Index (VIX - 16.91) jumped 1.2 points, or 7.4%, but saw intraday gains contained by its 20-day moving average.

5 Items on Our Radar Today:

1. The Dallas Fed's manufacturing index plummeted more sharply than forecast in December, falling to negative 20.1 from negative 4.9. Weighing on the Texas economy are dropping oil prices and a stronger dollar, which has negatively impacted exports. (Business Insider)

2. DIS will reportedly close 14% of its Disneyland attractions next year to expand its "Star Wars"-themed offerings, which will eventually span a total of 14 acres. The timing is perfect, considering the success of the latest "Star Wars" film, which has already grossed more than $100 million in Imax theaters alone -- not to mention the spring 2016 launch of Harry Potter World at Disneyland's rival park, Universal Studios Hollywood. (Los Angeles Times; MarketWatch)

3. A rash of bad weather took its toll on these two airline stocks.

4. Why SolarCity Corp (NASDAQ:SCTY) may be due for a breather.

5. Short-term traders are hoping this pair of crumbling commodity stocks can muster an end-of-week bounce.

Data courtesy of Trade-Alert

Commodities:

Oversupply concerns again weighed on crude futures, exacerbated by weak consumption data out of Japan -- with oil sales in the island nation hitting a 46-year low last month. By day's end, February-dated crude was down $1.29, or 3.4%, to settle at $36.81 per barrel.

Gold pared some of the prior week's gains, amid a generally weak climate for commodities -- putting the malleable metal on track for a sixth consecutive quarterly loss. Specifically, gold for February delivery slipped $7.60, or 0.7%, to close at $1,068.30 per ounce.