Dow Jones Industrial Average Retreats Ahead of FOMC Kickoff

The Dow Jones Industrial Average (DJIA) headed south out of the gate and never looked back, as traders tread lightly ahead of tomorrow's Federal Open Market Committee (FOMC) policy meeting -- not to mention, Apple Inc. (NASDAQ:AAPL) earnings. Caterpillar Inc. (NYSE:CAT) was the biggest drag on the Dow, while another drop in new home sales and a rough day for crude oil futures also weighed on stocks. On the flip side, consumer staples and telecom stocks outperformed.
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 Continue reading for more on today's market, including:

• How a Twitter Inc (NYSE:TWTR) earnings miss could spell disaster for one group.
• Why did one trader shell out $500,000 buying Mobileye NV (NYSE:MBLY) puts?
• What crushed GoPro Inc (NASDAQ:GPRO)?
• Plus ... Saudi Arabia to diversify economy, China takes aim at Tesla, and the biotech making strides against Alzheimer's. 
  

The Dow Jones Industrial Average (DJIA - 17,977.24) spent the entire day in red ink, and finished on a loss of 26.5 points, or 0.2% -- slipping south of the key 18,000 millennium level. Ten of the Dow's 30 components advanced, led by a 1.6% pop at McDonald's Corporation (NYSE:MCD). Nineteen blue chips fell, with CAT the worst performer -- down nearly 2%. DuPont (NYSE:DD) was unchanged.

The S&P 500 Index (SPX - 2,087.79) gave back 3.8 points, or 0.2%. Similarly, the Nasdaq Composite (COMP - 4,895.79) surrendered 10.4 points, or 0.2%. 

The CBOE Volatility Index (VIX - 14.08) gained 0.9 point, or 6.5%, toppling 14 for the first time since April 12. 

5 Items on Our Radar Today:

1. Deputy Crown Price of Saudi Arabia Mohammed bin Salman announced plans to revamp the country's economy and reduce its dependence on oil. (Bloomberg)

2. This Chinese entrepreneur is ready to give Tesla Motors Inc (NASDAQ:TSLA) a run for its money. (Reuters) 

3. Tribune Publishing Co (NYSE:TPUB) shares soared after a buyout offer from media giant Gannett Co Inc (NYSE:GCI).

4. The end of Alzheimer's? Anavex Life Sciences Corp. (NASDAQ:AVXL) touted an impressive claim for a new drug.

5. Bearish buyers bet against Apple Inc. (NASDAQ:AAPL) ahead of earnings.

Data courtesy of Trade-Alert

Commodities:

Crude futures got punished today, after a number of financial firms said the commodity's rally is not supported by fundamentals. Also stoking the bearish flames was a reported week-over-week build in stockpiles at a Cushing, Oklahoma, delivery hub. By session's end, June-dated oil was down $1.09, or 2.5%, at $42.64 per barrel.

Gold picked up steam as the dollar retreated, though upward momentum was limited by the looming Fed policy decision -- as the malleable metal is highly sensitive to rate hikes. At the close, gold for June delivery was up $10.20, or 0.8%, to settle at $1,240.20 per ounce.

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