Dow Jones Industrial Average Staggers With Oil; Healthcare Lifts Nasdaq

How Twitter Is Going the Way of Apple

May 9, 2016 at 4:25 PM
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The Dow Jones Industrial Average (DJIA) popped at the open, but spent most of the session in the red, pressured by declining crude oil prices and lackluster data out of China. Concerns about Saudi command changes and downplayed reports on the impact of the Alberta, Canada, wildfire weighed on energy stocks, as did a stronger dollar. Meanwhile, the S&P 500 Index (SPX) and Nasdaq Composite (COMP) both managed to eke out a win, thanks to strong performances by healthcare stocks

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

The Dow Jones Industrial Average (DJIA - 17,705.91) came out swinging, but lost ground later in the day, dropping 34.7 points, or 0.2%. Caterpillar Inc. (NYSE:CAT) was the biggest loser, falling 3.5%. Thirteen of the Dow's 30 components closed higher, led by Wal-Mart Stores, Inc.'s (NYSE:WMT) 1% gain. 

The S&P 500 Index (SPX - 2,058.69) managed to gain 1.6 point, or 0.1%. The Nasdaq Composite (COMP - 4,750.21) also closed higher, picking up 14.1 points, or 0.3%. 

The CBOE Volatility Index (VIX - 14.57) fell 0.2 point, or 1%, but managed its eighth straight close atop its 20-day moving average. 

Indexes closing summary May 9

NYSE and NASDAQ stats May 9

5 Items on Our Radar Today:

  1. Presumed Republican presidential nominee Donald Trump on Sunday suggested that, if he were elected, taxes on the richest Americans would go up. However, Trump on Monday clarified his statements, saying he meant they simply could receive a smaller tax break than he originally said. (Reuters)
  2. The competency case against Sumner Redstone -- former executive chairman of Viacom, Inc. (NASDAQ:VIAB) -- has been dismissed by a California judge. The result is essentially a win for Redstone, who remains the controlling shareholder of VIAB  (The New York Times)
  3. Wall Street wasn't impressed with BlackBerry Ltd's (NASDAQ:BBRY) leadership change
  4. The retailer options bulls can't get enough of
  5. Why an investment firm plans "to wind down its business" on this mining stock. 

Quarterly Earnings May 9


Unusual Options Activity May 9
Data courtesy of
Trade-Alert

Commodities:

June-dated crude futures traded higher out of the gate, but eventually reversed to the downside, giving up $1.22, or 2.7%, to end at $43.44 per barrel. Concerns about Saudi Arabia's new oil minister, and the reassessment of Canada's wildfires, led to the sudden downfall. 

Gold futures suffered as the dollar strengthened, with the June contract falling $27.40, or 2.1%, to $1,266.60 per ounce. 

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