Oil Sends Dow Jones Industrial Average Down Ahead of Jobs Day

3 Biotechs to Watch

by Kirra Fedyszyn

Published on Jul 7, 2016 at 4:27 PM
Updated on Jun 24, 2020 at 10:16 AM

The Dow Jones Industrial Average (DJIA) began the day on a positive note, as encouraging jobs data lifted the market. But a disappointing crude inventories report from the Energy Information Administration (EIA) sent oil -- and stocks -- tumbling. In fact, at its intraday low, the Dow was down more than 100 points. Looking ahead, all eyes will be on the Labor Department's nonfarm payrolls report tomorrow, after the Fed highlighted concerns over the labor market at its June meeting.

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

The Dow Jones Industrial Average (DJIA - 17,895.88) slid 22.7 points, or 0.1%. While Goldman Sachs Group Inc (NYSE:GS) led 16 of the 30 blue chips higher on its 1% gain, Verizon Communications Inc. (NYSE:VZ) paced the decliners, shedding 1.6%. Microsoft Corporation (NASDAQ:MSFT) was unchanged.

The S&P 500 Index (SPX - 2,097.90) lost 1.8 points, or 0.1%, while the tech-heavy Nasdaq Composite (COMP - 4,876.81) bucked the downbeat trend, adding 17.7 points, or 0.4%.

The CBOE Volatility Index (VIX – 14.76) slipped 0.2 point, or 1.3%.

Closing Indexes Summary July 7


NYSE and Nasdaq Stats July 7

5 Items on Our Radar Today: 

  1. Healthcare stock Humana Inc (NYSE:HUM) closed down 9.6% ahead of tomorrow's meeting with the Department of Justice (DOJ) regarding its proposed merger with Aetna Inc (NYSE:AET). It has been roughly a year since Aetna revealed its plan to purchase Humana for $37 billion, but antitrust issues could still prevent the deal from coming to fruition. (CNBC)
  2. Fast-food chain Wendys Co (NASDAQ:WEN) reported that "malicious cyber activity" may have put some customers' financial data at risk, after a malware attack affected some 1,025 of the restaurant's locations. The stock finished the day 0.8% lower following the news. (MarketWatch)
  3. Calls caught fire after this retailer gave an upbeat sales report.
  4. The biotech stock soaring on takeover chatter.
  5. Short-term options buyers may have struck gold with Seagate Technology PLC (NASDAQ:STX).

Corporate Earnings July 7

Unusual Options Activity July 7

Data courtesy of
Trade-Alert

Commodities:

Oil prices plunged after the weekly crude inventories report revealed a much smaller-than-anticipated drop in domestic stockpiles. August-dated crude futures dropped $2.29, or 4.8%, to close at $45.14 per barrel -- its lowest settlement in nearly two months.

Gold snapped its three-session winning streak, as the U.S. dollar strengthened. In fact, gold for August delivery finished the day off $5.00, or 0.4%, at $1,362.10 an ounce.

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