Dow Jones Industrial Average Loses Four In a Row

2 Gold Stocks Set to Shine

Kirra Fedyszyn
Jul 28, 2016 at 4:25 PM
facebook twitter linkedin


It was a tough start to the day for the Dow Jones Industrial Average (DJIA), as stocks reacted to yet another busy day of earnings reports, a continued slide in crude oil prices, and a surprise uptick in weekly jobless claims. And while the Dow pared a significant portion of its early losses -- down triple digits at one point -- it couldn't avoid a fourth straight decline. However, a positive earnings reaction for Facebook Inc (NASDAQ:FB) lifted tech stocks -- and helped the broader S&P 500 Index (SPX) and Nasdaq Composite (COMP) finish in the green. Looking ahead to Friday, investors are preparing for the initial second-quarter gross domestic product (GDP) reading, due before the open, as well as speeches by two Federal Reserve presidents.


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

The Dow Jones Industrial Average (DJIA - 18,456.35) dropped 15.8 points, or 0.1%, with Boeing Co (NYSE:BA) leading 20 laggards on a 2.2% loss. Apple Inc. (NASDAQ:AAPL) led the 10 gainers, adding 1.4%.

The S&P 500 Index (SPX - 2,170.06) added 3.5 points, or 0.2%, while the tech-heavy Nasdaq Composite (COMP - 5,154.98) climbed 15.2 points, or 0.3%.

The CBOE Volatility Index (VIX - 12.72) edged 0.1 point, or 0.9%, lower for the day. 

Indexes closing summary July 28



NYSE and NASDAQ stats July 28


5 Items on Our Radar Today: 

  1. It appears Viacom, Inc. (NASDAQ:VIAB) will be headed to court, as a Massachusetts judge today denied a motion to dismiss a lawsuit that will decide whether the company's chairman and another board member will be reinstated to the board of National Amusements Inc. The pair was kicked off the board by CEO Sumner Redstone last month amid speculation over Redstone's mentally capacity. (MarketWatch)
  2. The national rate of homeowners fell to 62.9% in the second quarter of this year, matching its 1965 all-time low. Analysts believe high levels of student debt among millennials is largely responsible for the decline, and expect the rate could continue to fall. (CNBC)
  3. Why bargain-hunting option buyers should take note of General Motors Company (NYSE:GM)
  4. The takeover talk that had this cybersecurity firm lighting up the options pits.
  5. GoPro Inc (NASDAQ:GPRO) finally broke out on a big earnings beat.


Quarterly earnings July 28



Unusual options activity July 28

Data courtesy of
Trade-Alert

Commodities:

Crude oil tacked one more day onto its losing streak and tapped yet another three-month low, amid ongoing concerns over global supply. At the close, September-dated crude futures were down 78 cents, or 1.9%, at $41.14 per barrel.

Uncertainty over the Fed's timing for future interest rate hikes and a cooling dollar lifted gold prices. The December contract for gold added $6.70, or 0.5%, to finish the day at $1,341.20 an ounce.

Stay on top of overnight news & big morning movers. Sign up now for Schaeffer's Opening View.

A Schaeffer's exclusive!

The Expert's Guide

Access your FREE trading earnings guide for Q3 before it's too late!


  
 
Special Offers from Schaeffer's Trading Partners