Oil, Fischer Drop Dow Jones Industrial Average

Apple and the Latest iPhone Rumors

Aug 22, 2016 at 4:26 PM
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The Dow Jones Industrial Average (DJIA) closed lower for a second straight session, as stocks reacted to Fed Vice Chair Stanley Fischer's relatively hawkish statements -- which some are viewing as a precursor to Fed Chair Janet Yellen's end-of-week speech at the central bank's annual symposium in Jackson Hole, Wyoming. Additionally, slumping oil prices sent energy stocks tumbling, although a rally in biotechs helped the Nasdaq Composite (COMP) once again outperform its peers.


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

The Dow Jones Industrial Average (DJIA - 18,529.42) was off nearly 86 points at its session low, before settling with a slimmer 23.2-point, or 0.1%, loss. Seventeen of the Dow's 30 components closed lower, led by AAPL's 0.8% drop. Visa Inc (NYSE:V) paced the advancers with its 0.7% gain.

The S&P 500 Index (SPX - 2,182.64) explored a roughly 9-point range, closing down 1.2 points, or 0.1%. The Nasdaq Composite (COMP - 5,244.60) outperformed its peers, adding 6.2 points, or 0.1%.

After being up nearly 15% in intraday trading, the CBOE Volatility Index (VIX - 12.27) closed with a 0.9-point, or 8.2%, gain.

Indexes closing summary August 22

NYSE and Nasdaq Stats August 22

5 Items on Our Radar Today:

  1. Morgan Stanley thinks it is "highly unlikely" that the Organization of the Petroleum Exporting Countries (OPEC) will reach a crude output deal at next month's meeting. Speaking specifically to Saudi Arabia's recent hints to the contrary, the brokerage firm said, "This is the same talking point the kingdom has been using for some time. It neither acknowledges the need for action, nor firmly commits Saudi Arabia to participate if certain parameters are met." (MarketWatch)
  2. After admitting he falsified a story about being robbed while in Rio for the Olympics, swimmer Ryan Lochte has lost his sponsorships from both Speedo and Ralph Lauren Corp (NYSE:RL). In a statement, the former said it "cannot condone the behavior that is counter to the values this brand has long stood for." (Bloomberg)
  3. A big vote of confidence from one investment firm sent this drugmaker up roughly 20%.
  4. Both stock and call volume popped as Whole Foods Market, Inc. (NASDAQ:WFM) surged.
  5. Options traders have been quick to target these 2 outperforming stocks.

Unusual options activity August 22
Data courtesy of
Trade-Alert

Commodities:

Crude oil snapped a seven-session winning streak, as worries over a global supply glut intensified. Specifically, reports that both Iraq and Nigeria are set to increase production in coming weeks, as well as a jump in Chinese exports of refined products in July, helped send September-dated crude down $1.47, or 3%, to $47.05 per barrel. Meanwhile, the now front-month October-dated contract gave back $1.70, or 4.5%, to close at $47.41 per barrel.

Gold futures finished in the red, as hawkish Fed talk boosted the U.S. dollar. By the close, gold for December delivery was down $2.80, or 0.2%, at $1,343.40 per ounce.

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