Dow Jones Industrial Average Tumbles On Fed Concerns

The Dow Jones Industrial Average (DJIA) enjoyed a positive open, but it was all downhill from there, as a massive tax bill for Apple Inc. (NASDAQ:AAPL) and ramped-up rate-hike speculation weighed on stocks. On top of a strong consumer confidence reading, Federal Reserve Vice Chair Stanley Fischer this morning asserted his data-dependent stance, and said the U.S. "is very close to full employment" -- fueling expectations for a September rate hike from the Fed. However, the real test will come Friday, courtesy of the closely watched nonfarm payrolls report, expected to be a major factor at the central bank's next meeting.

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

• The Citron analyst that likes this e-commerce stock, but said Facebook Inc (NASDAQ:FB) could be a "tremendous" short-sale prospect. 
• While talk of "huge" holiday demand lifted Ambarella Inc (NASDAQ:AMBA), caution is growing ahead of this Apple supplier's upcoming earnings release. 
• How Chipotle Mexican Grill, Inc.'s (NYSE:CMG) latest promotion failed to impress. 
• Plus... The White House weighs in on Apple, M&A buzz among potash producers, and one airline's new "star player." 
  

The Dow Jones Industrial Average (DJIA - 18,454.30) shed 48.7 points, or 0.3%, as just six of 30 Dow components closed higher. Goldman Sachs Group Inc (NYSE:GS) was easily the best-performing, gaining 1.9%. Boeing Co (NYSE:BA) was the biggest loser, falling 1.6%. 

The S&P 500 Index (SPX - 2,176.12) closed with a 4.3-point, or 0.2%, loss, while. the Nasdaq Composite (COMP - 5,222.99) dropped 9.3 points, or 0.2%. 

The CBOE Volatility Index (VIX - 13.12) rose 0.2 point, or 1.4%. 

5 Items on Our Radar Today:

1. The White House has weighed in on Apple's tax battle with the European Union (EU). Press Secretary Josh Earnest said the White House is "concerned" with the EU's "unilateral" order for Apple to pay back roughly $14.5 billion in taxes to Ireland, saying it could "undermine progress that we have made collaboratively ... to make the international taxation system fair." (Reuters via CNBC)
2. SES, a satellite operator based in Luxembourg, will become the first business to use recycled rockets made by Elon Musk's SpaceX. According to SES CEO Martin Halliwell, "reusable rockets will open up a new era of spaceflight, and make access to space more efficient in terms of cost and manifest management." (MarketWatch)
3. The airline that added a "star player" to its front office, according to one analyst. 
4. How pessimism is building ahead of salesforce.com, inc.'s (NYSE:CRM) delayed earnings release. 
5. The M&A buzz that sent these potash producers soaring. 

Data courtesy of Trade-Alert

Commodities:

Oil prices dropped today, due to a stronger dollar and ebbing expectations for a global production freeze at next month's Organization of the Petroleum Exporting Countries (OPEC) meeting. October-dated crude oil closed down 63 cents, or $1.3%, at $46.35 per barrel -- its lowest finish in roughly two weeks. 

Gold futures also fell, as rate-hike expectations intensified. By the close, gold dated for December lost $10.60, or 0.8%, ending at $1,316.50 per ounce -- its lowest finish since June 23, before the "Brexit" vote. 

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