Fed, Data Weigh on Dow Jones Industrial Average

How Much Longer Can the S&P Stay Quiet?

Sep 7, 2016 at 4:26 PM
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The Dow Jones Industrial Average (DJIA) spent the whole session in the red, though late gains in oil prices helped stocks pare their losses. The latest economic data and Fed speeches left rate-hike expectations murky, as traders digested a record number of job openings for July, alongside the Fed's Beige Book, which indicated little wage pressure outside of high-skilled positions to push inflation higher. On the other hand, Kansas City Fed President Esther George and Richmond Fed President Jeffrey Lacker both hinted that a September rate hike could still be in the cards. Meanwhile, the Nasdaq Composite (COMP) once again outperformed its peers, tapping a fresh all-time high to notch a fourth straight win.

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

The Dow Jones Industrial Average (DJIA - 18,526.14) was down more than 60 points at its session low, but gave up roughly 12 points, or 0.06%, by the close, with Wal-Mart Stores, Inc. (NYSE:WMT) leading 17 of the blue-chip components lower on a 1.3% loss. Caterpillar Inc. (NYSE:CAT) led the gainers, tacking on 2% for the day.

The S&P 500 Index (SPX - 2,186.15) dropped 0.3 point, or just 0.02%, for the session, while the Nasdaq Composite (COMP - 5,283.93) bucked the downbeat trend yet again, adding 8 points, or 0.2%.

The CBOE Volatility Index (VIX - 11.94) gave back 0.1 point, or 0.7%.

Indexes Closing Summary September 7

NYSE and Nasdaq Stats September 7

5 Items on Our Radar Today:

  1. The driver of a Tesla Model S died in a crash outside of Amsterdam, when the vehicle collided with a tree. It's not yet known what caused the crash, or whether the lately troubled "Autopilot" system was in use. (Reuters)
  2. While Apple was busy revealing a string of new products and features, Pandora Media Inc (NYSE:P) is reportedly preparing to up its competitive game and announce the upcoming launch of a fresh streaming service. At $5 per month, the service would give users more control over their listening choices than the current free service, and a $10 option would more closely mimic the features of Apple Music and Spotify. (USA Today)
  3. Two airline stocks soaring high and attracting bullish option bets.
  4. Upbeat drug data sent this biotech stock soaring, while a sector peer set the options pits on fire.
  5. Bearish brokerage attention had these 3 gold stocks feeling the pressure. 

Quarterly Earnings September 7

Unusual Options Activity September 7
Data courtesy of Trade-Alert

Commodities:

Crude oil finished a choppy session higher, with traders still hoping top oil producers may come to an agreement on production limits at the Organization of the Petroleum Exporting Countries (OPEC) meeting in Algeria later this month. In addition, while the Energy Information Administration (EIA) hiked its 2016 U.S. production forecast, it also raised its price estimates for crude. Oil for October delivery finished up 67 cents, or 1.5%, at $45.50 per barrel.

Gold slumped through the session, pulling back from Tuesday's big data-induced rally as the dollar gained back strength. December-dated gold dropped $4.80, or 0.4%, to close at $1,349.20 an ounce.

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