Dow Jones Industrial Average Slumps; Nasdaq Snaps Winning Streak

Valeant CEO's 'Never Say Never' Moment

Kirra Fedyszyn
Sep 8, 2016 at 4:23 PM
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The Dow Jones Industrial Average (DJIA) traded lower throughout the session, even as crude futures surged following a surprise U.S. crude inventories update. And while energy stocks outperformed with oil prices, they couldn't overshadow big losses from tech shares. Notably, a 2.6% drop for Apple Inc. (NASDAQ:AAPL) weighed on the Dow -- and caused the Nasdaq Composite (COMP) to snap its winning streak -- after the tech titan said it would not release first-weekend sales numbers for the iPhone 7. Investors also digested encouraging jobless claims data, as well as the European Central Bank's (ECB) latest monetary policy decision, and a subsequent press conference from bank head Mario Draghi, where no new stimulus measures were announced.

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

The Dow Jones Industrial Average (DJIA - 18,479.91) shed 46.2 points, or 0.3%, with Nike Inc's (NYSE:NKE) 2.7% loss leading 19 of the 30 Dow stocks lower. Energy stock Chevron Corporation (NYSE:CVX) paced the gainers, adding 1.2%.

The S&P 500 Index (SPX - 2,181.30) slid 4.9 points, or 0.2%. The tech-heavy Nasdaq Composite (COMP - 5,259.48) snapped its four-session winning streak, dropping 24.4 points, or 0.5%.

The CBOE Volatility Index (VIX - 12.51) climbed 0.6 point, or 4.8%.

indexes closing summary september 8

nyse and nasdaq stats september 8

5 Items on Our Radar Today:

  1. Chipotle Mexican Grill, Inc. (NYSE:CMG) will reportedly be teaming up with Alphabet Inc's (NASDAQ:GOOGL) "Project Wing" to deliver burritos by drones on the campus of Virginia Tech. The project already has approval from the Federal Aviation Administration, and follows a string of drone-delivery testing from other companies, such as Amazon.com, Inc. (NASDAQ:AMZN). (CNBC)
  2. Dell Technologies Inc (NYSE:DVMT) said it will cut 2,000-3,000 jobs after completing its acquisition of IT specialist EMC Corporation earlier this week. The cuts represent roughly 2% of the combined companies' workforce. (Reuters)
  3. What had call players flocking to this biotech's options pits?
  4. Puts stayed hot as Oracle Corporation (NYSE:ORCL) slipped on concerns over its takeover plan.
  5. This stock broke out big time with the rise in crude prices.

quarterly earnings september 8

unusual options activity september 8
Data courtesy of Trade-Alert

Commodities:

The weekly crude inventories report from the Energy Information Administration (EIA) showed a surprise 14.5 million-barrel drop in U.S. stockpiles for the week -- the largest weekly decline in more than 17 years. This helped oil prices soar, with October-dated crude oil finishing the day up $2.12, or 4.7%, at $47.62 per barrel.

As the dollar gained ground in the wake of the ECB's interest-rate decision, gold prices declined. At the close, with the December contract was down $7.60, or 0.6%, at $1,341.60 an ounce.

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