Dow Jones Industrial Average Slumps; Nasdaq Snaps Winning Streak

Valeant CEO's 'Never Say Never' Moment

by Kirra Fedyszyn

Published on Sep 8, 2016 at 4:23 PM

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.

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

a schaeffer's exclusive

PLAY TRENDS LIKE A PRO!

5 tips to leverage profits in this FREE insider report!


 
 

Partnercenter


NEW! Explore Schaeffer’s Partners' deals and get connected to top online brokerages with deals tailored exclusively for our readers.  Get answers to your questions regarding transfer fees, commission rates, programs and available discounts related to online trading services.

MORE | MARKETstories


The Trend Minting Millionaires -- But Who Is Really Paying?
Porter Stansberry is making a concerning prediction.
Roller Coaster Week Defined by Trade Headlines, Jobs Report
The Dow made outsized moves in both directions this week
Needham is Buying Trade Desk Ahead of the 2020 Election
Trade Desk stock has more than doubled in 2019
The Trend Minting Millionaires -- But Who Is Really Paying?
Porter Stansberry is making a concerning prediction.