Dow Jones Industrial Average Drops on Rate Hike Anxiety

The Dow Jones Industrial Average (DJIA) spent most of the session trading lower today, as the U.S. nonfarm payrolls report showed weaker-than-expected jobs growth -- yet several Fed officials maintained that a December interest rate hike is still a distinct possibility. While stocks pared their losses by the close, the Dow still ended the first week of the quarter with a loss, as volatile commodities weighed on sentiment and hawkish Fed comments fueled interest rate fears.

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

• CIT Group Inc.'s (NYSE:CIT) $10 billion sale.
• The biotech sliding after devastating trial data.
• Where Tesla Motors Inc (TSLA) could find support on the charts.
• Plus... massive call volume for one surging drug stock, Goldman sinks a solar name, and a steel name that's nearly doubled in value this year.
  

The Dow Jones Industrial Average (DJIA - 18,240.49) ended the day down 28 points, or 0.2%. Goldman Sachs Group Inc (NYSE:GS) was the biggest of the 12 Dow winners, gaining 1.6%, while United Technologies Corporation (NYSE:UTX) led the 18 Dow losers, finishing down 1.5%. For the week, the DJIA lost 0.4%.

The S&P 500 Index (SPX – 2,153.74) lost 7 points, or 0.3%, for the day and 0.7% for the week. Meanwhile, the Nasdaq Composite (COMP – 5,292.41) slid 14.5 points, or 0.3%. On a weekly basis, the COMP gave back 0.4%.

The CBOE Volatility Index (VIX – 13.48) gave up 0.6 point, or 5%, for the session, but managed a weekly win of 1.4%.

5 Items on Our Radar Today

1. As Hurricane Matthew bears down on Florida, insurers are predicting insurance losses of up to $25-$30 billion by the time the storm has run its path. This would make Hurricane Matthew the second costliest U.S. hurricane, topped only by Hurricane Katrina in 2005. (Reuters)
2. Qatar Airways awarded Boeing Co (NYSE:BA) a contract worth $18.6 billion for up to 100 aircrafts. (Bloomberg)
3. How Goldman Sachs sank First Solar, Inc. (NASDAQ:FSLR).
4. The analyst note that had Lipocene Inc's (NASDAQ:LPCN) calls trading 154 times faster than usual.
5. Another big boost for ArcelorMittal SA (NYSE:MT), which has already nearly doubled in 2016.

Data courtesy of Trade-Alert

Commodities:

November-dated crude futures slipped 63 cents for the day, or 1.3%, to end the week at $49.81 per barrel. While an increase in the Baker Hughes rig count weighed on stocks today, black gold managed a gain of 3.3% for the week, thanks to continued discussion among Organization of the Petroleum Exporting Countries (OPEC) members regarding production stabilization.

December-dated gold futures lost $1.10, or 0.1%, for the day, finishing at $1,251.90, as a strong dollar continued to weigh on the precious metal. For the week, gold fell* 5%.