Dow Jones Industrial Average Extends Win Streak; Tech Stocks Still Struggling

This Tech Signal from March 2009 Just Happened Again

Nov 14, 2016 at 4:21 PM
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The Dow Jones Industrial Average (DJIA) traded on both sides of breakeven, but eventually secured its sixth straight daily win, after notching another record high. Meanwhile, the Nasdaq Composite (COMP) underperformed, as Donald Trump's election victory continued to weigh on tech stocks. Elsewhere, while things were quiet on the economic front, M&A headlines were plentiful -- and Dallas Fed President Robert Kaplan predicted the central bank will remove "some accommodation" in the "near future."

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

The Dow Jones Industrial Average (DJIA - 18,868.69) added 21 points, or 0.1%, to keep its winning streak alive. However, only 11 of the 30 Dow stocks ended higher, paced by a 4% jump at UnitedHealth Group Inc (NYSE:UNH). Among the 19 blue-chip losers, Visa Inc (NYSE:V) was hit the hardest, surrendering 4.3%.

The S&P 500 Index (SPX - 2,164.20) gave up less than 0.3 point, while the Nasdaq Composite (COMP - 5,218.40) dipped 18.7 points, or 0.4%.

The CBOE Volatility Index (VIX - 14.48) rose 0.3 point, or 2.2%, but ended below the 15 level for the fourth consecutive session.

Indexes closing summary November 14
NYSE and NASDAQ stats November 14

5 Items on Our Radar Today

  1. General Electric Company (NYSE:GE) hopped on the M&A bandwagon, with its GE Digital business reaching a deal to buy ServiceMax -- a cloud-based service management firm -- for $915 million. (MarketWatch)
  2. The U.S. Transportation Department has finished creating rules requiring electric vehicles and other "quiet cars" to produce alert sounds when running at low speeds. The deadline for compliance is September 2019. (Reuters)
  3. One options trader's $7.8 million bet on Amazon.com, Inc. (NASDAQ:AMZN).
  4. How Citigroup's Trump thesis sent a pair of retail stocks soaring.
  5. Two biotech stocks that made monster moves on trial data.

Unusual Options Activity November 14
Data courtesy of Trade-Alert

Commodities:

Amid lingering concerns about oversupply and doubts that the Organization of the Petroleum Exporting Countries (OPEC) will be able to reach a production freeze agreement later this month, oil prices edged lower. Specifically, December-dated crude futures lost 9 cents, or 0.2%, to land at $43.32 per barrel -- the lowest close for a most-active contract since mid-September.

Gold futures stumbled, as expectations that President-elect Trump will increase U.S. spending boosted Treasury yields and strengthened the dollar. By day's end, December-dated gold was down $2.60, or 0.2%, to close at $1,221.70 per ounce.

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