Dow Jones Industrial Average Snaps Win Streak; Apple Boosts Nasdaq

The Drug Stock Spiraling on Fraud Accusations

Nov 16, 2016 at 4:25 PM
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Following its recent record-setting run, the Dow Jones Industrial Average (DJIA) cooled its heels and snapped its seven-session winning streak. Bank stocks led the path lower, following a word of warning from one brokerage firm and Minneapolis Fed President Neel Kashkari's "too big to fail" take. Declining financial shares also weighed on the S&P 500 Index (SPX), while lackluster economic data and a rising U.S. dollar did little to stem the bearish tide. Nevertheless, tech stocks managed to keep their head above water, with the Nasdaq Composite (COMP) once again outperforming on a big day for Apple Inc. (NASDAQ:AAPL).

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

The Dow Jones Industrial Average (DJIA - 18,868.14) traded in a tight 83-point range, eventually settling down 54.9 points, or 0.3%. Goldman Sachs Group Inc (NYSE:GS) led 18 fellow Dow stocks lower with its 2.3% loss, while AAPL paced the 12 advancers with its 2.7% pop.

The S&P 500 Index (SPX - 2,176.94) shed 3.5 points, or 0.2%, while the Nasdaq Composite (COMP - 5,294.58) outperformed its peers -- adding 19 points, or 0.34%.

The CBOE Volatility Index (VIX - 13.72) was up more than 8% at its intraday peak, before settling with a slimmer 0.4-point, or 2.6% gain.

Closing indexes summary November 16
NYSE and Nasdaq stats November 16

5 Items on Our Radar Today

  1. Just one day after rallying on Warren Buffett's vote of confidence, a number of airline stocks headed lower after an American Express Global Business Travel report suggested airfares will fall next year. The report cited overcapacity and increased competition as the main drivers that will likely send short-distance U.S. economy flight fares down 3% in 2017. (Reuters)
  2. Senate Democrats elected New York representative Charles Schumer to replace Nevada's Harry Reid -- who is retiring -- as minority leader. Meanwhile, Patty Murray of Washington state was voted in as assistant leader of the Senate, while Vermont's Bernie Sanders and Massachusetts' Elizabeth Warren were also named to leadership positions. Kentucky's Mitch McConnell will remain majority leader. (Bloomberg)
  3. NVIDIA Corporation (NASDAQ:NVDA) ripped to a new all-time best, but options bulls took aim at even higher highs.
  4. This shipping stock has rallied with its sector peers -- drawing a rare batch of call buyers to the table.
  5. These 3 bank stocks spiraled on a round of negative analyst attention.

Corporate Earnings November 16
Unusual Options Activity November 16
Data courtesy of Trade-Alert

Commodities:

Crude oil closed lower, as a bigger-than-expected climb in weekly domestic crude supplies overshadowed speculation that Russia is on board with the Organization of the Petroleum Exporting Countries' (OPEC) potential plans to curb output. By session's end, crude for December delivery was down 24 cents, or 0.5%, at $45.57 per barrel.

Gold futures erased earlier gains, as the U.S. dollar index climbed to levels not seen since 2003 in intraday trading. At the close, December-dated gold prices were down 60 cents at $1,223.90 an ounce.

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