The DJIA fell triple digits for a second straight day, but held onto its January gains
The Dow Jones Industrial Average (DJIA) shed triple digits for a second straight session, as a round of disappointing earnings and concerns over President Donald Trump's immigration ban continued to weigh on the market, though some drug stocks saw a boost following Trump's comments on drug pricing. Despite the risk-off backdrop -- which, along with a weaker U.S. dollar, has served as a boon for gold prices -- the Dow clinched a solid monthly gain. Additionally, the Russell 2000 Index (RUT) outperformed today, with the small-cap barometer ending the session up 0.7%.
Continue reading for more on today's market, including:
- The 10 best stocks to own in February.
- Behind a rare pop in option activity on Apple Inc. (NASDAQ:AAPL).
- 3 gold names making big moves higher.
- Plus, Under Armour drops 23%, big earnings expectations for one steel stock, and Seadrill gets leveled.
The Dow Jones Industrial Average (DJIA - 19,864.09) gave up 107 points, or 0.5% for the day, with Goldman Sachs Group Inc (NYSE:GS) tracking 21 of the 30 components lower on a 1.9% loss. Pfizer Inc. (NYSE:PFE) led the nine gainers, adding 1.4%. For the month, the blue-chip index advanced 0.5%.
The S&P 500 Index (SPX - 2,278.87) shed 2 points, or 0.1%, paring its monthly gain to 1.8%. The Nasdaq Composite (COMP - 5,614.79) added 1.1 point, or 0.02% in the final moments of trading, bringing its monthly gain to a healthy 4.3%.
The CBOE Volatility Index (VIX - 11.99) climbed 0.1 point, or 0.9% -- but shed 14.6% in January.
5 Items on Our Radar Today
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Workplace messaging service Slack revealed a new product,
Slack Enterprise Grid, aimed at larger businesses, with a range of new capabilities. The company, which reportedly has 1.5 million paying users, is hoping to take on the likes of Microsoft Corporation (NASDAQ:MSFT), and justify its $3.8 billion valuation. (
CNBC)
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San Francisco became the first city to officially challenge the Trump administration's order to block funding from "
sanctuary cities" -- following the White House's controversial immigration ban. The city filed a lawsuit today alleging the executive order violates the U.S. Constitution's 10th Amendment. (
Reuters)
- The double-barreled blow that sent Under Armour Inc (NYSE:UAA) down 23%.
- The options market is pricing in a big post-earnings move for this steel stock.
- Restructuring talks leveled Seadrill Ltd (NYSE:SDRL) -- and had option bears betting on more near-term losses.
Data courtesy of Trade-Alert
Commodities
Crude oil ticked higher for the day, as traders continued to digest signs of growing domestic supplies against falling global inventories. March-dated crude futures finished up 18 cents, or 0.3%, at $52.81 per barrel. Nevertheless, oil fell 1.7% in January.
Gold prices advanced, as growing anxiety surrounding Trump's executive orders and tomorrow's Fed announcement weighed on the U.S. dollar. The April-dated contract added $15.40, or 1.3%, to end the day at $1,211.40 an ounce. The malleable metal added 5.2% in January, its best monthly advance since June.
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