Dow Jones Industrial Average Snaps Losing Streak After Apple, Fed

February's Best and Worst Sectors

Feb 1, 2017 at 4:26 PM
facebook twitter linkedin


The Dow Jones Industrial Average (DJIA) snapped its two-day losing streak, thanks to a blowout earnings reaction for iPhone maker Apple Inc. (NASDAQ:AAPL). Stocks also reacted to a round of mostly upbeat economic data -- including a better-than-expected private-sector jobs report, ahead of this Friday's nonfarm payrolls update -- as well as the Federal Open Market Committee's (FOMC) latest policy announcement. As expected, the Fed unanimously voted to keep interest rates unchanged, and noted that "measures of consumer and business sentiment have improved of late," but fixed business investment has "remained soft."
 
Continue reading for more on today's market, including:
 

The Dow Jones Industrial Average (DJIA -19,890.94) ended the day up 26.9 points, or 0.1%. AAPL led the 12 Dow winners with a gain of 6.1%, while Microsoft Corporation (NASDAQ:MSFT) paced the 18 decliners with its 1.7% loss.

The S&P 500 Index (SPX – 2,279.55) finished fractionally higher, while the Nasdaq Composite (COMP – 5,642.65) rose 27.9 points, or 0.5%

The CBOE Volatility Index (VIX – 11.81) fell 0.2 point, or 1.5%.

Indexes closing summary February 1
NYSE and NASDAQ stats February 1

5 Items on Our Radar Today

  1. The U.K. Parliament voted in favor of triggering Article 50, which will allow Prime Minister Theresa May to begin the process of withdrawing from the European Union (EU). May said she will invoke Article 50 by the end of March, though the "Brexit" bill must still be approved by the House of Commons and House of Lords before becoming official. (BBC)
  2. Rex Tillerson, former CEO of Exxon Mobil Corporation (NYSE:XOM) was confirmed as secretary of state, despite opposition from Senate Democrats. After a vote of 56-43, Tillerson will now take the reins at the U.S. State Department, working alongside President Donald Trump on foreign relations. (USA Today)
  3. United Parcel Service, Inc.'s (NYSE:UPS) post-earnings plunge continued after Amazon.com, Inc.'s (NASDAQ:AMZN) big announcement.
  4. Analyst: Under Armour Inc's (NYSE:UAA) "growth story is coming to an end."
  5. The options market is pricing in a big post-earnings swing for GoPro Inc (NASDAQ:GPRO).

Quarterly Earnings February 1
Unusual Options Activity February 1

Data courtesy of Trade-Alert

Commodities

March-dated crude futures gained $1.07, or 2%, to finish at $53.88 per barrel, after a report showed domestic crude production declined last week, even as inventories rose. Rising tensions between the U.S. and Iran further boosted crude oil futures. 

April-dated gold futures dipped, dropping $3.10, or 0.3%, to end the day at $1,208.30 per ounce, as the U.S. dollar gained ground amid today's upbeat economic reports. The malleable metal initially edged higher in electronic trading after the Fed's decision to leave interest rates unchanged, but was last seen hovering just below breakeven.

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

Grab Your FREE 5 Rules for Trading Stock Trends Report

1606854690

 




 
Special Offers from Schaeffer's Trading Partners