Dow Jones Industrial Average Ends Lower; Obamacare Vote, Yellen Loom

3 Retail Stocks With Cheap Options

Mar 22, 2017 at 4:21 PM
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The Dow Jones Industrial Average (DJIA) fought back after a bumpy start to the session -- not to mention Tuesday's triple-digit loss -- but ultimately ended with a modest loss. However, a rally in tech stocks helped the S&P 500 Index (SPX) and Nasdaq Composite (COMP) to a daily win. This, despite a dismal day for oil prices, a drop in existing home sales, and anxiety over tomorrow's expected House vote on an Obamacare replacement bill. In addition, Fed Chair Janet Yellen is scheduled to speak ahead of the open Thursday.

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

  • 3 retail stocks offering options on the cheap.
  • SPY options bull bets $1.5 million.
  • 4 signs fear is returning to the stock market.
  • Plus, a bet on a floor for the dollar; pre-earnings bears pile on GameStop; and one sector in danger.

The Dow Jones Industrial Average (DJIA - 20,661.30) dipped 6.7 points, or less than 0.1%. Still, 18 of 30 Dow stocks finished higher, with Microsoft pacing the pack on a 1.3% win. Meanwhile, Caterpillar stock was flat, while 11 blue chips settled in the red -- with Nike stock the worst performer, down 7.1%.

The S&P 500 Index (SPX - 2,348.45) tacked on 4.4 points, or 0.2%. Better yet, the Nasdaq Composite (COMP - 5,821.64) added 27.8 points, or 0.5%.

The CBOE Volatility Index (VIX - 12.81) popped 0.3 point, or 2.7%, for its highest close since Feb. 28.

closing indexes summary march 22
nyse and nasdaq stats march 22

5 Items on Our Radar Today

  1. At least four people were killed when a suspected terrorist plowed his car into pedestrians on London's Westminster Bridge. The Parliament was immediately suspended and placed on lockdown. (CNBC)
  2. Roughly 17,000 AT&T employees in California and Nevada went on strike, citing contractual violations by their employer. "A walkout is not in anybody's best interest, and it's unfortunate that the union chose to do that," AT&T said in a statement. (Los Angeles Times)
  3. 2 technical levels working in favor of this dollar ETF put seller.
  4. Option bears have bombarded GameStop stock ahead of earnings.
  5. Goldman Sachs: This sector could face "structural challenges."

corporate earnings march 22

unusual options activity march 22
Data courtesy of Trade-Alert

Commodities

Oil prices slid to their lowest level since late November, pressured by a bigger-than-forecast build in U.S. crude inventories, which hit a record high. Specifically, May-dated crude futures surrendered 20 cents, or 0.4%, to finish at $48.04 per barrel, after earlier flirting with the $47 mark.

Gold muscled higher for a fifth straight win, as uncertainty over the fate of the Trump administration's economic policies weighed on the dollar and bond yields, pushing investors toward "safe havens." Gold for April delivery tacked on $3.20, or 0.3%, to close at $1,249.70 per ounce.

Get your daily dose of Dow futures, stock news, and more with Schaeffer's Opening View.


 

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