Dow Jones Industrial Average Settles Down; Nasdaq Hits Longest Monthly Win Streak Since '13

Trump's First 100 Days a Bullish Signal for Stocks

Apr 28, 2017 at 4:27 PM
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The Dow Jones Industrial Average (DJIA) spent most of the day trading below breakeven. A dreary reading on first-quarter gross domestic product (GDP) and fresh geopolitical tensions with North Korea overshadowed positive earnings reactions for Dow stocks Chevron and Exxon Mobil, as well as a temporary funding measure to avoid a government shutdown, with the blue-chip barometer eventually closing at a loss. The S&P 500 Index (SPX) and Nasdaq Composite (COMP) followed suit, but not before the latter notched a fifth straight all-time intraday peak. Despite the day's lackluster finish, the Dow, S&P, and COMP all closed the week and month higher, with the Nasdaq logging its longest monthly win streak since 2013.

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

  • Trump's first 100 days signal more gains for stocks.
  • Why Time was the worst stock on the NYSE today.
  • Better brace for more post-earnings volatility for AMD stock.
  • Plus, a downgrade doesn't slow Amazon; the catalysts that sent Baidu tumbling; and the 2 big-cap tech giants at new post-earnings highs.

The Dow Jones Industrial Average (DJIA - 20,940.51) traded in a slim 61-point range, before settling down 40.8 points, or 0.2%. Intel paced the 21 Dow decliners with its 3.4% loss, while Chevron led the nine advancers with its 1.2% gain. For the week, the Dow added 1.9%, and 1.3% on the month.

The S&P 500 Index (SPX - 2,384.20) gave back 4.6 points, or 0.2%, paring its weekly and monthly advances to 1.5% and 0.9%, respectively. The Nasdaq Composite (COMP - 6,047.61) edged down 1.3 points, or 0.02%, but not before hitting a record intraday high of 6,074.04. The COMP added 2.3% on the week and month -- its sixth straight monthly gain.

The CBOE Volatility Index (VIX - 10.82) tacked on 0.5 point, or 4.4%. Week-over-week, the market's "fear gauge" plunged 26%, and surrendered 12.5% in April.

closing indexes summary april 28
nyse and nasdaq stats april 28

5 Items on Our Radar Today:

  1. A U.S. Court of Appeals upheld a lower court ruling that blocked Anthem's proposed takeover of rival Cigna. Plans for the $48 billion merger between the healthcare giants was initially blocked after a judge ruled it would negatively impact competition. (Bloomberg)
  2. Echoing Sears Holdings' recent concerns over its ability to continue, luxury fashion retailer Vince said it has "substantial doubt" as to whether it can keep operating over the next 12 months. VNCE stock tumbled more than 30% to settle near a record low. (CNBC)
  3. Amazon stock hit a new record high post-earnings, even as Pacific Crest took a glass-half-empty approach.
  4. Baidu stock plunged, after the Chinese internet firm unveiled disappointing guidance and a C-suite shake-up.
  5. Big-cap tech stocks Alphabet and Microsoft hit new highs after earnings, though MSFT eventually closed lower.

Corporate Earnings April 28
Unusual Options Activity April 28
Data courtesy of Trade-Alert

Commodities

Crude for June delivery tacked on 36 cents, or 0.7%, to close at $49.33 per barrel, on hope the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC members will agree to an output-cut extension at their May meeting. Week-over-week, oil prices gave back 0.6%, and surrendered 2.5% in April.

June-dated gold settled the session up $2.40, or 0.2%, at $1,268.30 an ounce, as disappointing economic data pressured the dollar. For the week, the malleable metal shed 1.6%, but added 1.4% on the month.
 

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