Dow Jones Industrial Average Falls with Oil Prices; House Passes Healthcare Bill

2 Healthcare Stocks That Could Heat Up

May 4, 2017 at 4:27 PM
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The Dow Jones Industrial Average (DJIA) once again struggled for upside, as falling oil prices weighed on stocks. In fact, crude futures suffered their lowest close in over five months, leading to big losses from oil giants like Exxon Mobil Corporation (NYSE:XOM) and Chevron Corporation (NYSE:CVX). Traders also considered the latest from Capitol Hill, where the House managed to pass (albeit barely) an Obamacare replacement bill. Looking ahead, Wall Street is now awaiting tomorrow's all-important nonfarm payrolls report. 

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

  • 2 healthcare stocks that could heat up in the near term. 
  • The retail stock plummeting to eight-year lows. 
  • Why analysts are bashing this Apple supplier.
  • Plus, Chesapeake clobbers options traders; 2 more Apple suppliers to watch; and inside Square's huge day. 

The Dow Jones Industrial Average (DJIA - 20,951.47) opened higher, but spent most of the day in the red, settling 6.4 points, or 0.03%, lower. Just 11 of the 30 Dow components closed higher, led by 0.9% gains from 3M and UnitedHealth. Caterpillar suffered the biggest hit, dropping 2.1%, with XOM and CVX close behind. 

The S&P 500 Index (SPX - 2,389.52) ended up 1.4 points, or 0.1%. The Nasdaq Composite (COMP - 6,075.34) also eked out a win, adding 2.8 points, or 0.05%. 

The CBOE Volatility Index (VIX - 10.46) edged lower, closing down 0.2 point, or 2.1%. 

Closing Indexes Summary May 4
NYSE and Nasdaq Stats May 4


5 Items on Our Radar Today:
  1. The House Financial Services Committee today approved a bill intended to roll back pieces of the Dodd-Frank law. The committee voted along party lines, with Republicans insisting many Dodd-Frank provisions hurt economic growth. (The Hill)
  2. The airline industry is once again facing a PR disaster, with a couple from California claiming they were kicked off an overbooked Delta flight.  The incident apparently took place roughly one month ago, but the video -- which is circulating the internet -- was just uploaded to YouTube yesterday. (Fox News)
  3. How Chesapeake Energy let down options traders. 
  4. 2 other Apple suppliers screaming "buy." 
  5. Why shares of Square stock surged higher today. 

Corporate Earnings May 4
Unusual Options Activity May 4
Data courtesy of Trade-Alert

Commodities

Concerns about oversupply continued to weigh on oil prices today. By the close, June-dated crude futures were down $2.30, or 4.8%, to settle at $45.52 per barrel -- the lowest close since before the global output agreement was reached on Nov. 29. 

Gold prices also fell today, as the dollar strengthened. Gold for June delivery finished the day down $19.90, or 1.6%, at $1,228.60 per ounce, the lowest closing price in almost two months. 

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