The DJIA traded in a tight 55-point range, after hitting a record high last Friday
Coming off Friday's record-setting session, the Dow Jones Industrial Average (DJIA) traded in a tight 56-point range today. The low volatility was seen on the S&P 500 Index (SPX) and Nasdaq Composite (COMP), too, though the latter managed to eke out a new all-time peak in early trading. Nevertheless, all three major market indexes closed in the red, as Apple stock was hit with a rare downgrade ahead of its Worldwide Developers Conference (WWDC), and oil prices continued to retreat after several countries cut ties with Qatar.
Continue reading for more on today's market, including:
- Bad news for oil bulls, courtesy of founder and CEO Bernie Schaeffer.
- Citron Research: This is the next Enron.
- The signal that predicted today's surge for Navistar stock.
- Plus, why Amazon is ideal for options traders; 3 swinging drug stocks; and the $100 million rumor that boosted Pandora.
The Dow Jones Industrial Average (DJIA - 21,184.04) closed down 22.3 points, or 0.1%. Apple's 1% loss paced the 13 Dow decliners, while Wal-Mart stock's 0.8% gain led the 17 advancers.
The S&P 500 Index (SPX - 2,436.10) gave back 3 points, or 0.1%. The Nasdaq Composite (COMP - 6,295.68) hit a record intraday high of 6,310.62, before closing down 10.1 points, or 0.2%.
The CBOE Volatility Index (VIX - 10.07) rose 0.3 point, or 3.3%.
5 Items on Our Radar Today:
- President Donald Trump unveiled part of his infrastructure proposal today, highlighted by a plan to privatize the U.S. air traffic control system. The effort would be a part of a broader $1 trillion infrastructure initiative. (Bloomberg)
- Apple kicked off its Worldwide Developers Conference (WWDC), an annual event that often marks the release of new software, products, and designs. This year has featured the unveiling of a fresh lineup of MacBooks, a new iOS system update, and a peer-to-peer payment program called Pay Cash. (CNBC)
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Given Amazon's lofty share price, it may be a good time to trade options on the FANG stock.
- These 3 drug stocks made big moves after the American Society of Clinical Oncology's (ASCO) annual event.
- Pandora stock gained ground on reports of a possible $100 million blue-chip investment.
Data courtesy of Trade-Alert
Commodities
Oil prices dropped today, after several Middle Easter states cut their diplomatic ties with Qatar over accusations of funding militant factions, sparking uncertainty surrounding a supply-cut agreement among global crude producers. By the close, July-dated futures were down 26 cents, or 0.6%, at $47.40 per barrel.
Gold marked a second straight gain, as a terrorist attack in London over the weekend heightened its safe-haven appeal. August-dated gold futures added $2.50, or 0.2%, to settle at $1,282.70 an ounce -- a six-week high.