Dow Jones Industrial Average Closes Higher Ahead of Comey

The Dow Jones Industrial Average (DJIA) traded in a 76-point range, eventually settling in positive territory after the release of former FBI Director James Comey's prepared congressional testimony. Comey will testify before the Senate Intelligence Committee tomorrow -- one of several potentially explosive global events making up "Super Thursday," which will also include a European Central Bank (ECB) policy update and a general election in the U.K. -- following today's testimony from several high-ranking intel officials. The S&P 500 Index (SPX) and Nasdaq Composite (COMP) also closed higher for the first time this week, even as oil prices crumbled in the wake of the latest U.S. inventories update.

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

• The ETF to watch ahead of Europe's big day.
• This retail stock could make a huge move tomorrow.
• Analyst: Higher highs ahead for Apple stock.
• Plus, time to buy this drink stock; the regulatory nod boosting Calithera Biosciences; and heavy options trading in the semiconductor sector.
  

The Dow Jones Industrial Average (DJIA - 21,173.69) settled near its session high, up 37.5 points, or 0.2%. Nike stock paced the 17 Dow advancers with its 1.4% gain, while Coca-Cola brought up the rear with its 1% drop.

The S&P 500 Index (SPX - 2,433.14) added 3.8 points, or 0.2%, while the Nasdaq Composite (COMP - 6,297.38) rose 22.3 points, or 0.4%.

The CBOE Volatility Index (VIX - 10.39) edged down 0.06 point, or 0.6%.

1. President Trump nominated Christopher Wray to be the new FBI director. Wray, who would succeed ousted Comey upon confirmation, oversaw the Enron Task Force, and represented New Jersey Governor Chris Christie during the 2013 investigation of lane closings on the George Washington Bridge. (Bloomberg)
2. Consumer credit increased by its smallest margin in nearly six years in April, rising $8.2 billion to a seasonally adjusted $3.82 trillion -- roughly half of what was expected. Nonrevolving credit, which consists of education and car loans, grew at its slowest pace since 2011, suggesting a second-quarter rebound in spending may be tempered. (MarketWatch)
3. BMO weighed in on a number of drink stocks today, saying this one is at an "attractive entry point."
4. Calithera Biosciences stock boomed after the Food and Drug Administration (FDA) granted fast-track status to its cancer drug.
5. Options traders were quick to trade calls on Micron and Advanced Micro Devices, as the semiconductor stocks continued to surge.

Data courtesy of Trade-Alert

Commodities

Oil prices plunged, after the Energy Information Administration (EIA) said domestic crude supplies unexpectedly rose by 3.3 million barrels last month, while gasoline and distillate stockpiles also jumped. Following a delayed settlement, July-dated crude futures closed down 5.1%, or $2.47, at $45.72 per barrel -- the lowest close since May 4.

Gold snapped its three-session winning streak, as the U.S. dollar gained ground. August-dated gold dropped 0.3%, or $4.30, to settle at $1,293.20 an ounce.