Record Close for Dow Jones Industrial Average; Consumer Staples Rocked

2 Stocks Destroyed By the Amazon News

Jun 16, 2017 at 4:32 PM
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The Dow Jones Industrial Average (DJIA) struggled for direction today, yet managed to notch a record closing high and its fourth straight weekly gain. The markets are still digesting the bombshell news of Amazon buying Whole Foods for $13.7 billion, which sent the consumer staples sector reeling, and pressured the S&P 500 Index (SPX) lower, though the index ultimately eked out a win. The Nasdaq Composite (COMP) dipped for its second straight weekly loss, smarting from a continued tech sell-off. The risk-off backdrop was aided by a drop in housing starts, which fell to their lowest level in eight months.

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

  • 2 stocks destroyed by the Amazon-Whole Foods news.
  • How today's grocery woes triggered a 7-figure options trade.
  • These small-cap stocks could be ready to bounce.
  • Plus, Booz Allen Hamilton stock spiraled; a volatile week for tech stocks; and another huge loss for Nike.

The Dow Jones Industrial Average (DJIA - 21,384.28) traded on both sides of breakeven, but ultimately ended with a gain of 24.4 points, or 0.1%, at a record closing high. Energy stocks Chevron and Exxon Mobil led the 18 blue-chip gainers, adding 1.9% and 1.5%, respectively. Wal-Mart stock paced the 11 losers, surrendering 4.7%, while Visa was unchanged. For the week, the Dow added 0.5%. 

The S&P 500 Index (SPX - 2,433.15) waffled through the closing bell, but the scales ultimately swung in the bulls' favor. The SPX ended with a fractional gain on the day, and finished the week just a hair above breakeven. The Nasdaq Composite (COMP - 6,151.76) wasn't as fortunate, dropping 13.7 points, or 0.2%. For the week, the COMP fell 0.9%.

The CBOE Volatility Index (VIX - 10.38) gave up 0.5 point, or 4.8%, on the day, and settled the week on a 3% loss.

NYSE and Nasdaq Stats June 16
Closing Indexes Summary June 16

5 Items on Our Radar Today:
  1. President Trump today announced plans to enforce stricter regulations on U.S. relations with Cuba, after former President Barack Obama reopened negotiations with the country. The policy will look to limit Cuban travel and restrict business deals with Cuba's military. (Reuters)
  2. Consumer sentiment, as reported by the University of Michigan, slipped this month to its lowest point since the U.S. presidential election in November. The drop was even sharper since June 8, with data pointing to former FBI Director James Comey's testimony to the Senate Intelligence Committee as a reason for the large decline. (MarketWatch)
  3. Booz Allen Hamilton stock was gutted after a DOJ probe.
  4. Breaking down a volatile week for tech stocks.
  5. Nike stock slumped for a second straight day amid a flood of bearish brokerage notes.

corporate earnings june 16
unusual options activity june 16
Data courtesy of Trade-Alert

Commodities

Oil bounced back after hitting a seven-month low yesterday, with July-dated crude futures closing up 28 cents, or 0.6%, to $44.74 per barrel. Nevertheless, black gold suffered its fourth straight weekly loss -- the longest such losing streak since 2015 -- dropping 2.4%.

Gold gained today, as the dollar weakened and economic data failed to impress. August-dated gold futures rose $1.90, or 0.2%, to settle at $1,256.50 an ounce. Gold fell roughly 1% for the week, its second straight weekly loss.


 

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