Dow Jones Industrial Average Dips as Oil Drops; Nasdaq Rallies With Tech

Stocks Just Did This for 2nd Time Since 1929

Managing Editor
Jul 5, 2017 at 4:25 PM
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The Dow Jones Industrial Average (DJIA) ended with a slight loss today, after fluctuating on both sides of breakeven. The stock market seemed relatively unaffected by the release of the Fed’s June meeting minutes, which gave mixed signals about inflation expectations and didn't provide a timeline for shrinking the central bank's balance sheet. Traders eyed a renewed sell-off in oil prices, which snapped their longest daily win streak in years, after the Organization of the Petroleum Exporting Countries (OPEC) reported rising exports for June. However, while it was a rough day for energy stocks, the tech sector rebounded after a poor start to the quarter, helping the Nasdaq Composite (COMP) outperform.  

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

  • Stocks just did this for only the second time since 1929, according to Schaeffer's Senior Quantitative Analyst Rocky White.
  • Short sellers are sinking their teeth into this restaurant stock.
  • 3 car stocks that got wrecked today. 
  • Plus, 2 penny stocks for your watchlist; Best Buy's potential; and Baidu's new partners.

The Dow Jones Industrial Average (DJIA - 21,478.17) lost 1.1 points, or 0.01%. Fifteen of the 30 Dow stocks finished lower, paced by Walt Disney stock's 1.9% loss. Intel Corp was the top advancer, gaining 2.6%.

The S&P 500 Index (SPX - 2,432.54) added 3.5 points, or 0.1%. The Nasdaq Composite (COMP - 6,150.86) added 40.8 points, or 0.7%.

The CBOE Volatility Index (VIX - 11.07) shed 0.15 point, or  1.3%.

Closing Indexes Summary July 5
NYSE and Nasdaq Chart July 5

5 Items on Our Radar Today:
  1. U.S. factory orders fell in May, marking a second straight monthly drop. Factory orders declined 0.8%, the Commerce Department said, following a 0.3% drop in April. While the drop was expected, it was twice as much as economists had predicted, and marked the steepest slide since November. (USAToday)
  2. Volvo announced that after 2019, all of its car models will become electric or hybrid. It is the first traditional automaker to officially designate a date to cease production of cars relying on an internal combustion engine. (Reuters)
  3. penny stocks for your watchlist.
  4. Best Buy stock has room to run.
  5. Baidu stock rallied after the Chinese internet concern named two notable partners.

There were no earnings reports of note.

Unusual Options Activity July 5
Data courtesy of Trade-Alert

Commodities

Oil fell today, snapping its longest daily win streak in five years, after OPEC said exports rose again last month, despite an agreement to extend output cuts. August-dated crude futures fell $1.94, or 4.1% to settle at $45.13 per barrel. 

Gold ended higher today, following a response to subpar economic data and minutes from the Fed’s June meeting. August-dated gold futures added $2.50, or 0.2%, to settle at $1,221.70 an ounce.

 

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