Dow Jones Industrial Average Sinks 158; 'Fear Gauge' Surges

Buy the Dip On This Casino Stock

Managing Editor
Jul 6, 2017 at 4:25 PM
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The Dow Jones Industrial Average (DJIA) took a tumble today, as the combination of ominous jobs data, geopolitical tensions with North Korea, and a tech sell-off shook up the stock market. While bond yields rose, the S&P 500 Index (SPX) and Nasdaq Composite (COMP) joined the Dow in the red, while Wall Street's "fear gauge" -- the CBOE Volatility Index (VIX) -- rose to its highest close since May.

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

  • Buy the dip on this casino stock, if history is any guide.
  • 2 home improvement stocks with big second-half potential.
  • Chevron stock was slapped with a downgrade.
  • Plus, Tesla's volume frenzy; 2 penny stocks to watch; and a big win for Marriott options traders.

The Dow Jones Industrial Average (DJIA - 21,320.04) lost 158 points, or 0.7%. Only three of the 30 Dow stocks finished higher, paced by DuPont stock's 0.5% gain. General Electric fell the most, dropping 3.8%.

The S&P 500 Index (SPX - 2,409.75) dropped 22.8 points, or 0.9%. The Nasdaq Composite (COMP - 6,089.46) shed 61.4 points, or 1%.

The CBOE Volatility Index (VIX - 12.54) added 1.5 point, or 13.3%, for its first close above the 200-day moving average since May 18.

Closing Indexes Summary July 6
NYSE and Nasdaq Chart July 6

5 Items on Our Radar Today:
  1. Fed Governor Jerome Powell raised some eyebrows today, in a speech on the U.S. housing finance system. Powell called the current system "unsustainable," and called for "greater competition" for the "duopoly" of Fannie Mae and Freddie Mac. (CNBC)
  2. Liberty Interactive, which owns popular home shopping hub QVC, has agreed to buy rival Home Shopping Network, of which it already owned a 38% stake, for $2.6 billion. The merger represents efforts by the retail giants to battle Amazon's increasing presence in home shopping. (CBS News)
  3. Tesla stock and options volume skyrocketed as the shares tanked.
  4. Check out these 2 penny stocks for a bargain.
  5. Marriott stock proved to be a darling for Schaeffer's options traders.

Corporate Earnings Chart July 6
Unusual Options Activity July 6
Data courtesy of Trade-Alert

Commodities

Oil ended higher today, after the Energy Information Administration (EIA) showed a larger-than-expected drop in domestic crude inventories last week. August-dated crude futures rose 39 cents, or 0.9%, to settle at $45.52 per barrel. 

Gold rose for its second-straight session, bouncing on a weakening dollar and broad-market declines. August-dated gold futures added $1.60, or 0.1%, to settle at $1,223.30 an ounce. 

 

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