Overseas tensions, subpar labor data, and a tech slide fueled the Dow drop
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.
5 Items on Our Radar Today:
- 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)
- 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)
- Tesla stock and options volume skyrocketed as the shares tanked.
- Check out these 2 penny stocks for a bargain.
- Marriott stock proved to be a darling for Schaeffer's options traders.
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.