Nasdaq Extends Win Streak; Dow Jones Industrial Average Notches Another New High

VIX Traders Brace For Volatile Future

Managing Editor
Jul 13, 2017 at 4:32 PM
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The Dow Jones Industrial Average (DJIA) once again ended higher, riding the momentum from Fed Chair Janet Yellen's congressional testimony to a record close. The S&P 500 Index (SPX) and Nasdaq Composite (COMP) also finished higher, with the latter extending its winning streak to a fifth straight session. Several sectors gained ground today: retailers rose after an upbeat forecast from Target, steel stocks jumped after President Trump reportedly said he'd consider tariffs and quotas on imports, and bank stocks edged higher ahead of earnings, which kick off tomorrow. Meanwhile, traders also digested the revised healthcare bill from the Senate, as well as the latest economic data

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

  • A VIX trader spent $500,000 to bet on an August volatility pop.
  • It might be time to take profits on these 2 healthcare stocks.
  • How J C Penney stock finally broke out of its slump.
  • Plus, Yandex's Uber marriage; an earnings season preview; and options traders score a big JNJ win. 

The Dow Jones Industrial Average (DJIA - 21,553.09) gained about 21 points, or 0.1%. Fifteen stocks ended in positive territory, led by a 1.5 % gain for Wal-Mart Stores. DuPont was the biggest loser, dipping 1.2%.

The S&P 500 Index (SPX - 2,447.83) tacked on 4.6 points, or 0.2%. The Nasdaq Composite (COMP - 6,274.44) added 13.3 points, or 0.2%.

The CBOE Volatility Index (VIX - 9.90) shed 0.4 point, or 3.9%, for its first close south of 10 since June 26.

Closing Indexes Summaries July 13
NYSE and Nasdaq JUly 13

5 Items on Our Radar Today:

  1. U.S. Senate Republicans unveiled their revised healthcare bill today. The bill attempts to unite Senate Republicans in passing a healthcare bill that will replace Obamacare. Senate Majority Leader Mitch McConnell is calling for a vote next week. (Reuters)
  2. The U.S. is rumored to be preparing new sanctions against Chinese firms over their ties to North Korea, according to two U.S. officials. (CNBC)
  3. Yandex stock soared after finding a comrade in Uber.
  4. These stocks will kick off earnings season next week.
  5. Breaking down a big win with Johnson & Johnson options.

Corporate Earnings July 13
Unusual Options Activity July 13
Data courtesy of Trade-Alert

Commodities

Oil rose today, after the International Energy Agency (IEA) boosted its forecast for global crude demand for this year. However, the IEA said crude markets could stay oversaturated for longer than expected. August-dated crude futures rose 59 cents, or 1.3%, to settle at $46.08 per barrel. 

Gold fell today, snapping its three-session win streak, after the dollar gained ground, and U.S. markets pushed higher following Fed Chair Janet Yellen's remarks. August-dated gold futures fell $1.80, or 0.2%, to settle at $1,217.30 per ounce.

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