Nasdaq Ekes Out 7th Win; Dow Jones Industrial Average Ends Slightly Lower

Analyst: This FAANG Stock Could Soar 60%

Managing Editor
Jul 17, 2017 at 4:27 PM
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The Dow Jones Industrial Average (DJIA) traded in a narrow range on both sides of breakeven, but ultimately ended modestly lower, snapping its string of record closing highs. Many stocks were treading water ahead of key earnings releases this week, with Netflix kicking things off moments ago. Both the S&P 500 Index (SPX) and the Nasdaq Composite (COMP) struggled to pick a direction, too, with the former ultimately joining the Dow in the red, while the latter eked out its seventh straight daily win.  

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

  • Analyst: This FAANG stock could skyrocket 60% in the next year.
  • Options traders circled these tech stocks.
  • Elon Musk: Tesla stock price is "higher than we have the right to deserve."
  • Plus, copper boom helped FCX stock; a bank earnings preview; and 3 stocks rewarded with upgrades.

The Dow Jones Industrial Average (DJIA - 21,629.72) lost 8 points. Of the 30 Dow stocks, 13 ended positive, led by a 0.8 % gain for Microsoft. JPMorgan stock was the biggest loser for the second straight session, dipping 0.9%.

The S&P 500 Index (SPX - 2,459.14) dropped 0.1 point. The Nasdaq Composite (COMP - 6,314.43) added 1.9 points.

The CBOE Volatility Index (VIX - 9.82) gained 0.3 point, or 3.3%.

Closing Indexes Summary July 17
NYSE and Nasdaq July 17

5 Items on Our Radar Today:

  1. More Americans want President Trump impeached than wanted to see President Nixon impeached six months after his re-election, according to a poll from Monmouth University. The numbers suggest 41% of Americans think Trump should be impeached, compared to 24% who wanted Nixon impeached in July 1973. (CNBC)
  2. Citigroup will reportedly be moving its European headquarters to Frankfurt, Germany, following Britain's upcoming exit from the European Union. Citigroup is one of many banks considering the move to Frankfurt. (Reuters)
  3. Rising copper futures sparked options interest in FCX stock.
  4. bank stocks to keep on your earnings radar.
  5. Analysts are loving these 3 stocks ahead of earnings.

Corporate Earnings Chart July 17
Unusual Options Activity July 17
Data courtesy of Trade-Alert

Commodities

Oil finished lower today, as the Energy Information Association (EIA) predicted an increase in U.S. shale-oil production in August. August-dated crude futures fell 52 cents, or 1.1%, to settle at $46.02 per barrel, snapping a recent winning streak. 

Gold rose to a two-week high, extending their rally after dovish comments from Fed Chair Janet Yellen last week. August-dated gold futures rose $6.20, or 0.5%, to settle at $1,233.70. 

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