Dow Jones Industrial Average Extends Winning Streak Ahead of July Jobs Report

The DJIA notched a seventh straight record high and an eighth straight win

Aug 3, 2017 at 4:30 PM
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The Dow Jones Industrial Average (DJIA) ended higher for an eighth straight session, and notched a seventh straight record high, as traders digested the latest batch of earnings and economic reports. However, the S&P 500 Index (SPX) and Nasdaq Composite (COMP) once again underperformed the blue-chip index, with losses exacerbated by late-day reports that special counsel Robert Mueller impaneled a grand jury to look into Russia's involvement in the 2016 election. Looking ahead, Wall Street will dissect tomorrow's highly anticipated July jobs report before the opening bell.

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

  • The rare options signal flashing for the first time in years.
  • Bearish options players are piling on this tech ETF.
  • The e-tail stock that just scorched short sellers.
  • Plus, the drug stock flirting with 13-year lows; Tesla's Model 3 demand; and the restaurant stock that hit new lows after earnings.

The Dow Jones Industrial Average (DJIA - 22,026.10) peaked at an all-time high of 22,044.85 in intraday trading, before settling with a gain of 9.9 points, or 0.04%. Twenty of the Dow's 30 stocks ended higher, led by Pfizer's 1.5% jump. DuPont paced the 10 decliners, giving up 1.2%.

The S&P 500 Index (SPX - 2,472.16) fell 5.4 points, or 0.2%. The tech-heavy Nasdaq Composite (COMP - 6,340.34) gave up 22.3 points, or 0.4%.

The CBOE Volatility Index (VIX - 10.44) advanced 0.2 point, or 1.6%. 

closing indexes summary august 3
NYSE and Nasdaq stats august 3

5 Items on Our Radar Today

1. Top FBI officials could testify in an investigation into whether President Trump obstructed justice in relation to probes of Russian collusion during the election, according to reports. Current acting FBI Director Andrew McCabe allegedly told his top officials that both he and they could be called as witnesses in the case.  (CNBC)

2. The National Federation of Independent Business (NFIB) reported that 35% of small businesses were having trouble filling their open job positions, and 19% were hoping to increase their workforce. According to the NFIB, the lack of job placement seems to be stemming from lack of skill for the job. (Bloomberg)

3. The drug stock flirting with 13-year lows.

4.  Tesla toasted solid Model 3 demand.

5. The restaurant stock that hit new lows after earnings.
 

corporate earnings august 3
unusual options activity august 3
Data courtesy of Trade-Alert

Commodities

Oil finished lower today, with some attributing the dip to reports of the closure of Astenbeck Capital's primary commodities hedge fund. September-dated oil futures lost 1.1%, or 56 cents, settling at $49.03 per barrel.

Gold futures also finished lower today, ahead of the highly anticipated jobs data. December-dated gold ended down $4.00, or 0.3%, to settle at $1,274.40 an ounce. 
 

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