The Nasdaq wrapped up its longest weekly losing streak since May 2016
The Dow Jones Industrial Average (DJIA) was down triple digits at its session low, but briefly peeked into the black after the White House confirmed President Trump removed Steve Bannon as his chief strategist. However, the Dow was back in the red by the close, as was the S&P 500 Index (SPX) and Nasdaq Composite (COMP). All three indexes also suffered another weekly loss, marking the Dow's worst two-week stretch since the Brexit drama of June 2016, and the Nasdaq's longest weekly losing streak since May 2016.
Continue reading for more on today's market, including:
- The rare small-cap signal that could spell trouble.
- 3 sporting good stocks that got slammed today.
- How gold bugs are climbing out of the woodwork.
- Plus, the VIX did this for just the third time; 2 retail stocks that soared post-earnings; and the energy stock sitting in oversold territory.
The Dow Jones Industrial Average (DJIA - 21,674.51) lost 76.2 points, or 0.4%, Friday, as 20 of its 30 stocks ended lower. Nike stock paced the losing majority, dropping 4.4%, while Caterpillar stock led the advancers with a 0.7% gain. For the week, the Dow shed 0.8%. The index has lost 418.3 points in two weeks -- the most in more than a year.
The S&P 500 Index (SPX - 2,425.55) lost 4.5 points, or 0.2%. The tech-heavy Nasdaq Composite (COMP - 6,216.53) also ended lower, dropping 5.4 points, or 0.1%. For the week, the SPX lost 0.7%, while the Nasdaq dropped 0.6% -- its fourth straight weekly loss.
The CBOE Volatility Index (VIX - 14.26) was also at a loss, giving up 1.3 point, or 8.3%. For the week, the VIX dropped 8.1%.
5 Items on Our Radar Today
- Goldman Sachs said there is a 50% chance of a temporary government shutdown in the near term, due to President Trump's declining approval ratings. Economist Alec Phillips stated, "Low approval ratings raise legislative risks," and the Treasury said Congress needs to raise the debt ceiling by Sept. 29. (CNBC)
- Wal-Mart has applied for a patent for a blimp-style floating warehouse, to create an easier way of delivering customer orders. Amazon received approval for a similar patent back in April 2016, and the overall hope for these services is that the sky advantage will use drones to drop off packages to individual homes within the blimp's radius. (CNBC)
- The VIX just did this for the 3rd time ever.
- 2 retail stocks that soared post-earnings.
- The oversold energy stock.
Data courtesy of Trade-Alert
Commodities
Oil rose Friday, thanks to a weaker dollar and reports of a drop in the weekly U.S. rig count. September-dated crude finished the day up 3%, or $1.42, to $48.51 per barrel. Crude was not so lucky for the week, ending 0.6% lower.
Despite briefly topping $1,300 an ounce for the first time in 2017, December-dated gold futures suffered an 80-cent, or 0.1%, drop, settling at $1,291.60 per ounce. Gold fell 0.2% for the week.