Stocks Take a Hit After Trump's Shutdown Threat

Gold ended higher ahead of notable central banker speeches later this week

Aug 23, 2017 at 4:34 PM
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The Dow Jones Industrial Average (DJIA) ended lower today, after President Trump vowed to pursue a wall between the U.S. and Mexico, even if it means a government shutdown. The U.S. risks default if Congress doesn't raise the debt ceiling by the September deadline. The S&P 500 Index (SPX) and Nasdaq Composite (COMP) both fell too, while the CBOE Volatility Index (VIX) snapped its losing streak, with a surprise drop in new home sales adding salt to stocks' proverbial wounds.

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

The Dow Jones Industrial Average (DJIA - 21,812.09) lost 87.8 points, or 0.4%, as only seven of its 30 stocks ended higher. United Tech (UTX) led the advancing minority, gaining 1.2%, while Johnson & Johnson (JNJ) paced the 23 losers with a 1.4% loss.

The S&P 500 Index (SPX - 2,444.04) lost 8.5 points, or 0.4%. The tech-heavy Nasdaq Composite (COMP - 6,278.41) also took a loss, letting go 19.1 points, or 0.3%. 

The CBOE Volatility Index (VIX - 12.25) managed to gain 0.9 point, or nearly 8%, collecting its first win this week. 

Closing Indexes Summary August 23

NYSE & Nasdaq August 23

5 Items on Our Radar Today

  1. ESPN is under fire for removing announcer Robert Lee from the University of Virginia's home opener, citing the "tragic events in Charlottesville" combined with the "coincidence of his name." The Disney-owned company stated, "It’s a shame that this is even a topic of conversation and we regret that who calls play by play for a football game has become an issue." (MarketWatch)
  2. The median sale price of a newly built home surged more than 6% year-over-year last month, to $313,700 -- the highest-ever price for July. That, and considering the inventory of existing homes for sale remains relatively low, is likely why new-home sales declined, experts say. (CNBC)
  3. Cree hit new lows after earnings.
  4. Analysts are calling this FAANG stock a 'buy.'
  5. The VIX data that's looking bearish for stocks.

Corporate Earnings Chart August 23

Unusual Options Activity August 23
Data courtesy of Trade-Alert

Commodities

October-dated crude ended higher following an eighth week of declining domestic inventories, as well as expectations for disruptions in production from an incoming Gulf Coast storm. Oil futures finished up 54 cents, or 1.1%, at $48.37 per barrel.

Gold also ended higher today, amid anxiousness ahead of a Friday's slate of speeches from several central bank heads. December-dated gold ended Wednesday up $3.70, or 0.3%, at $1,294.70 per ounce.
 

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