Travelers Drags Down Dow After Harvey

Gold reached an 11-month high as the U.S. dollar weakened

Aug 28, 2017 at 4:31 PM
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The Dow Jones Industrial Average (DJIA) finished a wishy-washy session lower today, as the stock market reacted to Hurricane Harvey. While oil stocks followed crude prices lower, and insurance stocks -- including Dow component Travelers -- fell, fellow blue chip Home Depot was among the home improvement retailers that moved higher. Gasoline futures also moved higher in Harvey's wake, touching a two-year high. Unlike the Dow, though, the S&P 500 Index (SPX) and Nasdaq Composite (COMP) ended in the black, with healthcare stocks among the day's winners. 

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

  • The best and worst FAANG stocks to own in September.
  • 20 more stocks to buy next month, if history is any indicator.
  • Why Morgan Stanley slashed its price target on Ulta stock.
  • Plus, Goldman analyst feels chilly toward Tesla; record highs expected for Netflix; and Fitbit's new smartwatch.

The Dow Jones Industrial Average (DJIA - 21,808.40) lost 5.3 points, or 0.02%, while 15 of its 30 stocks managed to end higher. Home Depot led the advancers with its 1.2% gain, while Travelers paced the 15 losers with a 2.6% loss.

The S&P 500 Index (SPX - 2,444.24) closed up 1.2 point, or 0.1%. The tech-heavy Nasdaq Composite (COMP - 6,283.02) gained 17.4 points, or 0.3%.

The CBOE Volatility Index (VIX - 11.32) ended up 0.04 point, or 0.4%.

Closing Indexes Summary August 28

NYSE & Nasdaq August 28

5 Items on Our Radar Today

  1. Monday was Amazon's first day as the official owner of Whole Foods, and prices have already dropped up to 43% on dozens of items. Whole Foods -- which sports the nickname Whole Paycheck -- exhibited cuts on items like apples, avocados, and fish products. (Bloomberg)
  2. According to a study from Seguimiento Universidad de Navarra in Pamplona, Spain, people who drink four or more cups of coffee per day experience a 64% lower mortality rate, compared to people who rarely or never drink coffee. The study was done with close to 20,000 participants over a 10-year span. (MarketWatch)
  3. Goldman analyst remained icy on Tesla stock.
  4. Record highs are expected for Netflix stock.
  5. How Fitbit is taking aim at Apple.

There were no earnings of note today.

Unusual Options Activity August 28
Data courtesy of Trade-Alert

Commodities

Hurricane Harvey shut down several Gulf Coast refineries, and weighed on expectations for U.S. oil demand. Even as gasoline futures touched two-year highs, October-dated crude dropped $1.30, or 2.7% to settle at $46.57 per barrel.

As the U.S. dollar fell to its lowest point since early 2015, gold skyrocketed to its highest point since last September. December-dated gold finished up an impressive $17.40, or 1.3%, at $1,315.30 per ounce.
 

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