Wal-Mart Helps Dow End Higher in Record-Setting Session

Wal-Mart Stores helped the Dow inch higher today

Oct 10, 2017 at 4:41 PM
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The Dow Jones Industrial Average (DJIA), S&P 500 Index (SPX), and Nasdaq Composite (IXIC) all posted record highs in early trading, but both the S&P and Nasdaq struggled to stay positive during the second half of the session. Retail giant Wal-Mart Stores (WMT) kept the Dow ahead of the pack, with WMT stock closing 4.5% higher after the company announced a $20 million buyback plan. However, with the first wave of third-quarter earnings reports due out in the second half of this week, bulls had a fairly modest appetite for equities today.

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

  • The 7-figure options hedge on consumer staples stocks.
  • The biotech stock that nearly doubled on upbeat drug data.
  • Behind Caterpillar stock's record high.
  • Plus, what's up with Roku stock options post-IPO; the driver behind NVDA's latest high; and the Apple supplier on Goldman's bad side.

The Dow Jones Industrial Average (DJIA - 22,830.68) hit an all-time intraday high of 22,850.51 in early trading, before ending with a gain of 69.6 points, or 0.3%, at a new record closing peak. While WMT led the 20 Dow gainers, UnitedHealth Group (UNH) paced the 9 losers with a 0.9% drop. Meanwhile, Microsoft (MSFT) was unchanged.

The S&P 500 Index (SPX - 2,550.64) touched a record high of 2555.23, before finishing 5.9 points, or 0.2% higher. The Nasdaq Composite (IXIC - 6,587.25) set its own intraday peak of 6,608.30, before ending up 7.5 points, or 0.1%.
 
The CBOE Volatility Index (VIX - 10.08) lost 0.3 point, or 2.4%.

Closing Indexes Summary Oct 10
NYSE and Nasdaq Stats Oct 10

5 Items on Our Radar Today

  1. Amazon (AMZN) is exploring a partnership with Phrame, a smart license plate maker, to devise a way to deliver packages to the trunks of customers' cars and inside their front doors, using smart license plates and doorbell devices. (CNBC)
  2. Intel (INTC) announced its first new chip for quantum computing since it partnered with QuTech, a European research group, two years ago. The new chip follows a slew of similar products introduced by Google (GOOGL), IBM (IBM) and MSFT in recent months. (CNBC
  3. Inside ROKU's first week of options trading.
  4. Nvidia is merging into the self-driving car business.
  5. Why Goldman Sachs wants you to sell this Apple supplier.


There were no earnings of note today.

Unusual Options Activity Oct 10
Data courtesy of Trade-Alert

Commodities

Crude futures rose for a second straight session -- for the first time since late September -- and posted a more than one-week high on optimism surrounding Saudi Arabia's pledge to cut exports. November-dated oil futures ended with a gain of $1.34, or 2.7%, at $50.92 per barrel.

Gold posted its third consecutive session win, marking its longest win streak in five weeks and settling at a two-week high with help from a weakening U.S. dollar. December-dated gold ended up $8.80, or 0.7%, at $1,293.80 an ounce.

 

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