Dow, S&P End Higher After Fed Decision

Apple stock's pre-earnings pullback weighed the Nasdaq down

Katie Coburn
Nov 1, 2017 at 4:30 PM
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The Dow Jones Industrial Average (DJIA), S&P 500 Index (SPX), and Nasdaq Composite (IXIC) each touched fresh record highs earlier, as traders eyed a strong ADP jobs report and the latest Fed policy statement. Of the three, the Nasdaq was the only index to close lower, weighed down by Apple (AAPL) stock's pre-earnings pullback.

As expected, the Fed stood pat on interest rates. However, the central bank noted that the U.S. economy is "solid" with a strengthening labor market, which, combined with the ADP report, bolstered expectations for the Fed to hike interest rates in December. What's more, the policymakers will be in focus tomorrow, too, as investors expect President Trump to announce his pick to lead the Fed.

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

  • 2 retail stocks that could be a bargain right now.
  • How options traders are playing Alibaba stock before tomorrow's earnings.
  • The healthcare stock that tanked today.
  • Plus, a look at Blue Apron, Starbucks, and Yelp stocks ahead of earnings.

The Dow Jones Industrial Average (DJIA - 23,435.01) touched a record high of 23,517.71, and ended with a gain of 57.8 points, or 0.3%. Intel (INTC) led the 20 Dow gainers with a 2.7% advance, while AAPL paced the nine losers with a 1.3% drop, and Microsoft (MSFT) remained unchanged.

The S&P 500 Index (SPX - 2,579.36) hit an all-time high of its own at 2,588.40, ending up 4.1 points, or 0.2%. The Nasdaq Composite (IXIC - 6,716.53) also touched a record high of 6,759.66, before ending with a loss of 11.1 points, or 0.2%.
 
The CBOE Volatility Index (VIX - 10.20) added 0.02 point, or 0.2%.

Closing Indexes Summary November 1
NYSE & Nasdaq November 1

5 Items on Our Radar Today

  1. Wal-Mart announced it will host in-store holiday parties to spruce up customers' shopping experience. Over the next two months, the retailer plans to hold more than 20,000 parties where shoppers will receive guidance from "holiday helpers," watch live toy demonstrations, and sit on Santa's lap. (CNBC
  2. Starting in January, American Express and Hilton plan to offer four new credit cards packed with perks, including one that doesn't charge any annual fees. Current cardholders will also benefit from the new updates and rewards. (MarketWatch
  3. Inside Blue Apron stock's new record low.
  4. Bears are moving in on Starbucks stock ahead of earnings.
  5. Yelp stock continues to shock shorts.


Corporate Earnings Chart Nov 1

Unsual Options Acrivity Nov 1
Data courtesy of Trade-Alert

Commodities

Crude prices settled lower, after U.S. stockpiles decreased by less than expected last week, while oil production edged higher. December-dated oil futures ended down 8 cents, or 0.2%, at $54.30 per barrel. 

Meanwhile, gold ended higher today, and extended its gains amid expectations for the Fed to hike rates in December. However, investors remain cautious ahead of Trump's Fed chair selection. December-dated gold ended up $6.80, or 0.5%, at $1,277.30 an ounce.


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