Dow, S&P Log Longest Weekly Win Streaks Since 2013

Big days for Apple and Qualcomm helped offset October's lackluster payrolls report

Nov 3, 2017 at 4:37 PM
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The Dow Jones Industrial Average (DJIA), S&P 500 Index (SPX), and Nasdaq Composite (IXIC) each closed at record highs today, with the Dow and S&P ending higher for an eighth straight week -- their longest weekly win streaks since 2013 -- and the IXIC making it six in a row. A post-earnings rally from Apple (AAPL) and an M&A-related surge for Qualcomm (QCOM) helped propel stocks higher and offset October's mixed jobs data. Traders also cheered strong data from the ISM non-manufacturing index and factory orders, with the former topping out at a 12-year high. Next week, traders will digest a round of quarterly earnings from big-name retailers.

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

  • The retail stock volatility traders should be watching.
  • How options traders are playing TripAdvisor stock before earnings.
  • Behind this shipping stock's 20% plunge.
  • Plus, a look at Weight Watchers stock's earnings history; 2 tech stocks on the move after earnings; and General Electric snaps its losing streak.

The Dow Jones Industrial Average (DJIA - 23,539.19) touched a record intraday high of 23,557.06, and ended with a gain of 22.9 points, or 0.1%. AAPL led the 18 Dow gainers with a 2.6% advance, while Intel (INTC) paced the 12 losers with a 1.6% drop. For the week, the Dow added 0.4%.

The S&P 500 Index (SPX - 2,587.84) hit a record high of its own at 2,558.42, before closing up 8 points, or 0.3%. The Nasdaq Composite (IXIC - 6,764.44) touched an all-time high of 6,765.14, and ended with a gain of 49.5 points, or 0.7%. For the week, the SPX and IXIC added 0.2% and 0.9%, respectively.
 
The CBOE Volatility Index (VIX - 9.14) lost 0.8 point, or 8%, with a weekly loss of 6.7%.

Closing Indexes Summary Nov 3
NYSE and Nasdaq Nov 3

5 Items on Our Radar Today

  1. Kroger announced it will launch its own apparel line starting next fall as part of the company's "Kroger Restock" initiative -- a plan that includes investing $9 billion into the grocery chain's development over the next three years. The new clothing line will help Kroger compete with stores like Wal-Mart and Target. (CNBC)
  2. BMW is recalling approximately 1 million cars sold in the U.S. and Canada due to two unrelated issues involving fire risks. While the majority of cars affected were sold in the U.S., the company is determining whether to expand the recall to include those sold in other countries. (Reuters
  3. The catalyst that could spark another post-earnings rally for Weight Watchers.
  4. 2 tech stocks that took a hit after earnings.
  5. General Electric stock snapped its biggest losing streak in 40 years with today's 1% pop.


Corporate Earnings Chart Nov 3

UVOL Nov 3
Data courtesy of Trade-Alert

Commodities

Crude prices settled at their highest level since July 2015, as a weekly drop in active U.S. oil rigs, which, combined with expectations that the Organization of the Petroleum Exporting Countries (OPEC) and other countries will extend a deal to cut output, helped ease global supply concerns. December-dated oil futures ended up $1.10, or 2%, at $55.64 per barrel, with a 3.2% weekly increase.

Meanwhile, gold ended lower today, as the dollar gained ground after this morning's economic data threw support behind a December rate hike. December-dated gold ended down $8.90, or 0.7%, at $1,269.20 an ounce. For the week, gold futures gave back 0.2%.

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