Dow Ekes Out a Win; Nasdaq Dips With Travel Stocks

Fed Chair Janet Yellen made her first public address since President Trump nominated Fed Governor Jerome Powell as the next central bank leader

Nov 7, 2017 at 4:26 PM
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After each touching record highs in early trading, the Dow Jones Industrial Average (DJIA), S&P 500 Index (SPX), and Nasdaq Composite (IXIC) all pulled back, dragged down by struggling financial stocks and dismal earnings reports from Priceline (PCLN) and TripAdvisor (TRIP), to name two. Only the Dow managed to eke out a win, swinging higher in the final minutes of trading to notch a sixth straight gain.

Traders also digested the Labor Department's Job Openings and Labor Turnover Survey (JOLTS) for September, which remained at record levels, as well as comments made by departing Fed Chair Janet Yellen, who accepted an award for ethics in government, marking her first public speech since President Trump tapped Fed Governor Jerome Powell to head the central bank last week. Looking ahead, investors are awaiting Senate Republicans' tax plan, expected before the weekend.

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

  • 3 drug stocks that got demolished.
  • The Oprah-endorsed stock up over 300% this year.
  • How options traders are playing Canadian Solar stock before earnings.
  • Plus, a look at Kohl's earnings history; the big-cap bank stock to watch; and Blue Apron's sell-off.

The Dow Jones Industrial Average (DJIA - 23,557.23) touched a record intraday high of 23,602.12, and ended with a gain of 8.8 points, or 0.04%. DowDuPont (DWDP) led the 20 Dow gainers with a 1.3% advance, while JPMorgan Chase (JPM) paced the 10 losers with a 2% drop.

The S&P 500 Index (SPX - 2,590.64) hit a record high of its own at 2,597.02, before closing down 0.5 point, or 0.02%. The Nasdaq Composite (IXIC - 6,767.78) touched an all-time high of 6,795.52, and ended with a loss of 18.7 points, or 0.3%.
 
The CBOE Volatility Index (VIX - 9.89) added 0.5 point, or 5.2%.

closing indexes summary nov 7
NYSE and Nasdaq nov 7

5 Items on Our Radar Today

  1. Alphabet's self-driving car unit, Waymo, announced it will launch its ride service with a fleet of driverless Chrysler Pacifica minivans in Phoenix, Arizona, within the next few months. Similar to other ride-hailing services like Uber and Lyft, users of the new service will use an app to order a ride. (CNBC)
  2. The National Basketball Association (NBA) and Time Warner's Turner Sports announced a multiyear partnership with Intel, during which Intel will broadcast live games in virtual reality starting with the 2018 NBA All-Star game. (MarketWatch
  3. Bullish options traders blast Kohl's stock ahead of earnings.
  4. Why you should buy calls on this big-cap bank stock.
  5. The latest meal-delivery service that sent Blue Apron stock spiraling.


Corporate Earnings Chart Nov 7

unusual options activity nov 7
Data courtesy of Trade-Alert

Commodities

Crude prices settled slightly lower today, as tensions between Organization of the Petroleum Exporting Countries (OPEC) members Saudi Arabia and Iran continue to flare up. December-dated oil futures ended down 15 cents, or 0.3%, at $57.20 per barrel, after touching a two-year high yesterday.

Gold also closed lower today, as a strengthening U.S. dollar weighed on the commodity. December-dated gold ended down $5.80, or 0.5%, at $1,275.80 an ounce.

 

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