Stock Indexes Wobble Before Apple, Amazon Earnings Releases

Weak economic data held stocks in check

Feb 1, 2018 at 4:26 PM
facebook twitter linkedin


The Dow explored both sides of breakeven today, trading in a range of almost 300 points before eventually settling in positive territory. A strong earnings move and all-time high from Facebook (FB) provided a lift for the broader market, but concerns about rising interest rates and a surprisingly weak productivity report contained the momentum in equities. The attention will likely stay on the tech sector tomorrow, too, thanks to post-close earnings releases from industry giants Apple (AAPL), Alphabet (GOOGL), and Amazon (AMZN).

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

The Dow Jones Industrial Average (DJI - 26,186.71) managed a 37.3-point, or 0.1%, win, though the blue-chip index finished well off its intraday highs. Seventeen of 30 Dow components closed in the black, led by Exxon Mobil (XOM), which rose 2%. DowDuPont (DWDP) was the biggest loser, ending down 2.8% after earnings.

The S&P 500 Index (SPX -  2,821.98) slid 1.8 points, or 0.06%, and the Nasdaq Composite (IXIC - 7,385.86) dipped 25.6 points, or 0.4%.

The CBOE Volatility Index (VIX -13.47) fell 0.07 point, or 0.5%.

Closing Indexes Summary Feb 1

NYSE and Nasdaq Stats Feb 1

5 Items on Our Radar Today

  1.  The Atlanta Fed sent shock waves through the financial world by forecasting growth of 5.4% for the U.S. economy in the first quarter of 2018. Such quarterly growth would be the best since the Great Recession and is more than double the fourth quarter's 2.6% expansion. (CNBC)
  2. Video game stocks have been exploding, and Japan-based Nintendo (NTDOY) has not been sitting out the rally. Now, the company is announcing fan-favorite racing game Mario Kart will be coming to mobile devices in 2019. (USA Today)
  3. Floundering Starbucks and Chipotle stocks were just hit with downgrades.
  4. A closer look at the earnings reactions from Facebook and Microsoft.
  5. Goldman retreats on NVIDIA stock... sort of.

Corporate Earnings Feb 1

Unusual Options Volume Feb 1

Data courtesy of Trade-Alert

Oil Breaks Two-Session Losing Streak

A bullish call on crude from Goldman Sachs had oil prices sizzling today. Specifically, the firm called for oil to hit $80 a barrel in 2018. At the close, crude futures for March delivery was up $1.07, or 1.7%, at $65.80 per barrel.

Meanwhile, April gold futures gained $4.80, or 0.4%, to end at $1,347.90 per ounce thanks to a weaker dollar. However, trading in the precious metal remains fairly muted ahead of Friday's much-anticipated nonfarm payrolls report.

 

If you are not making money with options, you aren’t buying options like this…

There is no options strategy that more perfectly approaches trading the fastest moving and most volatile stocks available in the marketplace than this one. In fact, there is no strategy that better utilizes put options for optimal returns and a real trading edge over other traders in the exact same market. New options traders fail out at an incredible rate without proper trade research, execution timing, and option picking. Capitalize on Schaeffer’s 100+ years of options trading excellence with the most coveted product launch in company history. Don't waste another second... join us right now before the next round of trades are released!

Schaeffer's Investment Research Master Portfolio Trial
 


 


 
Special Offers from Schaeffer's Trading Partners