The Dow, S&P, and Nasdaq are still on pace for weekly losses
A dip in the 10-year Treasury yield helped bring stock buyers back to the market today, with the Dow spending most of the day deep in triple-digit-gain territory. In addition, breakup chatter from United Technologies (UTX) helped lift the blue-chip index. Traders continued to consider yesterday's Fed meeting minutes, as well as fresh rate-hike commentary from Fed President James Bullard. Elsewhere, investors digested weekly jobless claims that remained near a 45-year low and the latest round of corporate earnings reports. However, a late-session downturn in financial stocks pared most of the S&P's lead by the close, and the Nasdaq erased early gains on a bad day for biotech, ending a fourth straight day in the red.
Continue reading for more on today's market, including:
- 2 VIX extremes not seen since 2016
- Options traders are bracing for a big earnings move from this oil stock tomorrow.
- Inside a massively profitable call trade on Union Pacific.
- Plus, a leisure stock call buyers love; the drug stock that soared today; and a silver lining in the Roku sell-off.
The Dow Jones Industrial Average (DJI - 24,962.48) added 164.7 points, or 0.7%, with 19 Dow components closer in the black. The biggest winner was UTX's 3.3% jump, and Cisco Systems (CSCO) paced the 10 losers with a 0.9% pullback. Johnson & Johnson (JNJ), meanwhile, closed flat.
The S&P 500 Index (SPX - 2,703.96) added 2.6 points, or 0.1%, and the Nasdaq Composite (IXIC - 7,210.09) fell 8.1 points or 0.1%.
The Cboe Volatility Index (VIX - 18.72) dipped 1.3 points, or 6.5%.
5 Items on Our Radar Today
- Elon Musk's SpaceX launched a rocket carrying two satellites into space that will join a constellation meant to provide internet service back on earth. The hope is that the satellites can provide high-speed internet to underserved areas. (USA Today)
- Millennial icon Kylie Jenner in a tweet today asked "does anyone else not open Snapchat anymore?" The tweet, along with the social media firm's first annual report as a publicly traded company, sent shares of Snap (SNAP) sliding 7.4%. The decline took more than $1 billion off Snap's market cap. (CNBC; Bloomberg)
- Call buyers are betting on an earnings breakout for leisure stock ILG.
- Why this drug stock was soaring today.
- How Roku stock may find post-earnings chart support after the sell-off.
Data courtesy of Trade-Alert
Oil Gets a Surprise Boost
Oil prices got a lift today thanks to an unexpected decline in domestic crude inventories. April crude futures added $1.09, or 1.8%, to end at $62.77 per barrel.
Gold also ticked higher today as weakness in the dollar mounted, extending upside seen yesterday after the release of the Fed meeting minutes. By the close, April-dated gold was up 60 cents, or almost 0.1%, at $1,332.70 an ounce.