Dow Finishes Lower as Nasdaq Extends Winning Streak

The VIX closed higher for its first day in seven sessions

Managing Editor
Mar 12, 2018 at 4:31 PM
facebook twitter linkedin

Stocks started the day off strong, as traders continued to react to Friday's jobs report. However, lingering concerns President Donald Trump's tariffs -- set to be implemented later this month -- and big sell-offs for blue chips Intel (INTC), Boeing (BA) and Caterpillar (CAT) sent the Dow down 157 points at the close. Tech stocks outperformed, however, with the Nasdaq locking in a fresh record close and seventh straight daily win -- its longest winning streak since October. Elsewhere, the VIX snapped its six-day losing streak. 

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

  • Options traders target record highs for Facebook and Microsoft stocks.
  • Put writers are betting on a Dick's Sporting Goods volatility crush
  • The options market is bracing for a big post-earnings move for this retail stock
  • Plus, the drug stock Leerink is watching; Micron's new high; and two toy stocks receiving bearish brokerage notes.

The Dow Jones Industrial Average (DJI - 25,178.61) finished down 157.1 points, or 0.6%. Today saw 11 Dow components close in positive territory, led by General Electric (GE) with a 1.1% gain. BA was the worst performer, shedding 2.9%.

The S&P 500 Index (SPX - 2,783.02) gave back 3.6 points, or 0.1%. The Nasdaq Composite (IXIC - 7,588.33) gained 27.5 points, or 0.4%, for its seventh straight win.

The Cboe Volatility Index (VIX - 15.78) finished 1.1 points, or 7.8%, higher. 

closing indexes summary march 12

nyse and nasdaq stats march 12

5 Items on Our Radar Today

  1. Cloud-based platform Dropbox announced the terms for its initial public offering (IPO) today, setting a valuation as high as $8 billion. It also announced a $100 million private placement from (CRM). The shares will begin trading next week on the Nasdaq under the ticker DBX, and will be priced at $16 to $18 apiece. (CNBC)
  2. Harvey Schwartz,  co-president and chief operating officer (COO) of Goldman Sachs, will retire next month. This has many speculating that David Solomon -- now the big bank's only president and COO -- will become the sole name in the running to replace current CEO Lloyd Blankfein. (Reuters)
  3. The drug stock Leerink is bullish on. 
  4. A big price-target hike boosted Micron stock to new highs.
  5. Barclays weighed in on two struggling toy stocks

There are no earnings to report today.

 unusual options activity march 12

Data courtesy of Trade-Alert

Oil, Gold Start Week Off Lower

April-dated crude futures fell 68 cents, or 1.1%, to end at $61.36 per barrel, after an Energy Information Administration (EIA) monthly report that projected higher-than-forecast U.S. output forecast for April.

Gold futures for April delivery shed $3.20, or 0.2%, to close at $1,320.80 an ounce, ahead of tomorrow's latest consumer price index data. The metal rose last Friday after the strong jobs 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 Stock Pick Report


Special Offers from Schaeffer's Trading Partners