Nasdaq Streak Snapped on Tech Pullback, White House Turnover

The tech-rich index retreated from record highs

Managing Editor
Mar 13, 2018 at 4:26 PM
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Stocks once again started the day off strong, thanks to encouraging inflation data, and initially shook off President Donald Trump's abrupt dismissal of Secretary of State Rex Tillerson. However, a drop in energy and tech stocks -- not to mention a steep analyst-induced plunge for General Electric shares -- ultimately sent the Dow down triple digits for the second straight day. Even the Nasdaq finished lower, snapping its seven-day winning streak

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

  • Buy calls on these 2 biotech stocks, if past is prologue.
  • Yelp stock has room to run. 
  • This software stock could be signaling a breakout. 
  • Plus, 2 drug stocks squeezing shorts; a 3D Systems earnings preview; and the pair of athleisure stocks scoring "outperform" endorsements.

The Dow Jones Industrial Average (DJI - 25,007.03) finished down 171.6 points, or 0.7%, but stopped short of breaching 25,000. Today saw eight Dow components close in positive territory, led by UnitedHealth (UNH) with a 1.9% gain. GE was the worst performer, shedding 4.4%.

The S&P 500 Index (SPX - 2,765.31) gave back 17.8 points, or 0.6%. The Nasdaq Composite (IXIC - 7,511.01) lost  77.3 points, or 1%.

The Cboe Volatility Index (VIX - 16.35) finished 0.6 point, or 3.6%, higher. 

Closing Indexes Summary March 13

NYSE and Nasdaq March 13

5 Items on Our Radar Today

  1. Volkswagen has upped the ante on electric cars, after securing $25 billion in battery supplies to equip 16 factories to make electric cars by 2022. The move represents an effort to compete with Tesla (TSLA) to corner the electric car market. (Bloomberg)
  2. Apple (AAPL) announced its annual World Wide Developers Conference (WWDC) will kick off on June 4th in San Jose this year. The event typically features an unveiling of the latest Apple products and operating systems. Last year, Apple unveiled its HomePod. (MarketWatch
  3. Analyst: Buy this pair of athleisure stocks.
  4. 3D Systems (DDD) stock is attracting pre-earnings options traders
  5. These 2 drug stocks are ripe for a short squeeze.

Earnings Chart March 13

 Unusual Options Activity March 13

Data courtesy of Trade-Alert

Oil Drops, Gold Climbs Against Dollar

April-dated crude futures fell 65 cents, or 1.1%, to end at $60.71 per barrel, after the White House shake-up sparked concerns that the Iran nuclear deal could be in jeopardy. In addition, the Energy Information Administration's (EIA) recent monthly report -- which predicted record-high output from U.S. shale basins -- continued to weigh on black gold.

Gold futures for April delivery gained $6.30, or 0.5%, to close at $1,327.10 an ounce. The safe-haven asset got a boost from a falling dollar in the wake of President Trump's dismissal of Secretary of State Rex Tillerson. 



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