Chipmaker Sell-Off Sinks Stocks

Gold and oil both ended the day lower as the dollar gained ground

Managing Editor
Apr 19, 2018 at 4:24 PM
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U.S. stocks finished the day in the red, with chip stocks taking a hit following a weak outlook from Taiwan Semiconductor (TSM). Signs of softer smartphone demand weighed on Apple (AAPL) and its suppliers, with the iPhone maker one of the Dow's biggest decliners today. An ugly earnings reaction for Procter & Gamble (PG) also kept the blue-chip index down, overshadowing a strong earnings rally for American Express (AXP) stock.The S&P and Nasdaq also finished in the red, though a late-session report suggesting President Donald Trump isn't the target of special counsel Robert Mueller's Russia probe might've helped the indexes off their session lows.

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

  • Buy calls on this biotech.
  • Analyst: Sell this sinking pharma stock.
  • Options traders just made a 100% profit on this retailer.
  • Plus, the retail stock poised for more upside; an options strategy for earnings season; and the ETF that took it on the chin today.

The Dow Jones Industrial Average (DJI - 24,664.89) fell 83.2 points, or 0.3%, for the day. American Express was the biggest of the eight gainers, surging 7.6%, while P&G was the biggest of the losers, falling 3.3%.

The S&P 500 Index (SPX - 2,693.13) lost 15.5 points, or 0.6%, while the tech-heavy Nasdaq Composite (IXIC - 7,238.06) suffered the worst, shedding 57.2 points, or 0.8%.

The Cboe Volatility Index (VIX - 15.96) gained 0.4 point, or 2.3%, for the day.

Closing Indexes Summary April 19

NYSE and Nasdaq Stats April 19

5 Items on Our Radar Today

  1. Amazon's global takeover continues, after the online retailer announced the number of Amazon Prime members for the first time ever: over 100 million, according to CEO Jeff Bezos -- topping Costco's number of members, which sits closer to 90.3 million. Amazon also said it shipped an estimated 5 billion items through Prime last year, internationally. (MarketWatch)
  2. The median price of a home in the U.S. skyrocketed 8.9% year-over-year in March, marking the biggest increase in four years, per Redfin data. The supply of homes on the market, meanwhile, fell 11.9% year-over-year, which contributed to the rising sale prices. (Reuters)
  3. How to protect profits with options during earnings season.
  4. The ETF that sank with semiconductor stocks.
  5. Which athletic stock could be poised for more upside.

Corporate Earnings April 19

Unusual Options Activity April 19

Data courtesy of Trade-Alert

Oil, Gold Fall From Recent Highs

A rising dollar, as well as uncertainty ahead of a big meeting of oil producers tomorrow, pushed oil prices from three-year highs. May-dated crude ended down 18 cents, or 0.3%, to finish at $68.29 per barrel.

A higher greenback also weighed on dollar-denominated gold. June-dated futures finished down $4.70, or 0.4%, to settle at $1,348.80 per ounce.

 

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