Trump Pulls U.S. From Iran Deal; Dow Ends Rocky Session Higher

Oil prices took a hit today amid heavy volumes

by Josh Selway

Published on May 8, 2018 at 4:26 PM

The Dow ended a roller-coaster session just north of breakeven, after President Trump decided to withdraw the U.S. from the Iran nuclear agreement -- a move former President Barack Obama called a "serious mistake." While the decision was widely expected, conflicting news reports early in the day resulted in volatile price action for equities. Oil prices experienced a turbulent day, too, and although crude futures came off their intraday lows, black gold also closed in the red. Wall Street may now turn its attention back to corporate earnings, with blue chip Walt Disney (DIS) releasing quarterly results this afternoon.

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

The Dow Jones Industrial Average (DJI - 24,360.21) battled its way back into positive territory by the close, finishing up 2.9 points, or 0.01%. Sixteen of the 30 Dow components closed in the black, led by JPMorgan's (JPM) 1.5% uptick. The biggest loss came from Verizon (VZ), which shed 1.5%.

The S&P 500 Index (SPX - 2,671.92) settled down 0.7 point, or 0.03%, while the Nasdaq Composite (IXIC - 7,266.90) managed a 1.7-point, or 0.02%, advance. 

The Cboe Volatility Index (VIX - 14.71) fell 0.04 point, or 0.3%.

Closing Indexes Summary May 8

NYSE and Nasdaq May 8

5 Items on Our Radar Today

  1. Ride-hailing services giant Uber today announced it'll work with the U.S. Army to research technology that could eventually lead to flying taxis. The Army hopes to develop new drones that are quieter and can take off vertically. (Reuters)
  2. Google wowed spectators at its I/O conference today with an impressive display from its Google voice assistant. Google Assistant was able to call and schedule a hair appointment in one example, and can even make reservations at restaurants. (USA Today)
  3. Why bulls were back behind Square stock.
  4. The options market expects a huge post-earnings move from Groupon.
  5. Inside today's Valeant stock bull gap.

Coroprate Earnings Chart May 8

Unusual Options Activity May 8

Data courtesy of Trade-Alert

Oil Trims Losses on Iran Decision

Oil prices fell today, but cut some of their intraday losses after Trump's Iran decision. After a delayed settlement due to high trading volume, June-dated crude futures dropped $1.67, or 2.4%, to end at $69.06 per barrel.

Gold prices also fell today, as a stronger dollar weighed. Gold for June delivery fell 40 cents, or 0.03%, to $1,313.70 an ounce.

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