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

Oil prices took a hit today amid heavy volumes

May 8, 2018 at 4:26 PM
facebook X logo linkedin


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.

 

Target Effortless Triple-Digit Gains Every Sunday Evening For Life!

This is your chance to triple your profit potential on Sunday evenings, without spending all your free time watching the market.

On Sundays, as a Weekend Plus subscriber, you’ll get up to 6 trades every Sunday, each targeting gains of 200% or more.

Start targeting gains like the ones our subscribers have seen recently, including:

213.3% GAIN on AutoNation calls
100.0% GAIN on Monster Beverage calls
100.4% GAIN on Walgreens Boots Alliance puts
100.4% GAIN on ON Semiconductor calls
257.7% GAIN on Dell calls

101.0% GAIN on Apollo Global Management calls
103.6% GAIN on JP Morgan  Chase calls
105.3% GAIN on DraftKings calls
101.3% GAIN on Airbnb calls
203.0% GAIN on Shopify calls
102.0% GAIN on Cboe Global Markets calls
100.9% GAIN on Boeing calls
102.1% GAIN on Microsoft puts
102.3% GAIN on First Solar calls
101.5% GAIN on PulteGroup calls
101.0% GAIN on Apple calls
209.4% GAIN on NXP Semiconductors calls
100.8% GAIN on Uber Technologies calls
100.4% GAIN on Academy Sports and Outdoors puts
102.2% GAIN on Trade Desk calls
100.8% GAIN on DoorDash calls
100.0% GAIN on Camping World Holdings puts
100.0% GAIN on Cboe Global Markets calls
100.2% GAIN on C3.ai calls
238.5% GAIN on Oracle calls

 
 
 


 
 

Rainmaker Ads CGI