Schaeffer's Top Stock Picks for '25

Stocks Enjoy Broad Gains; VIX Notches Lowest Close Since January

Gold, meanwhile, suffered a third straight loss

May 9, 2018 at 4:24 PM
facebook X logo linkedin


Stocks rallied today, taking their cue from a surge in oil prices following President Donald Trump's decision to pull the U.S. from the Iran nuclear deal. Thanks to a strong second-half push, the Dow closed the day well into triple-digit-gain territory, overcoming Walt Disney's (DIS) weak earnings reaction and Walmart's (WMT) M&A-related sell-off. For economic data, traders also took in the latest inflation update. The VIX, meanwhile, took a hit during the risk-on session, closing at its lowest point since Jan. 26.

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

The Dow Jones Industrial Average (DJI - 24,542.54) rallied in the second half of the day, to a 182.3-point, or 0.8%, win. DowDuPont (DWDP) paced the 23 Dow winners with a 2.8% advance, and the biggest of the seven losers was WMT, which fell 3.1%.

The S&P 500 Index (SPX - 2,697.79) rose 25.9 points, or 1%, while the Nasdaq Composite (IXIC - 7,339.91) added 73 points, or 1%.

The Cboe Volatility Index (VIX - 14.42) fell 1.3 points, or 8.8%.

Closing Indexes Summary May 9

NYSE and Nasdaq May 9

5 Items on Our Radar Today

  1. The Centers for Disease Control (CDC) today updated its numbers on the E. coli outbreak that's spread through multiple states. According to the agency's numbers, another 28 people have been affected, bringing the total to 149. Tainted romaine lettuce is the cause for the outbreak. (USA Today)
  2. China's ZTE Corp is shutting down its primary business, due to the recent ban imposed on its operations from the U.S government. The company is hoping the ban will be modified or reversed, however. (Reuters)
  3. 3 charts saying sell stocks now.
  4. Wall Street applauded Facebook's blockchain announcement.
  5. The stock that soared 20% on an Amazon partnership.

Corporate Earnings Chart May 9

Unusual Options Activity May 9

Data courtesy of Trade-Alert

Gold Logs Third Straight Loss

Aside from the U.S. pulling from the Iran deal, a surprisingly large drop in domestic crude inventories also gave oil prices a boost. By the close, June-dated crude futures were up $2.08, or 3%, at $71.14 per barrel.

The risk-on session for stocks resulted in a third straight down day for gold prices. Gold set for June delivery gave back 70 cents, or 0.05%, to close at $1,313 per ounce. 

 
 

You have the chance to join one of Bernie's most exclusive programs, complete access at HUGE savings!

As we prepare for a new administration to take the reins in Washington, the near-term market landscape is rife with uncertainty.

The Federal Reserve has already hinted at the turbulence ahead, lowering its interest rate outlook for 2025.

Meanwhile, breakthroughs in artificial intelligence (AI), quantum computing, and other transformative sectors have unlocked incredible profit potential.

But these opportunities are fleeting, and timing is everything. That's where Quick-Hit Trader comes in.

Quick-Hit Trader is designed for precision and speed, getting you in and out of the market in a flash. While other investors scramble to navigate volatile conditions, you'll have access to expertly curated trades that leverage these rapid shifts to deliver explosive profits in short order.

This is your chance to capitalize on the fast-moving market like never before. Are you ready to make your move?