S&P, Nasdaq Fall as Small-Cap Stocks Outperform Again

Traders are seemingly taking a wait-and see approach amid trade talks between the U.S. and China

May 18, 2018 at 4:27 PM
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It was a quiet end to the trading week, with the major stock indexes failing to make a big move in either direction. Uncertainty surrounding the ongoing trade discussions with China mostly kept buyers on the sidelines, and pullbacks in tech and red-hot energy stocks weighed, as well. As such, the S&P 500 and Nasdaq both failed to chip away at their weekly deficits, though the Russell 2000 Index (RUT) outperformed again, hitting an all-time high for a third straight day.

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

The Dow Jones Industrial Average (DJI - 24,715.09) held on for a fractional win today, adding just 1.1 point. Nine of the 30 Dow components closed higher. The biggest winner was Boeing (BA), adding 2.1%, while Visa (V) closed flat, and Intel (INTC) fell the most, down 2.4% at the close. The blue-chip index gave back 0.5% this week.

The S&P 500 Index (SPX - 2,712.97) fell 7.2 points, or 0.3%, and Nasdaq Composite (IXIC - 7,354.34) gave back 28.1 points, or 0.4%. The indexes had respective weekly losses of 0.5% and 0.7%.

The Cboe Volatility Index (VIX - 13.42) shed 0.01 point, or 0.1%, but ended its five-week losing streak by gaining 6.1% this week. 

Closing Indexes Summary May 18

NYSE and Nasdaq May 18

5 Items on Our Radar Today

  1. Ten people were killed in a shooting at a Texas high school today. Law enforcement also found explosive devices near the building. (Associated Press via CNBC)
  2. Members of the House Freedom Caucus were the primary reason a nearly $870 billion farm bill failed to go to a vote today. The group doesn't want to consider the measure until an immigration bill is voted on first. (Reuters)
  3. Why Cowen is a buyer of Nvidia stock.
  4. The merger buzz that weighed on Mattel shares.
  5. GOOGL shares fell ahead of a unflattering "60 minutes" story

Corporate Earnings Chart May 18

Unusual Options Activity May 18

Data courtesy of Trade-Alert

Gold Suffers Worst Week of 2018

Oil prices closed in the red today, but they still had a strong week. June-dated crude futures were down 21 cents, or 0.3%, at $71.28 per barrel by the close. Oil managed a 0.8% weekly gain -- its third in a row.

Gold prices rose today, finishing up $1.90, or 0.2%, at $1,291.30 per ounce. Still, the precious metal had its worst week of the year, closing down 2.2%.

 

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