Roaring Nasdaq Nabs Record High, Overshadows Sluggish Dow

Trade concerns kept the DJI and SPX in check

Managing Editor
Jun 5, 2018 at 4:27 PM
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The Dow and S&P 500 explored both sides of breakeven today, with intraday gains kept in check by concerns about U.S. trade. While the DJI ended with a modest loss, the S&P eked out a win. However, the Nasdaq vaulted to a record high and a second straight record close, thanks to a resurgent tech sector. FAANG staples Apple (AAPL) and Amazon (AMZN) continued their blistering pace with record highs of their own, while social media giant Twitter (TWTR) extended its winning streak on plans to join the S&P 500.  

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

  • Purchase June calls on this chip stock, if past is prologue.
  • Call buyers blitzed Valeant Pharmaceuticals stock after a bull note.
  • Kate Spade's tragic death rattled Tapestry options.
  • Plus, a gene therapy stock to target; a Five Below earnings preview; and Progressive stock stays hot.

The Dow Jones Industrial Average (DJI - 24,799.98) gave back 13.7 points, or 0.1%, with 13 of the 30 blue chips closing with gains. DowDuPont (DWDP) had the best day, rallying 1.1%, while Merck (MRK) paced the 17 losers with its 1% drop.

The S&P 500 Index (SPX - 2,748.80) gained 1.9 points, and the Nasdaq Composite (IXIC - 7,637.86) surged 31.4 points, or 0.4%, for its highest close ever.

The Cboe Volatility Index (VIX - 12.40) shed 0.3 point, or 2.7%.

closing indexes summary june 5

nyse and nasdaq stats june 5_

5 Items on Our Radar Today

  1. The British government earlier said it's ready to allow 21st Century Fox (FOXA) to proceed with its offer for European broadcast giant Sky. An approval would potentially set up a massive bidding war between Fox and Comcast Corporation (CMCSA). (USA Today)
  2. In response to President Donald Trump's tariffs on steel and aluminum, Mexico earlier today imposed retaliatory tariffs against the U.S. on steel, aluminum, pork, and bourbon. In addition, Mexico installed a 20% duty on apples, potatoes, cranberries, and certain cheeses. (Reuters)
  3. Analyst: Buy this gene therapy stock.
  4. Five Below options are pricing in a volatile post-earnings move.
  5. Surging Progressive stock is ripe for a short squeeze.

 

corporate earnings june 5

unusual options activity june 5

Data courtesy of Trade-Alert

Oil, Gold Prices End Slide

Oil prices rallied, shaking off a Bloomberg report that the U.S. had approached Saudi Arabia and other Organization of the Petroleum Exporting Countries (OPEC) exporters about increasing their output. July-dated crude futures added 77 cents, or 1.2%, to settle at $65.52 per barrel -- snapping a three-day losing streak.

Gold prices jumped, as a weaker greenback bolstered the dollar-denominated commodity. Gold futures for August delivery added $4.90, or 0.4%, to close at $1,302.20 an ounce.

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