McDonald's stock kept the Dow afloat today
The Dow finished higher today -- just shy of its second straight triple-digit gain -- but notched its best close since March 9, thanks to a strong showing from McDonald's (MCD). However, the blue-chip index stands alone in the winners circle today. Both the S&P 500 and Nasdaq saw their four-day winning streaks snapped, amid a sell-off from tech stocks and a pullback in the 10-year Treasury yield as traders eyed the Group of Seven (G-7) summit. Notable losers included FAANG stocks Facebook (FB) and Netflix (NFLX), the latter of which had helped power the tech-rich Nasdaq to three straight record closes.
Continue reading for more on today's market, including:
- The sentiment signal flashing for the first time in 2018.
- Why analysts more than halved their price target on this drug stock.
- Options traders piled on Five Below stock after earnings.
- Plus, a "strong sell" rating from Spruce Point Capital; a winning MOMO options trade; and a lesser-known energy stock to target.
The Dow Jones Industrial Average (DJI - 25,241.41) gained 95 points, or 0.4%, with 21 of the 30 blue chips closing with gains. McDonald's had the best day, adding 4.4%, while Intel (INTC) paced the nine losers with its 2% drop.
The S&P 500 Index (SPX - 2,770.37) gave back 2 points, or 0.1%, and the Nasdaq Composite (IXIC - 7,635.07) shed 54.2 points, or 0.7%.
The Cboe Volatility Index (VIX - 12.13) added 0.5 point, or 4.2%.
5 Items on Our Radar Today
- According to a Reuters report, the U.S. Justice Department is looking into the proposed merger between T-Mobile (TMUS) and Sprint (S) and what a union would do to smaller wireless operators. T-Mobile offered $26 billion to buy Sprint. (Reuters)
- The joint healthcare venture between Berkshire Hathaway, JPMorgan Chase, and Amazon took a step forward today, after Warren Buffett told CNBC that the CEOs of the trio have chosen a CEO. The decision will likely be announced within the next two weeks. (CNBC)
- Why Spruce Point Capital issued a "strong sell" rating on Healthcare Trust of America stock.
- How MOMO's earnings beat helped line subscribers' pockets.
- Buy the dip on this energy stock.
Data courtesy of Trade-Alert
Oil, Gold Prices Inch Higher
Oil prices surged today, spurred by concerns about a drop in exports from Venezuela. Concerns also remain that the Organization of the Petroleum Exporting Countries (OPEC) may not roll back production caps at its upcoming meeting. July-dated crude futures gained $1.22, or 1.9%, to settle at $65.95 per barrel.
Gold prices also fared well today thanks to a weakening dollar, although gains were capped by the upcoming Fed meeting next Wednesday. Gold futures for August delivery added $1.60, or 0.1%, to close at $1,303 an ounce.