The Fed meeting will kick off tomorrow, with a rate hike expected Wednesday
Despite giving up most of its intraday gains by the close, the Dow locked up its fourth straight win today, matching its longest winning streak in about a month. The S&P 500 and Nasdaq joined the blue-chip benchmark in the black, despite a rocky Group of Seven (G-7) summit that fueled friction between the U.S. and Canada. Instead, traders are focusing on tomorrow's seismic North Korea-U.S. meeting between President Donald Trump and Kim Jong Un in Singapore. Also on investors' minds is the start of the Federal Open Market Committee (FOMC) meeting, where a rate hike announcement is expected Wednesday afternoon.
Continue reading for more on today's market, including:
- Analyst: Sell this FAANG partner.
- Short this stock before a Fed rate hike.
- Piper Jaffray is buying Electronic Arts' "Battlefield" boost.
- Plus, a word of caution against NWL; why Seagate is overdue for upgrades; and the stock Citron thinks could double.
The Dow Jones Industrial Average (DJI - 25,322.31) added 5.8 points for its fourth consecutive gain. Of the 30 blue chips, 15 closed with gains. UnitedHealth (UNH) had the best day, adding 1.2%, while McDonald's (MCD) paced the 14 losers with its 1.4% drop. DowDuPont (DWDP) broke even.
The S&P 500 Index (SPX - 2,782) added 3 points, or 0.1%. The Nasdaq Composite (IXIC - 7,659.93) added 14.4 points, or 0.2%.
The Cboe Volatility Index (VIX - 12.35) added 0.2 point, or 1.4%.
5 Items on Our Radar Today
- Wells Fargo has prohibited the purchase of cryptocurrencies through credit cards. The bank joins sector peers Citigroup, JPMorgan Chase, and Bank of America in limiting the purchase of the controversial digital currency. Elsewhere, Apple's updated guidelines for developers bans cryptocurrency mining. (Yahoo! Finance; AppleInsider)
- According to a member of the Securities and Exchanges Commission (SEC), many corporate executives are using the recent tax cuts and stock buybacks to line their own pockets. Share buybacks hit a record high in May, and SEC official Robert Jackson Jr. called for updated regulation in a speech today. (CNBC)
- Think twice before buying Newell stock.
- Outperforming Seagate Technology stock is ripe for upgrades.
- Fitbit options traders reacted to Citron's bull note.
There are no earnings to report today.
Data courtesy of Trade-Alert
Oil, Gold Prices Creep Higher
Oil prices climbed today, erasing early losses after Iraq's oil minister cast doubts over a possible supply increase from the Organization of the Petroleum Exporting Countries (OPEC) at the cartel's meeting in two weeks. July-dated crude futures added 36 cents, or 0.6%, to settle at $66.10 per barrel.
Gold prices inched higher today, but traded within a tight range throughout most of the day, as investors eye both the North Korea summit and the start of the Fed meeting tomorrow. Gold futures for August delivery gained 50 cents, or 0.1%, to close at $1,303.20 an ounce.