Dow Finishes Lower As Fed Decision Looms

An interest rate hike from the Fed is widely expected tomorrow

Managing Editor
Jun 12, 2018 at 4:26 PM
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After trading on both sides of breakeven throughout the day, the Dow ultimately ended lower to snap its four-day winning streak. Elsewhere, the tech-rich Nasdaq managed to outperform, notching a fresh record close in the process. Investors shifted their focus from today's denuclearization meeting with North Korea, and instead exercised caution ahead of tomorrow's Federal Open Market Committee (FOMC) announcement, with the central bank widely expected to unveil a rate hike. In addition, Wall Street should soon dissect a federal judge's ruling on a merger between AT&T (T) and Time Warner (TWX).

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

  • 2 healthcare stocks expected to skyrocket.
  • Crocs stock has room to run this summer.
  • This blockchain stock is ripe for a short squeeze.
  • Plus, Amazon boosts Sears; surging SNAP options volume; and Citi cautions against SeaWorld stock.

The Dow Jones Industrial Average (DJI - 25,320.73) shed 1.6 points. Of the 30 blue chips, 12 closed with gains. Home Depot (HD) had the best day, adding 0.8%, while Verizon (VZ) paced the 16 losers with its 1% drop. General Electric (GE) and Pfizer (PFE) broke even.

The S&P 500 Index (SPX - 2,786.85) added 4.9 points, or 0.2%. The Nasdaq Composite (IXIC - 7,703.79) added 43.9 points, or 0.6%, and peaked at an all-time best of 7,708.24.

The Cboe Volatility Index (VIX - 12.34) lost 0.01 point, or 0.1%.

closing indexes summary june 12

nyse and nasdaq stats june 12

5 Items on Our Radar Today

  1. China's much-maligned tech firm ZTE will resume trading in Hong Kong tomorrow, after agreeing to pay penalties of as much as $1.4 billion to the U.S. government. The telecom giant also promised to overhaul its management. ZTE was given a seven-year ban in the U.S. back in April for illegally trading with Iran. (Reuters)
  2. Social media giant Facebook has introduced a feature that allows users to review advertisers, which could result in a ban on companies with ads that mislead buyers. The addition represents a concentrated effort from Facebook to reclaim consumer confidence, after several data privacy breaches. (Reuters)
  3. Amazon deal expansion helped boost Sears stock.
  4. Call buyers pounced on SNAP stock surge.
  5. Citi: SeaWorld stock is a "sell."

corporate earnings june 12

unusual options activity june 12

Data courtesy of Trade-Alert

Oil Up, Gold Drops Ahead of Fed Decision

Oil prices finished slightly higher today, trading within a tight range as the Organization of the Petroleum Exporting Countries (OPEC) noted that "pronounced uncertainty" hangs over the global oil market in the second half of 2018. July-dated crude futures added 26 cents, or 0.4%, to settle at $66.30 per barrel.

Gold prices dipped today, as the agreement between the U.S. and North Korea and the likely Fed rate hike tomorrow softened the appeal for the safe-haven asset. Gold futures for August delivery fell $3.80 cents, or 0.3%, to close at $1,299.40 an ounce.

 

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