Comcast placed its bid on Fox assets, trumping Disney
The Dow finished in the red today, and was the only benchmark lower due to a pullback from big bank stocks. Financial giants such as JPMorgan Chase (JPM) slipped with the 10-year Treasury yield, after yesterday's Fed news and the European Central Bank's (ECB) decision to unwind its bond-buying program. However, the S&P 500 and Nasdaq both ended with wins, with the latter notching yet another record high. Media stocks were also in focus, as Comcast (CMCSA) threw its hat into the ring to buy Twenty-First Century Fox (FOXA) assets, inciting a bidding war with Walt Disney (DIS).
Continue reading for more on today's market, including:
- Citron: This FAANG stock will fall.
- Buy the dip on Applied Materials stock.
- 2 drug stocks that made huge moves today.
- Plus, options traders blast Dropbox stock; a bargain-bin energy stock; and a bear note stalls Kohl's stock.
The Dow Jones Industrial Average (DJI - 25,175.31) shed 25.9 points, or 0.1%. Of the 30 blue chips, 11 closed with gains. Disney had the best day once again, adding 2.3%, while General Electric (GE) paced the 18 losers with a 1.8% drop. United Technologies (UTX) broke even.
The S&P 500 Index (SPX - 2,782.49) gained 6.9 points, or 0.3%. The Nasdaq Composite (IXIC - 7,761.04) added 65.3 points, or 0.9%, after peaking at 7,768.60.
The Cboe Volatility Index (VIX - 12.12) gave back 0.8 point, or 6.3%.
5 Items on Our Radar Today
- Countries in the European Union (EU) unanimously approved the proposed $3.3 billion in duties on U.S. products. Imported items such as orange juice and motorcycles will be subject to the tariffs in response to America's imposed steel and aluminum tariffs. The duties must now be reviewed by the European Commission. (Reuters)
- Tech titan Microsoft (MSFT) is reportedly developing technology that will enable checkout-free retail. The system will track what shoppers put in their carts at retail stores, eliminating the need for cashiers and checkout lines from stores. The technology is an early challenge to Amazon (AMZN) and its automated grocery feature. (Reuters)
- Dropbox stock soared, and options volume skyrocketed.
- This bargain-bin energy stock could heat up this summer.
- A bearish brokerage note stopped Kohl's stock in its tracks.
Data courtesy of Trade-Alert
Oil, Gold Touch Multi-Week Highs
Oil prices finished higher today, but gains were limited as markets await the start of next week's OPEC meeting. July-dated crude futures added 25 cents, or 0.4%, to settle at $66.89 per barrel, the highest settlement in two weeks.
Gold prices finished higher today, boosted by the European Central Bank (ECB) policy decision, as well as the prospect of more Fed rate hikes in 2018 than initially expected. Gold futures for August delivery added $7, or 0.5%, to close at $1,308.30 an ounce, a new one-month high