Stocks Slump Amid Renewed Trade War Tensions

Energy stocks followed crude prices into the red

Managing Editor
Jun 15, 2018 at 4:29 PM
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The Dow stumbled across the finish line on this quadruple witching Friday, dragged lower amid re-ignited trade war fears. The blue-chip benchmark was down 280 points at its session lows, after President Donald Trump announced additional tariffs of 25% on up to $50 billion in Chinese goods. Energy stocks were notable losers today, falling with oil prices amid concerns that the Organization of the Petroleum Exporting Countries (OPEC) will boost crude production at its meeting next Friday. While the Dow pared a healthy portion of its losses by the close, it still ended a fourth straight session in the red. The S&P 500 and Nasdaq both finished lower as well, although both were able to secure their fourth straight weekly wins.

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

  • History says sell this oil stock before the OPEC meeting.
  • Analyst: This drug stock could rally 60%.
  • Canada Goose stock raced to a record high. 
  • Plus, 2 Apple suppliers that scored "buy" ratings; a winning DATA trade; and BOOT's bargain-bin options.

The Dow Jones Industrial Average (DJI - 25,090.48) shed 84.8 points, or 0.3%. Of the 30 blue chips, 14 closed with gains. Procter & Gamble (PG) had the best day, adding 1.8%, while Caterpillar (CAT) paced the 16 losers with a 2% drop. For the week, the Dow gave back 0.9%. 

The S&P 500 Index (SPX - 2,779.42) gave back 3.1 points, or 0.1%. It held on to a fractional gain for the week. The Nasdaq Composite (IXIC - 7,746.38) lost 14.7 points, or 0.2%, but finished the week 1.3% higher.

The Cboe Volatility Index (VIX - 11.98) gave back 0.1 point, or 1.2%. It lost 1.6% for the week.

closing indexes summary june 15

nyse and nasdaq stats june 15

5 Items on Our Radar Today

  1. Confirming rumors from last Friday, Comcast (CMCSA) has received unconditional approval from European Union (EU) antitrust regulators in its efforts to acquire British media giant Sky. The approval sets up a high-stakes bidding war between Comcast and Twenty-First Century Fox (FOXA). (Reuters)
  2. Former Trump campaign chief Paul Manafort today was sentenced to jail by a federal judge, pending trial on charges of witness tampering. Manafort was initially indicted on conspiring to launder money and defraud the United States, and after pleading not guilty to the new charge, the judge revoked Manafort's bail. He now faces increased pressure to cooperate with Special Counsel Robert Mueller in the U.S. probe of Russian election meddling. (Reuters)
  3. Analyst: Buy these Apple suppliers.
  4. Tableau Software (DATA) stock's recent hot streak rewarded our subscribers
  5. Boot Barn (BOOT) stock sports some attractively priced options

stock earnings june 15

unusual options trading june 15

Data courtesy of Trade-Alert

Oil, Gold Sink Lower

Oil prices slipped today, as markets brace for a possible increase in production output at the OPEC meeting next week. July-dated crude futures gave back $1.83, or 2.7%, to settle at $65.06 per barrel, its lowest settlement in two weeks. For the week, black gold lost 1%. 

Gold prices also dropped today, dragged lower by profit-taking and as the dollar roared to life. Gold futures for August delivery shed $29.80, or 2.3%, to close at $1,2.78.50 an ounce, its lowest point in 2018. For the week, gold gave back 1.9%. 

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