Rebounding oil prices could not help the stock market today
The Dow suffered a triple-digit loss today, extending its post-Fed skid to five days, as fears of a trade war with China linger. The blue-chip benchmark, which is now mired in its longest losing streak since April, was also dinged by rough days for newly downgraded Intel (INTC) and Walt Disney (DIS) stocks. The S&P 500 also finished lower, despite a solid day for oil prices and energy stocks, while the Nasdaq eked out an eleventh-hour win.
Continue reading for more on today's market, including:
- FDA setbacks buried these 2 drug stocks.
- Analyst: The shift in China that will boost Nvidia shares.
- Buy puts on this retail stock, if history is any indicator.
- Plus, Google boosts JD.com; 3 surging drug stocks; and a FedEx earnings preview.
The Dow Jones Industrial Average (DJI - 24,987.47) shed 103 points, or 0.4%, for its fifth straight loss. Of the 30 blue chips, eight closed with gains. Chevron (CVX) had the best day, adding 1.6%, while Intel paced the 22 losers with a 3.4% drop.
The S&P 500 Index (SPX - 2,773.87) gave back 5.8 points, or 0.2%. The Nasdaq Composite (IXIC - 7,747.03) added less than 1 point.
The Cboe Volatility Index (VIX - 12.31) tacked on 0.3 point, or 2.8%.
5 Items on Our Radar Today
- Xerox could be in hot water, after Fujifilm sued the company for over $1 billion in damages following a nixed merger between the two entities. Fujifilm posits that Xerox succumbed to comments from activist investor Carl Icahn, who had argued that the proposed merger undervalued Xerox. (CNBC)
- Square obtained a so-called BitLicense in New York, allowing residents to buy and sell bitcoin through its app. Square is now the ninth tech firm to obtain such a license in the state. Square CEO Jack Dorsey recently commented that he is "a huge fan" of bitcoin. (Reuters)
- JD.com stock was boosted by a Google investment.
- These 3 drug stocks scaled the Nasdaq today.
- Options traders blasted FedEx stock before earnings.
There are no earnings to report today.
Data courtesy of Trade-Alert
Oil, Gold Bounce Back
Oil prices rebounded slightly today, with help from an upbeat crude forecast from Goldman Sachs ahead of Friday's Organization of the Petroleum Exporting Countries (OPEC) meeting. July-dated crude futures added 79 cents, or 1.2%, to settle at $65.85 per barrel.
Gold prices also gained today, as demand for safe-haven assets grew in step with escalating trade tensions. Gold futures for August delivery tacked on $1.60, or 0.1%, to close at $1,280.10 an ounce.