Dow Extends Slide as Nasdaq, Russell 2000 Nab Record Highs

The DJI erased a triple-digit lead to extend its longest losing streak since March 2017

Managing Editor
Jun 20, 2018 at 4:27 PM
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After starting the session with a triple-digit gain, the Dow ultimately finished in the red, marking its seventh straight daily loss. Lingering concerns about a global trade war weighed on the index -- which is booting General Electric (GE) in favor of Walgreens Boots Alliance (WBA). In sunnier news, the S&P 500 and Nasdaq broke out of their slumps, with the latter scoring a new record high thanks to a tech and FAANG rally. Elsewhere, the Russell 2000 Index (RUT) notched an all-time high of its own. 

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

  • Buy these Dow stocks after a losing streak.
  • Why Starbucks stock was slammed today.
  • Analyst: Stress tests will be a boon for Citigroup stock.
  • Plus, PayPal's big day; 2 travel stocks to target; and the FAANG competitor endorsed by Goldman.

The Dow Jones Industrial Average (DJI - 24,657.80) shed 42.4 points, or 0.2%, for its seventh straight loss -- its longest losing streak since March 2017. Of the 30 blue chips, 10 closed with gains. Microsoft (MSFT) and Intel (INTC) paced the winners with 1% gains, while Travelers (TRV) led the 19 losers with a 2.5% drop. Walmart (WMT) broke even.

The S&P 500 Index (SPX - 2,767.32) gained 4.7 points, or 0.2%. The Nasdaq Composite (IXIC - 7,7781.52) added 55.9 points, or 0.7%, and notched a new record high of 7,806.59.

The Cboe Volatility Index (VIX - 12.79) gave back 0.6 point, or 4.2%.

closing indexes summary june 20

nyse and nasdaq stats june 20

5 Items on Our Radar Today

  1. The wait is over; the joint healthcare venture between Berkshire Hathaway, JPMorgan Chase, and Amazon named Dr. Atul Gawande CEO. Gawande is a renowned surgeon, professor, writer, and public health executive. The entity will be based in Boston, Gawande will start July 9. (CNBC)
  2. In the wake of public and political backlash over the separation of illegal immigrants and their children, President Donald Trump today signed an executive order to keep families together. The president had previously claimed his hands were tied, but stated he "didn't like the sight or the feeling of families being separated." (Bloomberg)
  3. A $400 million purchase boosted PayPal stock.
  4. These 2 travel stocks are attractively priced.
  5. Goldman thinks this FAANG competitor is a "buy."

corporate earnings june 20

unusual options activity june 20

Data courtesy of Trade-Alert

Oil Ends Higher, Gold Extends Slide

Oil prices ended an up-and-down session higher, after data showed U.S. crude supplies posted their biggest weekly decline since January. However, tension remains ahead of Friday's Organization of the Petroleum Exporting Countries (OPEC) meeting, as various OPEC members debate output policy. July-dated crude futures added $1.15, or 1.8%, to settle at $66.22 per barrel. 

Gold prices extended their slide to 2018 lows, even as the greenback leveled out after yesterday's surge. Gold futures for August delivery gave back $4.10, or 0.3%, to close at $1,274.50 an ounce.

 

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