Energy and e-commerce stocks took a hit, while Intel fell after a CEO exit
The Dow fell nearly 200 points today for its eighth straight loss -- matching its longest losing streak since March 2017 -- amid lingering global trade war concerns. Intel (INTC) was among the biggest blue-chip losers, after the surprise departure of CEO Brian Krzanich. Energy stocks also took a hit, as oil prices fell amid expectations for tomorrow's Organization of the Petroleum Exporting Countries (OPEC) meeting to result in a production increase.
The S&P 500 and Nasdaq both joined the Dow in the red, with the latter weighed down by another tech stock pullback. Notably, e-commerce stocks -- including FAANG bigwig Amazon (AMZN) -- fell after an unfavorable Supreme Court ruling on state sales tax for online retailers. Against this backdrop, the VIX, or Wall Street's "fear gauge," soared, closing above 14 for the first time this month.
Continue reading for more on today's market, including:
- 2 reasons to buy this Dow stock.
- Kroger's earnings beat drew a surge of options traders.
- How Schaeffer's subscribers nearly quadrupled their money on Dropbox.
- Plus, a surging drugmaker; eBay got blasted by option bears; and a Chinese stock flashing "buy."
The Dow Jones Industrial Average (DJI - 24,461.70) shed 196.1 points, or 0.8%, for its eighth straight loss -- its longest losing streak since March 2017. Of the 30 blue chips, only five closed with gains. Verizon (VZ) paced the winners with a 1.1% gain, while Caterpillar (CAT) led the 25 losers with a 2.5% drop.
The S&P 500 Index (SPX - 2,749.76) gave back 17.6 points, or 0.6%. The Nasdaq Composite (IXIC - 7,712.95) lost 68.6 points, or 0.9%.
The Cboe Volatility Index (VIX - 14.64) added 1.9 point, or 14.5%.
5 Items on Our Radar Today
- In its first move since the seismic merger with Time Warner (TWX), AT&T (T) will unveil new wireless plans next week that are bundled with a video streaming service called WatchTV. It will feature over 30 live channels, and come free with the wireless plan. (Reuters)
- Twitter (TWTR) is joining sector peer Facebook (FB) in efforts to enforce security and crack down on spam. Earlier today, Twitter agreed to buy Smyte, a tech firm that provides tools to deal with online harassment and fake accounts. The terms of the deal were not disclosed. (MarketWatch)
- Upbeat drug data boosted Heron Therapeutics stock today.
- eBay puts were popular after the Supreme Court ruling.
- This Chinese stock 'buy' signal hasn't been wrong in three years.
Data courtesy of Trade-Alert
Oil Ends Lower Ahead of OPEC; Gold Extends Slide
Oil prices ended lower ahead of tomorrow's OPEC meeting, where an agreement to increase production appears likely. August-dated crude futures dropped 17 cents, or 0.3%, to settle at $65.54 per barrel.
Dollar-denominated gold prices extended their slide once again, as the greenback resumed its upward climb. Gold futures for August delivery gave back $4, or 0.3%, to close at $1,270.50 an ounce, a new 2018 low.