Oil topped $70 per barrel for its highest close in over a month
After a tumultuous start to the week, the Dow finished modestly higher today, but failed to retake its 200-day moving average. The S&P 500 was propped up by a strong outing from former Dow stock General Electric (GE), while the Nasdaq got a lift from rallying tech stocks. Elsewhere, oil prices surged to their highest close in over a month, amid reports the U.S. expects crude buyers to eliminate Iranian imports by November. However, stocks' gains were limited by persistent trade jitters, exacerbated by President Donald Trump's tweets.
Continue reading for more on today's market, including:
- 2 FAANG stocks to nab now, if history is any indicator.
- Advanced Micro Devices stock is overdue for more upgrades.
- These drug stocks made monster moves today.
- Plus, a Pier 1 earnings preview; 2 pharma stocks for July; and a lofty target for Netflix stock.
The Dow Jones Industrial Average (DJI - 24,283.11) added 30.3 points or 0.1%. Chevron (CVX) led 16 blue-chip advancers with a 1.3% gain, while Intel (INTC) paced the 13 losers once more with a 2.1% slide. Pfizer (PFE) broke even.
The S&P 500 Index (SPX - 2,723.06) tacked on 6 points, or 0.2% and the Nasdaq Composite (IXIC - 7,561.63) gained 29.6 points, or 0.4%.
The Cboe Volatility Index (VIX - 15.92) gave back 1.4 points, or 8.1%.
5 Items on Our Radar Today
- Earlier today, the U.S. Supreme Court upheld President Trump's travel ban on several Muslim-majority countries. The 5-4 ruling rejected the contention that the ban served as religious discrimination, claiming it was not in violation of U.S. immigration law. (Reuters)
- In a blog update, Facebook announced it is reversing its ban on cryptocurrency ads. The social media giant adopted the policy back in January, aimed to prevent scams. Advertisers for the enigmatic currency will now apply to be pre-approved, and promotions for initial coin offerings are still prohibited (CNBC)
- Pier 1 Imports stock hopes to buck an ugly earnings trend.
- 2 drug stocks that could climb next month.
- Netflix stock just landed its highest price target on Wall Street.
Data courtesy of Trade-Alert
Oil Tops $70; Gold Extends Pullback
Oil bounced back today, amid reports that the U.S. will require companies to reduce Iranian oil imports to zero by November, or else face sanctions. August-dated crude futures added $2.45, or 3.6%, to settle at $70.53 per barrel, its highest close in over a month.
Gold futures fell once again today thanks to a resurgent dollar. August-dated gold futures gave back $9, or 0.7%, to end at $1,259.90 an ounce, its lowest settlement since Dec. 15.