The Dow still turned in its third straight weekly loss, though
The Dow ended today modestly higher, thanks to a massive post-earnings rally from apparel giant Nike (NKE) -- but the index once again failed to reclaim its 200-day moving average, as an intraday gain of 293 points largely evaporated by the close. A rebound by beaten-down financial stocks also propped up markets, after most major U.S. banks passed the Fed's stress tests. The S&P 500 and Nasdaq joined the Dow in the black today, although all three benchmarks ultimately ended the week lower. However, the Dow, S&P 500, and Nasdaq all secured quarterly wins.
Continue reading for more on today's market, including:
- Why these 2 Dow stocks are the ones to watch next quarter.
- Activision Blizzard stock is ripe for fresh record highs.
- Plus, Constellation Brands whiffs on earnings; XLF options volume pops; and a drug stock sliding on FDA news.
The Dow Jones Industrial Average (DJI - 24,271.41) added 55.4 points, or 0.2%. Nike (NKE) led the 16 blue-chip advancers with its 11.1% gain, while Goldman Sachs (GS) paced the 14 losers with a 1.3% slide. For the week and month, the Dow gave back 1.3% and 0.6%, respectively -- but the index gained 0.7% for the quarter.
The S&P 500 Index (SPX - 2,718.37) tacked on 2.1 points, or 0.07%. It shed 1.3% this week, but gained 0.5% for the month and nearly 3% for the quarter. The Nasdaq Composite (IXIC - 7,510.30) added 6.6 points, or 0.09%. It lost 2.3% for the week, but gained roughly 1% in June and 6.4% for the second quarter.
The Cboe Volatility Index (VIX - 16.09) gave back 0.8 point, or 4.5%. The VIX notched a 16.8% weekly gain and a 4.3% win for the month, but shed 19.4% this quarter.
5 Items on Our Radar Today
- Cryptocurrency bitcoin sank below $6,000 today, its lowest point since November. A string of negative headlines have pressured the digital currency lower this week, particularly centered around recent hacks in Asia. Bitcoin has now shed almost 60% in 2018. (Reuters)
- The love triangle between Twenty-first Century Fox (FOXA), Walt Disney (DIS), and Comcast (CMCSA) may be nearing its end, as Fox shareholders have decided to vote on Disney's $71.3 billion offer on July 27. Earlier this week, Disney's bid won antitrust approval from the Department of Justice. (Bloomberg)
- Constellation Brands stock gapped lower on a profit miss.
- Call traders blasted XLF after the Fed's stress test results.
- Drug stock OCUL saw volatile trading after an FDA resubmission.
Data courtesy of Trade-Alert
Oil Stays Hot; Gold Snaps Skid
Oil continued its ascent, as the U.S. rig count declined for a second week. August-dated crude futures added 70 cents, or 1%, to settle at $74.15 per barrel. For the week, black gold gained 8%, accounting for most of June's 11% jump. For the quarter, oil rallied 14%.
Gold futures finished higher today, thanks to a pullback from the U.S. dollar. August-dated gold futures gained $3.50, or 0.3%, to end at $1,254.50 an ounce, ending a four-day losing streak. However, gold gave back 1.3% for the week, 3.8% for the month, and 5.5% for the quarter.