Oil prices sold off again today
The Dow traded in a tight 93-point range on both sides of breakeven, with a big surge for bank stock JPMorgan Chase (JPM) pushing the blue-chip index to its second straight close above 25,000. The rally in financial stocks after a round of well-received earnings helped to offset a rough day for oil prices. The S&P 500 and Nasdaq weren't so resilient, though, with both closing lower despite a strong session for Amazon. The FAANG stock closed at a record high, and notched an eighth straight gain, even as the company's website crashed at the kickoff to Amazon Prime Day.
Continue reading for more on today's market, including:
- 2 drug stocks expected to skyrocket.
- History says to buy the dip on this oil stock.
- Gilead Sciences could be ripe for a pre-earnings options trade.
- Plus, AMD pops; 2 energy stocks for options buyers; and a big day for Boeing.
The Dow Jones Industrial Average (DJI - 25,064.36) added 45 points, or 0.2%. Twelve Dow stocks gained ground, led by JPM's 4% advance. Caterpillar (CAT) paced the 18 decliners with its 1.9% drop.
The S&P 500 Index (SPX - 2,798.43) spent time on both sides of 2,800, ultimately settling down 2.9 points, or 0.1%. The Nasdaq Composite (IXIC - 7,805.72) fared the worst of its peers, giving back 20.3 points, or 0.3%.
The Cboe Volatility Index (VIX - 12.83) gained 0.7 point, or 5.3%.
5 Items on Our Radar Today
- During a joint press conference with Russian President Vladimir Putin, U.S. President Donald Trump reiterated previous claims that he did not collude with Moscow during the 2016 presidential campaign. POTUS also said Putin was "extremely strong and powerful" in his denial that Russia interfered in the U.S. election. (CNBC)
- The U.S. Federal Communications Commission (FCC) said today it has "serious concerns" about a merger between media names Sinclair Broadcast Group (SBGI) and Tribune Media (TRCO). FCC Chair Ajit Pai has proposed a review order, and shares of SBGI and TRCO sold off today.
- A price-target hike lifted Advanced Micro Devices stock today.
- These two energy stocks may be presenting opportunities for options buyers.
- Shares of Boeing boomed after the aerospace giant unveiled a number of new deals.
Data courtesy of Trade-Alert
Oil Prices Drop as Washington Sparks Oversupply Concerns
Oil prices dropped on speculation the Trump administration is considering tapping crude reserves to try and combat rising gas prices. Comments from Treasury Secretary Steven Mnuchin only added pressure to black gold, after he told reporters the U.S. could give waivers to countries buying crude supplies from Iran. At the close, August-dated crude futures were down $2.95, or 4.2%, at $68.06 per barrel.
Gold closed lower for a second straight session. Gold for August delivery settled the session off $1.50, or 0.1%, at $1,239.70 an ounce.