Stocks Close Mixed After Trump Tirade, Bank Rally

Oil prices erased an early lead to close lower

Jul 23, 2018 at 4:25 PM
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Headlines surrounding President Donald Trump swirled around Wall Street today, with the president's tweets blasting Amazon (AMZN), the U.S. Postal Service (USPS), and Iran. The busy news cycle had little effect on the broader market, though, as traders caught their breath ahead of this week's onslaught of corporate earnings reports. After exploring a nearly triple-digit range on both sides of breakeven, the Dow closed just below the flatline. The S&P 500, on the other hand, settled with a win, as a rally in financial stocks on the back of a rising 10-year Treasury yield offset a third straight drop in existing home sales.

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

The Dow Jones Industrial Average (DJI - 25,044.29) closed down 13.8 points, or 0.06%. Sixteen Dow stocks finished in negative territory, led by a 1.5% drop for 3M (MMM). JPMorgan Chase (JPM) paced the 13 advancers with its 1.9% pop, while Exxon Mobil (XOM) was unchanged.

The S&P 500 Index (SPX - 2,806.98) closed up 5.2 points, or 0.2%. The Nasdaq Composite (IXIC - 7,841.87) outperformed its peers, adding 21.7 points, or 0.3%.

The Cboe Volatility Index (VIX - 12.62) shed 0.2 point, or 1.9%.

Closing Indexes Summary July 23

NYSE and Nasdaq Stats July 23

5 Items on Our Radar Today

  1. Oilfield services operator Halliburton (HAL) reported in-line second-quarter earnings of 58 cents per share on $6.1 billion in revenue -- but the stock fell on concerns over lower third-quarter numbers amid bottlenecks in crude production and expectations for a slowdown in the Permian Basin. (Reuters)
  2. DIY website Pinterest is reportedly closing in on $1 billion in ad sales, with secondary markets now valuing the company at $13 billion to $15 billion. The social media name is expected to go public in mid-2019. (CNBC)
  3. Apple stock saw its price-target hiked today on buyback optimism.
  4. News of a poison pill sent Papa John's (PZZA) spiraling to fresh lows.
  5. This booming cloud stock currently has relatively cheap options premiums.

Corporate Earnings July 23

Unusual Options Activity July 23

Data courtesy of Trade-Alert

Oil Erases Gains as Dollar Strengthens

Oil prices erased an early lead that was sparked by Trump's Iran tweet, as the U.S. dollar strengthened. Crude for September delivery closed down 37 cents, or 0.5%, at $67.89 per barrel.

The greenback also pressured gold futures today. At the close, August-dated gold was down $5.50, or 0.5%, at $1,225.60 an ounce.

 

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