Dow Adds 112 Points; Facebook Sinks Nasdaq

Facebook lost around $120 billion from its market cap

Jul 26, 2018 at 4:23 PM
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Today's stock market headlines centered around a devastating reaction to Facebook earnings, with the FAANG stock suffering its worst day on record -- and slicing roughly $120 billion off its market cap. This offset a strong day for the semiconductor sector, and sent both the Nasdaq and S&P 500 to daily losses. It was an entirely different session for blue chips, though, with the Dow closing near its intraday highs amid big rallies for insurance name Travelers (TRV) and construction stock Caterpillar (CAT).

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

  • Analyst: This Apple partner could rally 80%.
  • Breaking down a $2.6 million options bet on chip stocks.
  • Plus, AMD earnings impress; the metals stock surging on buyout buzz; and the REIT stock screaming "buy."

The Dow Jones Industrial Average (DJI - 25,527.07) spent the whole session in positive territory, closing up almost 113 points, or 0.4%. Twenty Dow stocks settled up, led by a 2.5% gain for TRV. McDonald's (MCD) paced the 10 decliners with its 1.7% loss.

The S&P 500 Index (SPX - 2,837.44) was in the red the entire day, down 8.6 points, or 0.3%, at the close. It was a similar story for the Nasdaq Composite (IXIC - 7,852.19), which surrendered 80 points, or 1%. 

The Cboe Volatility Index (VIX - 12.14) closed down 0.2 point, or 1.2%. It was the fifth straight loss for the market's "fear gauge."

Closing Indexes Summary July 26

NYSE and Nasdaq Stats July 26

5 Items on Our Radar Today

  1. Advanced Micro Devices (AMD) reported second-quarter adjusted earnings of 14 cents per share on $1.76 billion in revenue -- more than analysts were expecting -- citing strong sales for its Ryzen desktop processors and Radeon graphic chips, and increasing demand for its EPYC server processors. AMD stock surged 14.5% to turn in its best day since Feb. 1, 2017, and hit an 11-year high of $18.45 in intraday action. (Reuters)
  2. Shares of SuperValu (SVU) soared more than 65% today on news Whole Foods supplier United Natural Foods (UNFI) will buy the grocery chain in a roughly $2.9 billion deal, which includes debt. UNFI, on the other hand, plummeted 16.2% to its lowest close since September. (CNBC)
  3. This metals stock jumped to its highest point since April on takeover chatter.
  4. 3 reasons it could be time to buy this REIT stock.
  5. Gilead's C-suite shift overshadowed the drugmaker's strong earnings report.

Corporate Earnings July 26

Unusual Options Activity July 26

Data courtesy of Trade-Alert

Saudi Shipment Disruption Boosts Crude Oil

Oil prices gained today on news Saudi Arabia suspended crude shipments through the key Bab el-Mandeb strait after Houthi rebels reportedly attacked a pair of tankers. September-dated oil rose 31 cents, or 0.4%, to settle at $69.61 per barrel.

A strengthening dollar kept gold pinned near its year-to-date low. Gold for August delivery closed down $6.10, or 0.5%, at $1,225.70 an ounce.

 

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