Trade tensions kept the Dow and S&P lower
The Dow and S&P ended the day in the red, as China-U.S. trade tensions resurfaced. On the flip side, the Nasdaq pushed higher, as tech powerhouse Apple (AAPL) reached a fresh record high after an impressive earnings beat. Outside of earnings, the Fed emerged from its two-day meeting, opting to leave interest rates unchanged, as expected. The Fed also said the U.S. economy has seen "strong" growth -- echoed by this morning's upbeat jobs data -- and the central bank is widely expected to raise interest rates in September.
Continue reading for more on today's market, including:
The Dow Jones Industrial Average (DJI - 25,333.82) shed 81.4 points, or 0.3%, for today. Ten Dow stocks closed the day higher, led by Apple, which added 5.9%. Caterpillar (CAT) paced the 20 decliners with a 3.7% drop.
The S&P 500 Index (SPX - 2,813.36) fell 2.9 points, or 0.1%, while the Nasdaq Composite (IXIC - 7,707.29) rose 35.5 points, or 0.5%.
The Cboe Volatility Index (VIX - 13.15) picked up 0.3 point, or 2.5%, for its first August session.
5 Items on our Radar Today
- Banking concern Wells Fargo (WFC) will pay a penalty fee of $2.09 billion in light of its residential loan scandal. The company most recently paid a $1 billion settlement back in April concerning suspected abuse in auto and mortgage loan sales. (CNBC)
- Amazon (AMZN) is part of a newly formed group dubbed the Package Coalition, which will lobby U.S. policy makers on keeping United States Postal Service (USPS) prices "reliable and affordable." The coalition comes on the heels of President Donald Trump's recent Amazon threats. (Reuters)
- 2 car stocks to avoid this month, if past is prologue.
- One analyst said to buy the dip in controversial Papa John's (PZZA) stock.
- Video game stock set on a third straight earnings win.
Data courtesy of Trade-Alert
Crude Ends Session Lower on Surprise Stockpiles Jump
An unexpected surge in U.S. crude inventories last week pushed oil lower on the back of renewed trade tensions. September-dated crude fell $1.10, or 1.6%, to close the session at $67.66 a barrel.
Closing just ahead of the Fed's policy announcement, gold futures ended the first session of August lower. December-dated gold finished down $6, or 0.5%, at $1,227.60 per ounce. After the Fed statement, gold futures edged higher in electronic trading.