Dow Boosted By IBM Surge

Oil and gold extended their weekly losing streaks

Managing Editor
Aug 3, 2018 at 4:28 PM
facebook twitter linkedin

The Dow moved higher in today's trading, thanks to a surge out of International Business Machines (IBM). The S&P also finished modestly higher, as traders were essentially undeterred by today's weaker-than-expected nonfarm payrolls report and escalating trade tensions between the U.S. and China. The Nasdaq spent the day waffling around breakeven, however, but ultimately eked out a fourth straight win.

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

The Dow Jones Industrial Average (DJI - 25,462.58) gained 136.4 points, or 0.5%. All but three blue chips closed the day higher, led by IBM, which picked up 3.3%. Boeing (BA) paced the decliners with a 0.4% drop. The Dow finished the week up 0.05%.

The S&P 500 Index (SPX - 2,840.35) rose 13.1 points, or 0.5%, while the Nasdaq Composite (IXIC - 7,812.02) picked up 9.3 points, or 0.1%. For the week, the indexes finished 0.8% and 0.9% higher, respectively.

The Cboe Volatility Index (VIX - 11.64) lost 0.6 point, or 4.5%, for the day, and fell 10.7% for the week.

us closing index summary aug 3

nyse and nasdaq stats aug 3

5 Items on our Radar Today

  1. Cryptocurrency powerhouse bitcoin has been in a downward spiral during the past six sessions, and one report suggests its recent blunder comes from the $400 million force-liquidation of bitcoin futures by Hong Kong exchange OKEx. (MarketWatch)
  2. In light of the release of the latest nonfarm payrolls report, trucking companies are reporting a massive worker shortage. Per the American Trucking Associations, truck freight brought in $676 billion in revenue last year, but capturing new and female employees has been a challenge. (CNBC)
  3. Healthcare stock that just flashed a "sell" signal before earnings.
  4. Rallying Cree stock earned a rare "buy" rating. 
  5. New price targets were set after a GoPro earnings beat.

corporate earnings aug 3

unusual options volume aug 3

Data courtesy of Trade-Alert

Oil, Gold Extend Weekly Losing Streaks

Concerns about global oversupply and waning Chinese demand weighed on oil. September-dated crude fell 47 cents, or 0.7%, to close the session at $68.49 per barrel. For the week, oil shed 0.3% -- its fifth straight weekly loss.

Gold managed to finish the day higher on the back of an easing dollar. December-dated futures settled up $3.10, or 0.3%, to close at $1,223.20 per ounce. The metal did, however, suffer a fourth straight weekly loss, dropping 0.8%.


Minimize Risk While Maximizing Profits

There is no options strategy like this one, which consistently minimizes risk while maintaining maximum profits. Perfect for traders looking for ways to control risk, reduce losses, and increase the likelihood of success when trading calls and puts. The Schaeffer’s team has over 41 years of options trading success targeting +100% gains on every trade. Rest assured your losses are effectively limited to your initial cost at the time of making your move! Don't waste another second... join us right now before the next trade is released! 



Special Offers from Schaeffer's Trading Partners