Dow Boosted By IBM Surge

Oil and gold extended their weekly losing streaks

Managing Editor
Aug 3, 2018 at 4:28 PM
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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%.

 

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