Energy stocks dropped with oil prices
Stocks finished the day mixed, with the Dow and S&P ending lower on disappointing Walt Disney (DIS) earnings and a rough day for energy stocks. Lingering concerns about the tariff war with China also weighed on the indexes. The Nasdaq, on the other hand, ended higher on a good day for tech and FAANG stocks, extending its longest win streak since March. The VIX -- Wall Street's "fear index" -- fell for a fifth straight day, to its lowest point since January.
Continue reading for more on today's market, including:
The Dow Jones Industrial Average (DJI - 25,583.75) shed 45.2 points, or 0.2%. Fifteen blue chips closed the day higher, led by McDonald's (MCD), which picked up 1.8%. Meanwhile, DIS paced the remaining decliners with a 2.2% drop.
The S&P 500 Index (SPX - 2,857.70) lost 0.8 point, or 0.03%, while the Nasdaq Composite (IXIC - 7,888.33) picked up 4.7 points, or 0.06%.
The Cboe Volatility Index (VIX - 10.85) shed 0.08 point, or 0.7%, for the day.
5 Items on our Radar Today
- After Elon Musk's string of tweets about taking Tesla (TSLA) private, Wall Street was quick to chime in. Analysts at Bernstein said they're "as confused as anyone else," while Piper Jaffray said a deal to go private "is unlikely to succeed in the very near term, if it succeeds at all." Meanwhile, the Securities and Exchange Commission (SEC) has reportedly made inquiries into the tweets. (MarketWatch; CNBC)
- The Trump administration will reportedly lay off roughly 40 workers at the Office of Financial Research (OFR), in an attempt to cut costs. Critics of the OFR -- an agency developed after the financial crisis to identify looming risks -- say it is unnecessary and a waste of money. (Reuters)
- Bulls blitzed this weed stock on a trial approval.
- Hostess Brands (TWNK) stock was slammed on an earnings miss.
- Pre-earnings puts were hot on Dropbox stock.
Data courtesy of Trade-Alert
Oil Falls After Slimmer-than-Expected Stockpiles Drop
Oil took a turn for the worse in today's trading, plunging to nearly seven-week lows, following a smaller-than-expected drop in U.S. crude inventories. September-dated crude finished down 3.2%, or $2.23, to settle at $66.94 per barrel.
The U.S. dollar and bond yields weakened, sending gold higher for the second day in a row. December-dated futures finished $2.70, or 0.2%, higher, at $1,221 an ounce.