Dow Continues to Lag; Nasdaq Scores Longest Win Streak of 2018

Crude futures declined for a second straight day

by Emma Duncan

Published on Aug 9, 2018 at 4:26 PM

U.S. stocks ended the day mixed, as trade worries lingered. The Dow finished lower for the second session in a row, despite a fresh record high out of Apple (AAPL) amid strength in tech stocks. In fact, the tech-heavy Nasdaq extended its win streak and landed an eighth straight gain -- its longest rally since early October -- even as Tesla (TSLA) logged its second day of declines as the U.S. Securities and Exchange Commission (SEC) raised questions regarding CEO Elon Musk's going-private tweets

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

The Dow Jones Industrial Average (DJI - 25,509.23) shed 74.5 points, or 0.3%. DowDuPont (DWDP) led the 14 advancing blue chips with a 2% gain, while Procter & Gamble (PG) paced the 16 decliners with a 1.2% drop.

The S&P 500 Index (SPX - 2,853.58) lost 4.1 points, or 0.1%, while the Nasdaq Composite (IXIC - 7,891.78) gained 3.5 points, or 0.04%, marking its longest win streak of the calendar year.

The Cboe Volatility Index (VIX - 11.27) snapped its losing streak and picked up 0.4 point, or 3.9%, for the day.

Closing Indexes Summary Aug 9

NYSE and Nasdaq Stats Aug 9

5 Items on our Radar Today

  1. A spokesperson from bar and restaurant chain Buffalo Wild Wings recently told ESPN that the company is looking into adding sports betting to its locations. Following the Supreme Court's lift on a previously instated sports betting ban, the wing chain said it feels "uniquely positioned to leverage sports gaming to enhance the restaurant experience for our guests." (CNBC)
  2. Today, smartphone giant Samsung Electronics unveiled a Spotify partnership, and revealed its latest cellular device, the Galaxy Note 9. The reveal comes about a month ahead of Apple's annual product release, and seems to show a similar design to last year's model. However, D.J. Koh, the company's mobile chief, said Samsung has taken a cautious approach to new products following the Galaxy Note 7 recall. (MarketWatch)
  3. 2 chip stocks slammed with downgrades at Morgan Stanley. 
  4. How Wright Medical stock burned short sellers
  5. One drug stock shook off post-earnings bear notes.

Corporate Earnings August 9

Unusual Options Activity August 9

Data courtesy of Trade-Alert

Crude Falls on China Demand Worries

Crude futures fell again today, extending Wednesday's steep losses amid concerns over weakening demand out of China as trade tensions persist. September-dated crude finished on a drop of 13 cents, or 0.2%, at $66.81 per barrel.

It was a down day for gold, as well, as traders eyed strength in the dollar and fairly tame inflation data. December-dated gold gave up $1.10, or 0.09%, to settle at $1,219.90 per ounce.

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