Trump Drama, Trade Tensions Drag Stocks Lower

Gold fell back below its notable $1,200 mark

Managing Editor
Aug 23, 2018 at 4:21 PM
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U.S. stocks finished lower, as traders eyed President Donald Trump's legal issues and a fresh round of tit-for-tat tariffs between the U.S. and China that went into effect today. In addition, energy stocks retreated with oil prices, and new home sales fell to a nine-month low in July. Against this backdrop, the Dow and S&P ended in the red, while the tech-rich Nasdaq surrendered early gains to snap a five-day winning streak.

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

The Dow Jones Industrial Average (DJI - 25,656.98) fell 76.6 points, or 0.3%, for the day. Visa (V) led the 13 advancing Dow stocks with a 0.7% gain, while Caterpillar (CAT) paced the 17 decliners with a 2% drop.

The S&P 500 Index (SPX - 2,856.98) shed 4.8 points, or 0.2%, while the Nasdaq Composite (IXIC - 7,878.46) lost 10.6 points, or 0.1%.

The Cboe Volatility Index (VIX - 12.41) managed a gain of 0.2 point, or 1.3%.

us closing indexes summary aug 23

nyse and nasdaq stats aug 23

5 Items on our Radar Today

  1. Popular European airliners British Airways and Air France both stated that in September, they will halt commercial flights to Iran. The companies claim the flights aren't profitable enough to sustain. This change comes after new U.S. sanctions on Iran took effect. (Reuters)
  2. Reports today surfaced that Tesla (TSLA) CEO Elon Musk has hired Morgan Stanley to advise him, personally, about taking the company private. The alleged hire comes just days after the banking firm suspended coverage on TSLA stock. (Bloomberg)
  3. AMD stock just landed its highest price target on Wall Street.
  4. 2 stocks in call buyers' crosshairs
  5. Dexcom stock just flashed a "buy" signal

corporate earnings aug 23

unusual options volume aug 23

Data courtesy of Trade-Alert

Oil Snaps Five-Day Streak on Trade Tensions

Escalating trade tensions with China weighed on black gold today, with oil snapping a five-session winning streak. October crude futures fell 3 cents, or 0.04%, to settle at $67.83 per barrel, snapping its five-day win streak.

The U.S. dollar moved higher in today's session, subsequently pushing gold lower. December-dated gold shed $9.30, or 0.8%, to settle at $1,194 an ounce.


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