Canadian Trade Hopes, Tech Push Nasdaq, S&P to Record Highs

Oil climbed on a bigger-than-expected drop in domestic crude inventories

Emma Duncan

Managing Editor

Aug 29, 2018 at 4:26 PM

Positive developments in trade talks between the U.S. and Canada pushed stocks higher today, with Canadian Prime Minister Justin Trudeau saying a deal could get done by Friday. In addition, traders eyed an upwardly revised gross domestic product (GDP) reading, and a rally in FAANG and tech stocks. As such, the Nasdaq and S&P snagged a fourth straight day of record highs, with Apple (AAPL) sending the Dow to a modest gain.

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

25 stocks to dump before September.
Buy these 2 FAANG stocks before Labor Day.
2 airline stocks that could fly higher.
Plus, an analyst's trillion-dollar Amazon claim; the "undervalued" solar stock; and PayPal and Square stocks surge to fresh highs.

The Dow Jones Industrial Average (DJI - 26,124.57) picked up 60.6 points, or 0.2%. Microsoft (MSFT) led the 18 advancing blue chips with a 1.6% gain, while Walgreens Boots Alliance (WBA) paced the 11 losers with a 0.9% drop. Meanwhile, Pfizer (PFE) ended the day flat.

The S&P 500 Index (SPX - 2,914.04) gained 16.5 points, or 0.6%, after earlier touching a record high of 2,916.50, while the Nasdaq Composite (IXIC - 8,109.69) saw a gain of 79.7 points, or 1%, after hitting an all-time peak of 8,113.55.

The Cboe Volatility Index (VIX - 12.25) shed 0.3 point, or 2%.

us closing index summary aug 29

nyse and nasdaq stats aug 29

5 Items on our Radar Today

Pending home sales fell for a seventh straight month in July, per the National Association of Realtors. Year-over-year, pending home sales dropped 2.3%. (CNBC)
Earlier today, President Donald Trump announced on Twitter that White House counsel Don McGahn will be leaving his position in the fall. McGahn was already planning to leave his post in the coming weeks, a White House official claimed. (Reuters)
One analysts says Amazon will top the $1 trillion market cap soon.
Lion Point waxed optimistic on this "undervalued" solar stock.
Bull notes sent PayPal and Square stocks to new highs.

corporate earnings aug 29

unusual options volume aug 29

Data courtesy of Trade-Alert

Oil Reaches Monthly High on Stockpile Data

Oil surged to its highest point so far in August, after this week's inventories report showed a bigger-than-expected dip in U.S. stockpiles. October-dated oil picked up 98 cents, or 1.4%, to settle at $69.51 per barrel.

Gold futures took a hit today, after today's GDP report boosted expectations for future rate hikes. December-dated gold lost $2.90, or 0.2%, to settle at $1,211.50 an ounce.

Follow @Schaeffers

Two High-Octane Trade Ideas. One Simple Goal: Intraday Profits.

Dynamite Day Trading Signals delivers two same-day options trades every week — powered by proprietary intraday analysis and 43+ years of trading expertise.

But this isn’t just another stream of alerts.

It’s a structured plan with clear entry and exit points – designed for traders who want to act fast, trade smart, and wrap up gains before the closing bell.

No guesswork. No overnight exposure – Just two well-researched setups per week — whether you prefer buying premium or selling it.

And the results speak for themselves: subscribers have locked in +245.8% total profit over the last six months (since inception!).

👉 Start your one-month trial now for just $10, and be ready for the next trade alert.