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

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

Managing Editor
Aug 29, 2018 at 4:26 PM
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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:

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

  1. 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)
  2. 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)
  3. One analysts says Amazon will top the $1 trillion market cap soon.
  4. Lion Point waxed optimistic on this "undervalued" solar stock.
  5. 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.

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