U.S. Stocks Snap Four-Day Win Streak on Renewed China Trade Concerns

Another day of impressive gains from Apple (AAPL) wasn't enough to support the Dow

Emma Duncan
Aug 30, 2018 at 4:28 PM
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U.S. stocks finished in the red, with all three major market indexes snapping a four-day win streak and the S&P breaking a four-day string of record highs. The tech-heavy Nasdaq did, however, manage to eke out a fifth straight all-time high before turning lower. Despite another impressive day from Apple (AAPL), the Dow plunged triple digits on reports that President Donald Trump may move forward with his previously threatened tariffs on $200 billion worth of Chinese goods as soon as next week -- pushing focus on U.S.-Canada trade talks to the back burner.

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

The Dow Jones Industrial Average (DJI - 25,986.92) plunged 137.7 points, or 0.5%, to fall back below the 25,000 mark. Apple stock led the mere four advancing blue chips with a 0.9% gain, while Caterpillar (CAT) paced the 25 losers with a nearly 2% drop. Meanwhile, Pfizer (PFE) ended the day flat for the second day in a row.

The S&P 500 Index (SPX - 2,901.13) fell 12.9 points, or 0.4%, while the Nasdaq Composite (IXIC - 8,088.36) suffered a loss of 21.32 points, or 3%, after briefly touching an all-time peak of 8,133.29.

The Cboe Volatility Index (VIX - 13.53) gained 1.3 points, or 10.4%.

us closing index summar aug 30

nyse and nasdaq stats aug 30

5 Items on our Radar Today

  1. Alphabet (GOOGL) subsidiary Google has launched a bilingual program for its Assistant, becoming the first voice command system to support more than one language simultaneously. Now, users can set up two languages for the system to listen for, instead of switching back and forth manually through settings. (CNBC)
  2. Campbell Soup (CPB) plans to sell its refrigerated foods and international operations businesses. The move leaves the door open for a full-blown sale, which has been pushed by activist investors. (MarketWatch)
  3. Big Lots options traders are preparing for a monster earnings move.
  4. 2 penny stocks that bucked broad-market headwinds.
  5. 2 retail stocks to watch next month.

corporate earnings aug 30

unusual options volume aug 30

Data courtesy of Trade-Alert

Crude Futures Top $70, Mark Six-Week High

Oil soared to a six-week peak, amid reports that U.S.-sanctioned Iran could halt the flow of oil through the Strait of Hormez. Further, concerns about supply disruptions in Venezuela boosted black gold. October-dated oil picked up 74 cents, or 1.1%, to settle at $70.25 per barrel.

Gold fell for another session on a strengthening greenback and growing expectations for a Fed rate hike, following the latest inflation data. December-dated gold shed $6.50, or 0.5%, to settle at $1,205 an ounce.


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