Trade, Trump Tweets Hit Dow

The Dow closed in the red for a third straight session

Sep 4, 2018 at 4:25 PM
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The Dow Jones Industrial Average (DJI) suffered a third straight loss today, as trade concerns weighed again. Specifically, U.S. President Donald Trump took to Twitter to blast Canada ahead of tomorrow's trade talks, calling the North American Free Trade Agreement (NAFTA) "one of the WORST Trade Deals ever made." Looking ahead, tech and social media stocks could be in focus tomorrow, with executives from companies like Facebook (FB) and Alphabet (GOOGL) expected to testify before Congress.

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

The Dow Jones Industrial Average (DJI - 25,952.48) dipped 12.3 points, or 0.05%, but finished well off its session lows. Twelve of 30 Dow components closed with gains, led by Home Depot's (HD) 2.1% rise. Nike (NKE) paced the losers with a 3.2% slide.

The S&P 500 Index (SPX - 2,896.72) lost 4.8 points, or 0.2%, while the Nasdaq Composite (IXIC - 8,091.25) closed down 18.3 points, or 0.2%.

The Cboe Volatility Index (VIX - 13.16) ticked up slightly, adding 0.3 point, or 2.3%.

Closing Indexes Summary Sept 4

NYSE and Nasdsaq 4 Sept

5 Items on our Radar Today

  1. Nike (NKE) shares were punished today following the unveiling of the retailer's new "Just Do It" campaign featuring former San Francisco 49ers quarterback Colin Kaepernick. The hashtag #NikeBoycott was trending on Twitter, where users were posting videos of themselves burning their Nike products. (Reuters)
  2. In other stock news, Amazon.com (AMZN) briefly became the second publicly listed U.S. company to top a $1 trillion market cap. AMZN traded as high as $2,050.50 early this morning, but closed slightly below this mark. (CNBC)
  3. Goldman Sachs, options traders turn bearish on Tesla (TSLA).
  4. Analysts rushed to raise their outlooks on this chip stock.
  5. iRobot was hit with another bear note, despite its strong technical performance.

Corporate Earnings Chart Sept 4

Unusual Options Volume Sept 4

Data courtesy of Trade-Alert

Oil Prices Notch Only Modest Gain Ahead of Gordon

Oil prices saw a modest rise today, as traders considered the impact of Tropical Storm Gordon. October-dated crude futures added 7 cents, or 0.1%, to close at $69.87 per barrel.

A strong dollar weighed on gold futures today. Gold dated for December delivery closed down $7.60, or 0.6%, at $1,199.10 per ounce.

 

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