Dow Outperforms as Nasdaq, S&P Extend Losing Streaks

The Nasdaq and S&P have dropped for three straight sessions

by Josh Selway

Published on Sep 6, 2018 at 4:24 PM

While the Dow Jones Industrial Average (DJI) managed to break higher today, the broader U.S. stock market struggled once again. The tech sector -- and chip stocks in particular -- got hammered for the second day in a row, sending the Nasdaq Composite (IXIC) and S&P 500 Index (SPX) to their third straight daily losses. Traders also reacted to a number of economic reports, including a somewhat tepid ADP payrolls report, with the nonfarm payrolls report due out tomorrow.

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

The Dow Jones Industrial Average (DJI - 25,995.87) traded in a nearly 193-point range, but finished close to where it opened, up 20.9 points, or 0.1%. Boeing (BA) was the best of the 30 Dow stocks, leading the 17 gainers with a 1.3% rise. Chevron (CVX) had the worst day, finishing down 3.1%.

The S&P 500 Index (SPX - 2,878.05) fell 10.6 points, or 0.4%, and the Nasdaq Composite (IXIC - 7,922.73) lost 72.5 points, or 0.9%.

The Cboe Volatility Index (VIX - 14.65) added 0.7 point, or 5.3%.

Closing Indexes Summary Sept 6

NYSE and Nasdaq Sept 6

5 Items on our Radar Today

  1. Citron Research's Andrew Left is filing a class-action lawsuit against Tesla and the company's CEO Elon Musk, saying Musk announced plans to take Tesla private only to hurt short sellers. The period of time in question in Left's lawsuit is Aug. 7 to Aug. 17, with that end date corresponding to when Musk gave his infamous New York Times interview. (Reuters)
  2. Cryptocurrencies sank for a second straight day, with bitcoin falling almost 8%. Much of the decline was sparked by a report saying Goldman Sachs is ditching its plans for a crypto trading desk. (CNN)
  3. The retailer that got whacked after earnings.
  4. Why weed stock Tilray (TLRY) sold off.
  5. Today's big pharma sector move.

Corporate Earnings Chart Sept 6

Unusual Options Activity Sept 6

Data courtesy of Trade-Alert

Oil Slides on Demand Headwinds

Oil prices fell again today, due to a combination of global demand concerns and a big increase in domestic gasoline inventories. October crude futures were down 95 cents, or 1.4%, at $67.77 per barrel.

Gold prices, on the other hand, rose for a second straight day. December gold futures finished up $3, or 0.3%, at $1,204.30 per ounce. 


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