3M Warning Puts Damper on Stock Rally

Meanwhile, Apple unveiled new iPhones and its latest Apple watch iteration

by Josh Selway

Published on Sep 12, 2018 at 4:26 PM

The Dow Jones Industrial Average (DJI) was up nearly 175 points at its intraday  high, thanks to upbeat headlines on U.S.-China relations -- with the two nations reportedly planning to restart trade talks. However, the blue-chip index pared most of these gains by the close after an executive at 3M (MMM) warned of headwinds from higher raw material costs, resulting in sharp losses for the Dow stock. Elsewhere, traders also had an eye trained on Apple's (AAPL) new product launch -- though the tech shares traded in the red most of the day -- on top of another big session for oil prices, which kept surging with Hurricane Florence nearing the U.S. East Coast.

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

The Dow Jones Industrial Average (DJI - 25.998.92) had a nearly 175-point lead at one point, but finished up just 27.9 points, or 0.1%. Walgreens Boots Alliance (WBA) and Boeing (BA) both added 2.4% to lead the 18 Dow gainers. MMM shares closed down 2.4% to pace the 11 losers, and Intel (INTC) finished flat.

The S&P 500 Index (SPX - 2,888.92) added 1 point, or 0.04%, but the Nasdaq Composite (IXIC - 7,954.23) gave back 18.2 points, or 0.2%.

The Cboe Volatility Index (VIX - 13.14) dipped 0.1 point, or 0.6%.

Closing Indexes Summary Sept 12

NYSE and Nasdaq Sept 12

5 Items on our Radar Today

  1. President Donald Trump today signed an executive order meant to punish countries that try to interfere in U.S. elections. The order will place automatic sanctions on any country that tries to meddle in an election, even for non-direct actions like distributing propaganda. (USA Today)
  2. Looking closer at the details surrounding Apple's product unveil today, the tech giant announced the iPhone XR, iPhone Xs, and iPhone Xs Max. There was also a new Apple Watch, which, with its new heart monitor, can perform an echocardiogram. (CNBC)
  3. Why Skechers stock was near the bottom of the NYSE.
  4. A tech stock that could rally 50%.
  5. How Tiffany & Co. shares were able to recover some recent losses.

Unusual Options Activity Sept 12

Data courtesy of Trade-Alert

Oil Gains Again, Tops $70 Per Barrel

Oil prices kept rising today. On top a short-term spike in demand ahead of Hurricane Florence, the Energy Information Administration said domestic crude inventories fell last week. October crude futures picked up $1.12, or 1.6%, to end at $70.37 per barrel.

The dollar weakened again today, helping gold prices move higher. December gold futures jumped $8.70, or 0.7%, to close at $1,210.90 per ounce.

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