However, the tech sector's strength helped buoy the Nasdaq
It was a risk-off session on Wall Street today, with the Dow and S&P 500 Index snapping four-day win streaks. While stocks were mostly lower out of the gate, conflicting reports of the potential resignation of U.S. Deputy Attorney General Rod Rosenstein quickly resulted in additional selling pressure. However, a strong showing from the tech sector had the Nasdaq outperforming its index peers -- representing a stark reversal from last week's market action. Traders also digested a bevy of M&A-related headlines, as well as a huge day for oil prices.
Continue reading for more on today's market, including:
- Call buyers bet on a 20% rebound for GE stock.
- Scoop up this FAANG stock before October.
- The weed stock that landed on our most active options list.
- Plus, one drugmaker jumps on the cannabis craze; 2 reasons UBS is selling this casino stock; and Avon Products' big bull note.
The Dow Jones Industrial Average (DJI - 26,562.05) dropped 181.5 points, or 0.7%, snapping its four-day win streak. Only seven of the 30 Dow stocks closed in positive territory, led by a 2.1% rise in Walt Disney (DIS) shares. The biggest losers were DowDuPont (DWDP) and Home Depot (HD), which both fell 2.1%.
The S&P 500 Index (SPX - 2,919.37) lost 10.3, or 0.4%, while the Nasdaq Composite (IXIC - 7,993.25) outperformed with a 6.3-point, or 0.1% gain.
The Cboe Volatility Index (VIX - 12.20) ticked up 0.5 point, or 4.5%.
5 Items on our Radar Today
- Alphabet's Google announced a long list of updates today, including an "activity card" -- showing pages you've visited -- and something called "Collections," which is where you can save content from your activity card. Other major changes will include a new "Featured Videos" card and enhancements to Google image searches. (CNBC)
- Elsewhere in the tech space, Snapchat is partnering with Amazon to make it easier for users to buy items they see in real life. Snapchat users can just take a picture of an item or a barcode and upload it to Amazon, where they can then buy the item. (The Verge)
- The drugmaker that entered the cannabis craze.
- 2 reasons UBS is selling this casino stock.
- Penny stock Avon Products got a big price-target hike.
Data courtesy of Trade-Alert
Oil Had Huge Day After OPEC Output News
It was a huge day for oil prices following news Organization of the Petroleum Exporting Countries (OPEC) members and non-members decided not to increase crude output over the weekend. This sparked a gain of $1.30, or 1.8%, for November-dated crude futures, which closed at $72.08 per barrel.
Gold prices saw modest gains today ahead of an expected rate hike from the Fed this week. December gold futures rose $3.10, or 0.3%, and ended at $1,204.40 an ounce.