S&P Holds Key Moving Average Amid Sell-Off

Gold logged another daily gain despite a stronger dollar

Managing Editor
Oct 18, 2018 at 4:27 PM
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U.S. stocks closed sharply lower in today's trading, extending the prior session's late-day Fed jitters. Heavy losses for Chinese stocks prompted weakness in big names like Caterpillar (CAT), which weighed on the Dow. And while the VIX snapped its four-day string of declines, the S&P 500 showed some resilience, battling back from its session lows in the final minutes to close just fractions of a point above its 200-day moving average.

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

  • Citron says this biotech stock will fall 86%.
  • The catalyst that sparked heavy Gap options volume.
  • The FAANG partnership that sparked a strong open for SIRI.
  • Plus, a bull signal for CLF; the "10-bagger" stock with bargain options; and a $2.1 billion drug deal.

The Dow Jones Industrial Average (DJI - 25,379.45) gave up 327.2 points, or 1.3%, for the day. Just six Dow stocks ended the day higher, with Verizon (VZ) leading the way, closing up 1.3%. Meanwhile, CAT paced the 24 losers with a 3.9% drop.

The S&P 500 Index (SPX - 2,768.78) shed 40.4 points, or 1.4%. However, the index has now managed to close three consecutive days back above its 200-day moving average, located at 2,768.02. The Nasdaq Composite (IXIC - 7,485.14) lost 157.6 points, or 2.1%, for the day.

The Cboe Volatility Index (VIX - 20.06) broke its losing streak and added 2.7 points, or 15.3%.

Closing Indexes Summary Oct 18

NYSE and Nasdaq Oct 18

5 Items on our Radar Today

  1. The Mega Millions jackpot in the U.S. has reached roughly $970 million, each day edging closer to the billion dollar mark. The next drawing is scheduled for Friday evening, with tickets priced at $2 each. The largest lottery ever won was a 2016 Powerball jackpot worth $1.586 billion. (MarketWatch)
  2. Following an announcement from Apple today that a new product launch will be held in Brooklyn, New York, on Oct. 30, consumers and media are speculating on new Macbook and iPad reveals. Keeping it characteristically vague, the technology giant simply said, "There’s more in the making." (Bloomberg)
  3. Mining stock nears a bullish trendline before earnings.
  4. Options are on sale for this 2018 10-bagger stock.
  5. The $2.1 billion deal that moved a pair of drug stocks.

Corporate Earnings Oct 18

unusual options activity October 18

Data courtesy of Trade-Alert

Gold Closes Higher While Oil Keeps Sliding

Crude futures fell again, moving in step with stocks as investors continued to digest this week's bearish inventories report. November-dated crude let go of $1.10, or 1.6%, to settle at $68.65 per barrel. 

Gold closed modestly higher in today's trading, bucking a stronger dollar amid turmoil in the equities market. December-dated gold futures finished up $2.70, or 0.2%, at $1,230.10 an ounce.

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