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Nasdaq Leads the Way in Mixed Monday Trade

Big gains for Shanghai stocks sparked a higher open on Wall Street

Managing Editor
Oct 22, 2018 at 4:32 PM
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It was another unpredictable session for U.S. equity benchmarks. Today's trading started off strong out of the gate, following suit with a big day for China stocks -- but geopolitical tensions with Saudi Arabia remained at the forefront, and investors quickly turned cautious ahead of an onslaught of earnings reports slated for later this week. By the close, the major market indexes were straddling both sides of breakeven.

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

  • Buy signals flash for Corning before earnings.
  • Earnings speculators bet on lofty moves for Biogen stock
  • Analyst sees big upside for Chipotle
  • Plus, the chip stock popping pre-earnings; BMY falls; and oil futures react to Saudi news.

The Dow Jones Industrial Average (DJI - 25,317.41) fell 126.9 points, or 0.5%, for the day. Eleven Dow stocks ended the day higher, with Intel (INTC) leading the way, closing up 2.3%. Meanwhile, DowDuPont (DWDP) paced the 19 losers with a 2.5% drop.

The S&P 500 Index (SPX - 2,755.88) shed 11.9 points, or 0.4%, to tally its fourth straight daily decline. The Nasdaq Composite (IXIC - 7,468.63) outperformed by adding 19.6 points, or 0.3%.

The Cboe Volatility Index (VIX - 19.64) shed 0.3 point, or 1.3%, in today's trading.

closing indexes summary Oct 22

NYSE and Nasdaq Oct 22

5 Items on our Radar Today

  1. Just days after its stock was downgraded to "equal weight" at Morgan Stanley, Ford (F) has resumed production on its Ranger pickup truck for the first time since 2011. The company also plans to begin making its Bronco model again for the first time since its discontinuation in 1996. Both initiatives are a part of the truck maker's push to follow U.S. buying trends toward more midsized vehicles. (CNBC
  2. Yet another hurricane is headed toward North America. This time, Hurricane Willa -- presently a Category 5 storm -- is nearing the coast of Mexico, 175 miles southwest of Las Islas Marias. The National Hurricane Center said Willa is "potentially catastrophic," and may drop 18 inches of rain by Tuesday. (MarketWatch)
  3.  How AMD shares managed a pre-earnings pop.
  4.  Bristol-Myers Squibb stock is near annual-low territory after an FDA delay.
  5.  3 stocks making monster moves.

Corporate Earnings Oct 22

Unusual Options Activity October 22

Data courtesy of Trade-Alert

Oil Edges Higher on Saudi Arabia Reassurance

Oil futures reversed early losses and closed slightly higher, as Saudi Arabia's Energy Minister Khalid Al Falih said the country has "no intention" of staging a repeat of the 1973 oil embargo. The expiring November crude futures contract picked up 5 cents, or 0.07%, to settle at $69.17 per barrel for the day. Crude for December delivery edged up 8 cents, or 0.1%, to settle at $69.36 per barrel.

Gold closed today's session slightly lower, pressured by a strengthening U.S. dollar. December-dated gold futures fell $4.10, or 0.3%, to close at $1,224.60 per ounce.

 

AI has exploded ever since ChatGPT set the world on fire near the end of 2022.

Numerous companies with connections to artificial intelligence have seen their stocks soar.

That includes Nvidia, the poster boy of AI.

Its stock has skyrocketed 716% since ChatGPT’s debut. But here’s the thing …

While everyone’s still counting their money from this first AI boom … Nvidia and countless others have moved on to the next stage.

That includes Big Tech, which is currently making a series of peculiar investments in a few strange companies. This has nothing to do with tech. At least on the surface …

Yet, these strange investments could be the early ripples of a massive wave …Without them, ChatGPT could stop operating … Amazon, Google, Microsoft and more could see profits drop drastically.

In fact, Elon Musk says these investments are critical when it comes to solving the number one problem facing AI.

Now, Silicon Valley legend Michael Robinson has identified two companies that could play a significant role in the solution.

Their stocks just may be the key to AI 2.0.

Find out more about these two companies today.
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