Blue chips started the week with a strong showing, but FAANG fell behind
U.S. stocks overcame a slow start to close near session highs, with the Dow notching a 190-point victory. A big day from Chevron (CVX) helped lead the charge, propping up the entire energy sector in the process, while a strong showing from financial stocks helped, as well. The gains came despite the uncertainty surrounding tomorrow's midterm elections and more losses for Apple (AAPL) shares. In fact, much of the tech sector sat out today's rally following comments from President Donald Trump about potential antitrust violations from names like Amazon (AMZN) and Facebook (FB).
Continue reading for more on today's market, including:
The Dow Jones Industrial Average (DJI - 25,461.70) jumped 190.9 points, or 0.8%. IBM Corp (IBM) gained 3.8% to emerge as the top gainer of the day, edging out Chevron's 3.7% rise. The worst blue-chip performer by far was Apple, which fell 2.8%.
The S&P 500 Index (SPX - 2,738.31) finished with a 15.3-point, or 0.6%, win, while the Nasdaq Composite (IXIC - 7,328.85) fell 28.1 points, or 0.4%.
The Cboe Volatility Index (VIX - 19.96) did manage to rise today, closing up 0.5 point, or 2.3%.
5 Items on our Radar Today
- Home improvement retailer Lowe's (LOW) will shut the doors of 51 of its stores in the U.S and Canada by the end of February, as it struggles to compete against sector giant Home Depot (HD). The closures are a result of new CEO Marvin Ellison’s plan for “strategic reassessment,” partially through a restructuring of the company’s real estate profile. (CNBC)
- The Federal Reserve is expected to remain tight-lipped amidst a volatile financial market, following their two-day policy meeting this week. While no rate hike is anticipated, the Fed is expected to signal that the economy is still growing at a strong pace, putting the committee on track for another interest rate increase in December. (MarketWatch)
- Why some analysts are betting on a long-term rally for Under Armour.
- Bears are targeting online dating service Match Group ahead of earnings.
- Traders are pricing in more big moves for Twilio stock.
Data courtesy of Trade-Alert
Oil, Gold Edge Lower as U.S. Elections Loom
Oil prices ended slightly lower, as the Trump administration signaled it won't cause major disruptions to oil supply as it reinstates sanctions on Iran. Oil for December delivery fell 4 cents, or 0.06%, to end at $63.10 per barrel.
December gold futures remained fairly stagnant pre-midterm elections, as the U.S. dollar softened. The precious metal fell $1, or 0.08%, to end at $1,232.30 per ounce.