Dow Ends Volatile Session Lower; Oil's Record Losing Streak Continues

The Nasdaq, on the other hand, eked out a gain

Digital Content Manager
Nov 13, 2018 at 4:31 PM
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The Dow traded in a range of more than 300 points on both sides of breakeven, before ultimately ending lower. Apple (AAPL) continued to weigh on the index, as did a disappointing post-earnings performance from Home Depot (HD). Boeing (BA) stock was among the biggest Dow drags, amid reports the firm failed to disclose potential 737 Max flight issues, and oil majors Chevron (CVX) and Exxon Mobil (XOM) fell with crude.

Specifically, oil continued its record-breaking slide, ending lower for a 12th straight session. The commodity suffered its worst daily loss in years, and dropped to its lowest level since November 2017. Against this backdrop -- and despite optimism about trade talks with China -- the Dow and S&P finished a volatile session in the red. The Nasdaq, on the other hand, eked out a gain, as several tech stocks staged a rebound.

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

  • 25 stocks to gobble up before Thanksgiving, according to Schaeffer's Senior Quantitative Analyst Rocky White.
  • Why UnitedHealth stock could hit record highs soon.
  • This high-profile chipmaker is bouncing back after the Apple sell-off. 
  • Plus, 2 reasons to watch Macy's; the FAANG stock at risk for downgrades; and an S&P signal we haven't seen in years. 

The Dow Jones Industrial Average (DJI - 25,286.49) sunk 100.7 points today, or 0.4%. Eleven of the 30 Dow stocks settled higher, with Intel Corp (INTC) in the lead with a 1.6% change, and Visa (V) finishing flat. Exxon Mobil (XOM) was at the bottom of the list, dropping 2.3%. 

The S&P 500 Index (SPX - 2,722.18) fell 4 points, or 0.2%, while the Nasdaq Composite (IXIC - 7,200.88) edged up a mere 0.01 point, after spending most of the session higher. 

The Cboe Volatility Index (VIX - 20.02) also fell 0.4 point, or 2.1%. 

Closing Indexes Summary Nov 13

NYSE and Nasdaq Stats Nov 13

5 Items on our Radar Today

  1. Oregon became the first state to extend its state-sponsored retirement plan, OregonSaves, to residents in less traditional lines of work, such as freelancers and the self-employed. Since its inception in July 2017, over 45,000 employees have amassed upwards of $9 million in retirement savings. (Marketwatch)
  2. Binny Bansal, CEO of Flipkart Group -- an e-commerce company that Walmart purchased a $16 billion stake in -- stepped down following "allegations of personal misconduct". Though Walmart's press release did not detail the allegations, it said Bansal "strongly denies" any claims brought against him. (Business Insider)
  3. 2 reasons to watch Macy's ahead of earnings.
  4. Facebook could have a sentiment shift on the horizon. 
  5. The rare S&P signal we haven't seen since 2015. 

Corporate Earnings Nov 13

Unusual Options Activity Nov 13

Data courtesy of Trade-Alert

Oil Hits Lowest Price in Nearly a Year

Oil prices tanked yet again, settling at nearly one-year lows and continuing their record-breaking losing streak for a 12th straight session.Even as President Donald Trump pressed both the Organization of the Petroleum Countries (OPEC) and Saudi Arabia to uphold current production policies, the former cut its demand forecast for oil in 2019. Oil for December delivery dropped another $4.24, or 7.1%, to settle at $55.69 per barrel. It was black gold's steepest one-day drop in roughly three years, per Dow Jones.

Gold prices inched lower today, even as the U.S. dollar index plateaued after hitting its highest rate since July 2017. December-dated gold futures fell $2.10, or 0.2%, to settle at $1,201.40 an ounce --- gold's fourth straight drop. 


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