China will reportedly reduce its tariffs on U.S. autos
The wild ride continued for stocks, as the Dow, S&P 500, and Nasdaq all traded on both sides of breakeven throughout the day. Stocks jumped out to a big lead on encouraging China trade news, only to give those gains back later in the day, after President Donald Trump threatened a government shutdown while battling Senate Minority Leader Chuck Schumer and House Minority Leader Nancy Pelosi over border security. After exploring a range of more than 500 points, the Dow -- like the S&P -- ultimately settled with a modest loss, while the Nasdaq ended in the black.
Continue reading for more on today's market, including:
- Goldman Sachs: Sell this biotech stock now.
- Options bulls are eyeing a short-term bounce for this struggling oil ETF
- 2 healthcare stocks that made outsized moves.
- Plus, a stock signal not seen since 2008; a blue chip that could soar in 2019; and YUM stock looks tasty to options traders.
The Dow Jones Industrial Average (DJI - 24,370.24) ended down 53 points, or 0.2%. Of the 30 Dow components, 14 finished higher, led by a 1.4% gain from retail giant Nike (NKE). Travelers (TRV) paced the 16 losers with a 1.7% drop.
The S&P 500 Index (SPX - 2,636.78) lost 0.9 point. Bucking the trend was the Nasdaq Composite (IXIC - 7,031.83), adding on 11.3 points, or 0.2%.
The Cboe Volatility Index (VIX - 21.76) ended the day down 0.9 point, or 3.9%.
5 Items on our Radar Today
- Ride-sharing app Uber is gearing up for its initial public offering (IPO) for 2019. The company selected Morgan Stanley to lead the event, with Goldman Sachs also rumored to play a role. The IPO will be one of the biggest offerings of 2019, with a listing valuing the company at as much as $120 billion. (Bloomberg)
- In another blow to Brexit plans, German Chancellor Angela Merkel has ruled out any further negotiations between the European Union (EU) and British Prime Minister Theresa May. May abruptly pulled a parliamentary vote yesterday, but May said a vote will happen before Jan. 21 -- about two months before the March 29 Brexit. (Reuters)
- Stocks haven't done this since December 2008.
- Analyst: This blue-chip stock could soar 20%.
- There could be more upside in store for YUM stock.
Data courtesy of Trade-Alert
Oil Climbs, Gold Extends Pullback
Oil futures finished slightly higher today, thanks to a disruption in Libyan production. Gains were capped, though, after a downwardly revised 2018 and 2019 oil price forecast from the U.S. Energy Information Administration (EIA). January-dated crude futures added 65 cents, or 1.3%, to finish at $51.65 per barrel.
Gold futures pulled back again today as the dollar continued to gain steam. February-dated futures shed $2.20, or 0.2%, to settle at $1,247.20 per ounce.