Stock Indexes Climb in Low-Volume Trading

Wall Street wasn't too engaged in the post-Super Bowl session

by Josh Selway

Published on Feb 4, 2019 at 4:29 PM

The Dow overcame a slow start to notch a triple-digit win, thanks in part to an afternoon rally out of the tech sector. This resulted in similar strength from the S&P 500 and Nasdaq, as Wall Street prepared for Alphabet's (GOOGL) post-close quarterly report. However, these gains came amid a relatively low-volume session -- not surprising for post-Super Bowl trading. Looking ahead to tomorrow, corporate earnings should remain the top focus.

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

  • Founder and CEO Bernie Schaeffer highlights the level to watch on this FANG fund rally.
  • Options indicator hits extreme levels on Disney before earnings.
  • Plus, transport stock flashes sell signal; Yelp gets a rare bull note; and inside the Dow's biggest weekly win streak since the 2009 bottom.

The Dow Jones Industrial Average (DJI - 25,239.37) rose as the day went on to close near session highs, up 175.5 points, or 0.7%, as 21 of 30 blue chips gained. Microsoft (MSFT) had the best day, tacking on 2.9%, and on the opposite end of the spectrum was Exxon Mobil (XOM), which fell 1.4%.

The S&P 500 Index (SPX - 2,724.87) rallied 18.3 points, or 0.7%, and the Nasdaq Composite (IXIC - 7,347.54) climbed 83.7 points, or 1.2%. 

The Cboe Volatility Index (VIX - 15.73) closed down 0.4 point, or 2.5%, for its lowest settlement since Oct. 8. 

Closing Indexes Feb 4

NYSE and Nasdaq Feb 4

5 Items on our Radar Today

  1. Bernie Sanders was all over the place in financial news today. Not only did the Vermont senator cause one drug stock to sell off, but he and Senate Minority Leader Chuck Schumer have proposed a measure to limit corporate stock buybacks unless they meet a list of requirements. (CNBC)
  2. Preliminary data suggests that ratings for this year's Super Bowl were down from the year before -- maybe not surprising, since it was the lowest scoring game in Super Bowl history. Nielsen data shows 44.9% of households in major markets tuned in for the game, compared to 47.4% from last year. (Reuters)
  3. The transport stock flashing a sell signal.
  4. A rare vote of confidence that lifted Yelp stock.
  5. Stocks' weekly win streaks were the strongest since the 2009 bottom.

Corporate Earnings Feb 4

Unusual Options Acvtivity Feb 4

Data courtesy of Trade-Alert

Oil Pares Gains After Hitting YTD High

Oil prices hit their highest point of the year during today's session, but closed lower on the day. Crude futures dated for March settled down 70 cents, or 1.3%, at $54.56 per barrel.

Strength from the U.S. dollar put pressure on gold prices. By the close, gold dated for April delivery was down $2.80, or 0.2%, at $1,319.30 per ounce.

 

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