Stocks Cool Off, Nasdaq Streak Snapped

Gold suffered its worst session in months

Feb 21, 2019 at 4:27 PM
facebook X logo linkedin

A mostly downbeat round of economic data resulted in a risk-off session on Wall Street today, which only compounded concerns about the economy highlighted by yesterday's Fed meeting minutes. On top of a surprise drop in core capital goods orders in December, as well as disappointing numbers from the housing space, the manufacturing sector also flashed weakness with its PMI reading. Meanwhile, others likely maintained a wait-and-see approach as headlines suggest the U.S. and China have an outline for a trade deal. The Dow, S&P 500, and Nasdaq all closed in the red on the day, the latter snapping its eight-day win streak.

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

  • A long-term moving average could spark an Intercontinental Exchange rally. 
  • Behind Stifel's big Biogen downgrade.
  • Plus, Mylan flashes a bearish signal before earnings; the blue chip slapped with subpoenas; and the cybersecurity stock that sold off.

The Dow Jones Industrial Average (DJI - 25,850.63) gave back 103.8 points, or 0.4%, with 21 of the 30 blue chips closing in the red. Walgreens Boots Alliance (WBA) had the worst day, dropping 1.9%. Microsoft (MSFT) was at the top of the Dow, gaining 2.1%.

The S&P 500 Index (SPX - 2,774.88) closed down 9.8 points, or 0.4%, and the Nasdaq Composite (IXIC - 7,459.71) lost 29.4 points, or 0.4%.

The Cboe Volatility Index (VIX - 14.46) added 0.4 point, or 3.1%.

us stock market closing prices february 21

nyse and nasdaq stats feb 21

5 Items on our Radar Today

  1. It appears share buybacks are going to hit another all-time high in 2019. Last year saw more than $1 trillion in total corporate buybacks. The irony, of course, is that lawmakers this year have been proposing ways to curtail the growing trend. (CNBC)
  2. More companies are pulling their ads from YouTube as the child exploitation controversy continues. AT&T (T) is one notable company to remove its advertising from the video platform. (TechCrunch; Reuters)
  3. The bearish setup forming around Mylan shares. 
  4. Johnson & Johnson was slapped with subpoenas.
  5. The shares of this cybersecurity firm sold off today.

corporate earnings feb 21

unusual options volume feb 21

Data courtesy of Trade-Alert

Inventories Report Drags Down Oil Prices

Another rise in domestic crude inventories weighed on oil prices today. April-dated crude futures fell 20 cents, or 0.4%, to $56.96 per barrel.

Gold prices fell today, likely in reaction to yesterday's somewhat dovish Fed minutes. Gold for April delivery gave back $20.10, or 1.5%, to end at $1,327.80 an ounce -- the metal's steepest one-day slide since August.


Target Effortless Triple-Digit Gains Every Sunday Evening For Life!

This is your chance to triple your profit potential on Sunday evenings, without spending all your free time watching the market.

On Sundays, as a Weekend Plus subscriber, you’ll get up to 6 trades every Sunday, each targeting gains of 200% or more.

Start targeting gains like the ones our subscribers have seen recently, including:

213.3% GAIN on AutoNation calls
100.0% GAIN on Monster Beverage calls
100.4% GAIN on Walgreens Boots Alliance puts
100.4% GAIN on ON Semiconductor calls
257.7% GAIN on Dell calls

101.0% GAIN on Apollo Global Management calls
103.6% GAIN on JP Morgan  Chase calls
105.3% GAIN on DraftKings calls
101.3% GAIN on Airbnb calls
203.0% GAIN on Shopify calls
102.0% GAIN on Cboe Global Markets calls
100.9% GAIN on Boeing calls
102.1% GAIN on Microsoft puts
102.3% GAIN on First Solar calls
101.5% GAIN on PulteGroup calls
101.0% GAIN on Apple calls
209.4% GAIN on NXP Semiconductors calls
100.8% GAIN on Uber Technologies calls
100.4% GAIN on Academy Sports and Outdoors puts
102.2% GAIN on Trade Desk calls
100.8% GAIN on DoorDash calls
100.0% GAIN on Camping World Holdings puts
100.0% GAIN on Cboe Global Markets calls
100.2% GAIN on calls
238.5% GAIN on Oracle calls



Rainmaker Ads CGI