S&P, Nasdaq Snap Win Streaks in Down Day for Stocks

Oil rose for a fourth straight day

by Karee Venema

Published on Mar 14, 2019 at 4:26 PM

It was a choppy day of trading on Wall Street, as traders digested dismal Chinese data and reports U.S. President Donald Trump and Chinese President Xi Jinping postponed a trade meeting that was expected later this month. Lackluster U.S. housing data sent stocks to their intraday lows, though the major market indexes had nearly erased these losses by midday. While the Dow managed a win on positive days for Visa (V) and Apple (AAPL), the S&P 500 and Nasdaq closed lower, snapping their three-day winning streaks.

It was a flash finish for the Dow Jones Industrial Average (DJI - 25,709.94), which maintained a 7-point, or 0.03%, gain at the close. Visa (V) and Apple (AAPL) paced the 20 Dow advancers -- adding 1.1% apiece -- while Pfizer (PFE) led the 10 decliners with its 2% drop.

The S&P 500 Index (SPX - 2,808.48) settled down 2.4 points, or 0.09%, while the Nasdaq Composite (IXIC - 7,630.91) gave back 12.5 points, or 0.2%.

The Cboe Volatility Index (VIX - 13.50) fell to 13.16 earlier -- its lowest mark in intraday trading since Oct. 5 -- before swinging to a 0.09-point, or 0.7%, gain by the close.

Closing Indexes Summary March 14

NYSE and Nasdaq Stats March 14

5 Items on our Radar Today

  1. Ahead of this month's Apple event, the tech titan said it will host its annual Worldwide Developers Conference (WWDC) the week of June 3. The tagline for this year's event is "Write code. Blow minds.", with speculation buzzing about iOS 13, macOS, and a potential Mac Pro reveal. (The Verge)
  2. By a vote of 59 to 41, the U.S. Senate voted to reject President Trump's declaration of a national emergency at the U.S.-Mexico border to gain funding for a wall. The measure cleared the House in February, but is expected to be vetoed by Trump. Elsewhere, U.K. lawmakers voted to delay Brexit beyond the March 29 deadline, with the extension now needing approval from the European Union (EU). (MarketWatch; CNBC)
  3. Jefferies called this small-cap pharma stock a "buy."
  4. Intuit is flashing a bullish options signal during tax season.
  5. Positive comments from CEO Larry Culp helped GE stock muscle higher.

Corporate Earnings March 14

Unusual Options Activity March 14

Data courtesy of Trade-Alert

Stronger Dollar Drags on Gold

Oil prices closed higher for a fourth straight day, to settle at their highest point since mid-November. At the close, April-dated crude was up 35 cents, or 0.6%, at $58.61 per barrel.

A strengthening U.S. dollar sent gold back below the $1,300 per ounce mark. Gold slated for April delivery gave back $14.20, or 1.1%, to settle at $1,295.10 an ounce.

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