Stocks Settle Choppy Session Lower

The 10-year Treasury yield cooled once again

Mar 27, 2019 at 4:32 PM
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The Dow explored a 332-point range on both sides of breakeven. The bulk of the action occurred to the downside as a cooling 10-year Treasury yield and disappointing data out of China reignited concerns over a slowing global economy, while sinking crude futures weighed on oil major Exxon Mobil (XOM). Strong sessions for Apple (AAPL) and Boeing (BA) briefly helped the blue-chip barometer turn higher in the final hour of trading, though the gains failed to hold. Likewise, the S&P 500 and Nasdaq ended lower for the third time in four sessions.

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

The Dow Jones Industrial Average (DJI - 25,625.59) closed down 32.1 points, or 0.1%. Walmart (WMT) and Chevron (CVX) paced the 21 Dow decliners, shedding 1.1% each, while Boeing (BA) and Travelers (TRV) led the nine advancers, adding 1% apiece.

The S&P 500 Index (SPX - 2,805.37) gave back 13.1 points, or 0.5%, while the Nasdaq Composite (IXIC - 7,643.38) surrendered 48.2 points, or 0.6%.

The Cboe Volatility Index (VIX - 15.15) added 0.5 point, or 3.2%.

Closing Indexes March 27

NYSE and Nasdaq March 27

5 Items on our Radar Today

  1. Turkish stocks plunged as investors fled and the lira fell ahead of a key March 31 vote to determine authority over Turkey's cities. The BIST 100 Index plunged 5.7% for its worst day since July 2016. The benchmark has now shed more than 13% from a failed test of the 16,000 mark on March 19. (Bloomberg)
  2. U.K. Prime Minister Theresa May said she would step down from her top position if parliament passes her Brexit deal -- a measure that's already failed two times. "I know there is a desire for a new approach -- and new leadership -- in the second phase of the Brexit negotiations -- and I won’t stand in the way of that," said May ahead of an extended April 12 Brexit deadline. (Reuters)
  3. This retail stock flashed a buy signal ahead of earnings.
  4. Square earned a fresh "outperform" rating.
  5. This retailer was one of the best stocks on Wall Street today.

Corporate Earnings March 27

Unusual Options Activity March 27

Data courtesy of Trade-Alert

Oil Prices Drop on Unexpected Supplies Build

Oil prices fell after the Energy Information Administration (EIA) said domestic crude inventories rose for the first time in three weeks -- compared to consensus estimates for a weekly drop in supplies. Crude for May delivery dropped 53 cents, or 0.9%, to settle at $59.41 per barrel.

Gold prices fell for a second straight day as the U.S. dollar strengthened. At the close, April-dated gold was down $4.60, or 0.4%, at $1,310.40 an ounce.

 

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