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Nasdaq Retreats from Record High as Stocks Slip

Gold capitalized on stock market weakness

Managing Editor
Apr 24, 2019 at 4:33 PM
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The Nasdaq hit a record intraday high today thanks to blowout earnings for online retailer eBay (EBAY), but couldn't sustain this momentum into the close. The S&P 500 and Dow closed lower, too, pressured by a negative earnings reaction for Caterpillar (CAT) and big drops for energy stocks Exxon Mobil (XOM) and Chevron (CVX). Nevertheless, losses were muted as Wall Street looks ahead to another busy batch of earnings reports, with Microsoft (MSFT) and Facebook (FB) among those reporting tonight.

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

  • 2 mining stocks to watch tomorrow.
  • Why Lululemon Athletica stock could stay hot.
  • The defense sector had Wall Street buzzing.  
  • Plus, the S&P signal flashing; the drug stock that waffled after earnings; Amkor traders respond to Airpods hype.

The Dow Jones Industrial Average (DJI - 26,597.05) lost 59.3 points, or 0.2%, for the day. Walt Disney (DIS) was the best of the 12 Dow gainers, adding 1.3%. On the flip side, Chevron paced the remaining losers with its 3.1% drop.

The S&P 500 Index (SPX - 2,927.25) gave up 6.4 points, or 0.2%. The Nasdaq Composite (IXIC - 8,102.15let go of 18.8 points, or 0.2%.

The Cboe Volatility Index (VIX - 13.14) added 0.9 point, or 7%.

closing indexes summary april 24

nyse and nasdaq april 24

5 Items on our Radar Today

  1. The nationwide outbreak of measles has worsened, specifically in New York City (NYC). Since October, 390 cases have been noted, and looks to be focused in the Brooklyn's Williamsburg and Borough Park areas. NYC Mayor Bill de Blasio declared a public health emergency on April 9, attaching a $1,000 fine to those in certain neighborhoods who refuse to comply with receiving a vaccination. (CNBC)
  2. Following recent details surrounding Disney's (DIS) streaming service, a survey out of Streaming Observer and Mindnet Analytics showed that 8.7 million, or nearly 14%, of Netflix (NFLX) users could considering leaving the latter platform for Disney+. Around 600 current Netflix subscribers were surveyed, of which 37.5% said they plan to at the very least try Disney's latest entertainment endeavor. (MarketWatch)
  3.  This S&P signal could mean low volatility, says Schaeffer's Senior Quantitative Analyst Rocky White. 
  4.  The drug stock that just waffled after earnings.
  5.  Airpods hype made call volume spike on Amkor stock.

corporate earnings april 24

unusual options activity april 24

Data courtesy of Trade-Alert

Oil Cools on Big Stockpile Build

Following a bigger-than-expected rise in domestic stockpiles last week , oil settled lower on the day. Front-month June-dated crude futures shed 41 cents, or 0.6%, to close at $65.89 per barrel.

Gold bounced back from yesterday's multi-month lows, as stocks struggled. June-dated gold added $6.20, or 0.5%, to settle at $1,279.40 per ounce.


 

AI has exploded ever since ChatGPT set the world on fire near the end of 2022.

Numerous companies with connections to artificial intelligence have seen their stocks soar.

That includes Nvidia, the poster boy of AI.

Its stock has skyrocketed 716% since ChatGPT’s debut. But here’s the thing …

While everyone’s still counting their money from this first AI boom … Nvidia and countless others have moved on to the next stage.

That includes Big Tech, which is currently making a series of peculiar investments in a few strange companies. This has nothing to do with tech. At least on the surface …

Yet, these strange investments could be the early ripples of a massive wave …Without them, ChatGPT could stop operating … Amazon, Google, Microsoft and more could see profits drop drastically.

In fact, Elon Musk says these investments are critical when it comes to solving the number one problem facing AI.

Now, Silicon Valley legend Michael Robinson has identified two companies that could play a significant role in the solution.

Their stocks just may be the key to AI 2.0.

Find out more about these two companies today.
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