President Donald Trump expects a quick end to the trade war
The Dow was able to pare some of its recent losses today, adding nearly 100 points, after President Donald Trump predicted a swift conclusion to the ongoing trade tensions between the U.S. and China. Trump's optimism extended to the S&P and Nasdaq, as well, with both indexes finishing in the black. However, all three stock market barometers finished the week in the red, with the Dow suffering its fifth straight weekly loss.
Continue reading for more on today's market, including:
- The Dow hasn't done this since 2011.
- The FAANG stock expected to soar 65%
- Plus, the biotech stock that could surge next week; STZ call options are hot; and Foot Locker suffers its worst day in years.
The Dow Jones Industrial Average (DJI - 25,585.69) gained 95.2 points, or 0.4%, in today's trading. Boeing (BA) led the 25 winners with a 1.2% gain, while McDonald's (MCD) fell to the bottom of the barrel with a 0.6% loss. For the week, the Dow fell 0.7%.
The S&P 500 Index (SPX - 2,826.06) and the Nasdaq Composite (IXIC - 7,628.28) both inched 0.1% higher, with the former making a 3.8-point gain, and the latter up 8.7 points. For the week, the SPX and Nasdaq dropped 1.2% and 2.3%, respectively.
The Cboe Volatility Index (VIX - 15.85) was 1 point, or 6.3%, lower today. For the week, the "fear index" fell 0.6%.
5 Items on our Radar Today
- Facebook said it would not be removing a heavily edited video of Nancy Pelosi, which had users, including Rudy Giuliani, questioning the House Speaker's mental state. In a statement Facebook said it would allow the video "as a form of expression," but wouldn't necessarily show it "at the top of News Feed." (CNBC)
- The U.S. has just deployed 1,500 troops to the Middle East, as a defense tactic against Iran, which the U.S. holds responsible for recent tanker strikes. (Reuters)
- Biogen has been one of the best stocks to own after Memorial Day weekend.
- Weed stock STZ is seeing the biggest resurgence in call buying in a year.
- The post-earnings flop that tripped up Foot Locker stock.
Data courtesy of Trade-Alert
Oil Suffers Worst Week This Year
While oil was on the up-and-up today, it still clocked its worst week this year, amid a surge in U.S. inventories and global trade anxieties. Oil for July delivery rose 75 cents, or 1.2%, to settle at $58.63 per barrel, but the front-month contract fell 6.8% for the week.
June-delivered gold edged lower today, as investors turned back toward equities, but was higher for the week, up 0.6%. For the day, June-date gold lost $1.80, or 0.1%, to settle at $1,283.60 an ounce.