Trump said the U.S. is "not ready" for a deal with China
All three stock market indexes ended the day lower, erasing early gains amid re-emerging concerns about a lengthy U.S.-China trade spat. Despite recently speculating that the trade war could come to a swift conclusion, President Donald Trump over the weekend said the U.S. is "not ready" to make a trade deal, and hinted at even more tariff hikes on Chinese imports. As such, the 10-year Treasury yield continued to explore 19-month lows, and a rough day for consumer staples and chip stocks sent the S&P 500 and Nasdaq into the red.
Continue reading for more on today's market, including:
- This white-hot pharma stock could double, according to one analyst.
- Fraud allegations fueled options volume on the "Amazon of Africa."
- Why analysts are on the fence about this retail stock ahead of earnings.
- Plus, the tech stock slapped with a pre-earnings bear note; ATVI joins Goldman's conviction list; and TEVA stock hits new lows.
The Dow Jones Industrial Average (DJI - 25,347.77) lost 237.9 points, or 0.9%, in today's trading. Visa (V) was the lone blue chip to end higher, gaining 0.7%, while UnitedHealth (UNH) fell to the bottom of the barrel with a 2.3% loss.
The S&P 500 Index (SPX - 2,802.39) fell 23.7 points, or 0.8%, while the Nasdaq Composite (IXIC - 7,607.35) fell 29.7 points, or 0.4%.
The Cboe Volatility Index (VIX - 17.50) was 1.7 points, or 10.4%, higher today.
5 Items on our Radar Today
- Retail giant Walmart just hired on Suresh Kumar -- whose resume includes high-level roles at Amazon, Microsoft, and most recently Google -- as its new chief technology and chief development officer. Kumar will take the place of former CTO Jeremy King, who left to join Pinterest in March. (CNBC)
- Amazon CEO Jeff Bezos' ex-wife, MacKenzie Bezos, said she would be donating half of her $56 billion Amazon fortune to charity, as one of 19 people to join the "Giving Pledge," a charity campaign founded by Warren Buffett and Bill Gates. (Reuters)
- The tech stock slapped with an analyst downgrade before earnings.
- Goldman just stuck Activision stock on its conviction list.
- The opioid settlement that had TEVA stock tumbling.
There were no earnings of note today.
Data courtesy of Trade-Alert
Midwest Flooding Boosts Oil Prices
Inclement weather and flooding that struck a major portion of the Midwest, including a key U.S. storage hub in Cushing, Oklahoma, had oil for July delivery up 51 cents, or 0.9%, to settle at $59.14 a barrel.
June-delivered gold edged lower again today, as the dollar firmed against most foreign rivals. June-date gold was down $6.50, or 0.5%, to settle at $1,277.10 an ounce.