It was the Dow's highest close since early May
The Dow cruised to a comfortable win today, its third straight and highest close since May 3. As expected, the Fed left interest rates unchanged, and dovish post-meeting comments from Fed Chair Jerome Powell fueled speculation that a rate cut is imminent at the July meeting. Of note, the central bank removed the word "patient" from its statement, and Powell noted that many Fed members "now see the case for somewhat more accommodative policy has strengthened."
Continue reading for more on today's market, including:
- Steer clear of these 2 Chinese stocks.
- 2 reasons to keep an eye on this tech stock.
- Shopify stock soared during investor day.
- Plus, a bearish UBER trade; 3 stocks that soared; and more trouble for Energizer stock.
The Dow Jones Industrial Average (DJI - 26,504) gained 38.5 points, or 0.2%, in today's trading. UnitedHealth (UNH) led the 20 winners with a 1.9% gain, while Dow Inc (DOW) paced the 10 losers with a 2.3% drop.
The S&P 500 Index (SPX - 2,926.46) added 8.7 points, or 0.3%, while the Nasdaq Composite (IXIC - 7,987.32) tacked on 33.4 points, or 0.4%.
The Cboe Volatility Index (VIX - 14.33) gave back 0.8 point, or 5.4%.
5 Items on our Radar Today
- According to the U.S. Navy, recovered fragments from damaged oil tankers imply that Iran was behind the attacks from last week. Iran has denied U.S accusations of involvement in the Gulf of Oman incident, but the issue has nevertheless fueled tensions in the wake of the recently exited nuclear deal. (Reuters)
- Nvidia (NVDA) is ramping up its exposure to autonomous driving. The semiconductor concern is partnering with Volvo to help with artificial-intelligence platforms for training, simulation, and in-vehicle computing. The goal is to compete with the likes of Tesla (TSLA) and get driverless commercial trucks on public roads and roadways. (MarketWatch)
- One options bear is eyeing a quick Uber stock reversal.
- These 3 stocks made huge moves today.
- Energizer stock fell to a record low as bears circle.
Data courtesy of Trade-Alert
Oil Pulls Back, Gold Dips But Rises After Fed Decision
Oil dipped today in reaction to the Fed's decision to leave interest rates steady. The commodity was higher earlier in the day, on data showing a drop in weekly crude inventories. By the close, July-dated crude dropped 14 cents, or 0.3%, to end at $53.76 per barrel.
Gold pulled back too, but reversed higher as Powell took the podium. August-delivered gold shed $1.90, or 0.1%, to settle at $1,348.80 an ounce. However, in after-hours trading, the safe-haven asset has climbed.