Stocks Log Best June in Years as G-20 Looms

Presidents Trump and Xi will meet tomorrow to discuss trade

by Patrick Martin

Published on Jun 28, 2019 at 4:31 PM
Updated on Jun 28, 2019 at 4:31 PM

The Dow held on to marginal gains today, thanks to outperforming bank stocks, yet wasn't able to corral a weekly win. Wall Street nervously awaits any semblance of an update from the ongoing G-20 summit in Japan, where President Donald Trump and Chinese President Xi Jinping will meet tomorrow to discuss trade. The S&P 500 and Nasdaq finished higher today too, but also saw their weekly win streaks halted at three. Nevertheless, all three benchmarks nabbed outsized monthly wins, wrapping up their best June in years.

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

  • The worst energy stock to own this summer.
  • Apple's famous design chief Sir Jony Ive is stepping down.
  • Plus, a sector to watch next month; the best blue chip for the third quarter; and frenzied options activity around UBER. 

The Dow Jones Industrial Average (DJI - 26,599.96) gained 73.4 points, or 0.3%, in today's trading. JPMorgan Chase (JPM) led the 17 winners with a 2.7% win, while Dow Inc (DOW) paced the 13 losers with a 3.3% loss. For the week, the Dow shed 0.4%. For the month, it added 7.2% -- its best June since 1938 -- for its biggest monthly gain since October 2015. It logged a quarterly gain of 2.6%

The S&P 500 Index (SPX - 2,941.76) added 16.8 points, or 0.6%, while the Nasdaq Composite (IXIC - 8,006.24) tacked on 38.5 points, or 0.5%. The SPX lost 0.3% on the week, while the Nasdaq fell 0.4%. For the month, the SPX and Nasdaq added 6.9% and 7.4%, respectively, for their best June since 1955 and 2000. For the quarter, the SPX added 3.8%, and the Nasdaq tacked on 3.5%.

The Cboe Volatility Index (VIX - 15.08) fell 0.7 point, or 4.7%. It logged a weekly loss of 1%, a monthly deficit of 18.5%, and quarterly gain of 11.2%.

Closing Indexes June 28

NYSE and Nasdaq June 28

5 Items on our Radar Today

  1. The Commerce Department reported that consumer spending rose 0.4% in May, in line with expectations. Consumer prices rose by 0.2%, marking a slowdown from April's 0.3% number. The personal consumption expenditures (PCE) index rose 1.5% year-over-year, while the Fed-watched core PCE index rose 1.6% -- below the Fed's targeted 2% inflation. (Reuters)
  2. In addition to the Ives exit, Apple is allegedly moving the production of its Mac Pro desktops to China from the U.S. The decision, reported by the Wall Street Journal, suggests Apple has confidence that a U.S.-China trade resolution will be reached, possibly over the weekend. (Reuters)
  3. This tech ETF hasn't finished lower in July since 2008.
  4. Visa is the blue-chip stock you want to own right now.
  5. Call options were popular as Uber stock nabbed a new high.

Corporate Earnings June 28

Unusual OptionActivity June 28

Data courtesy of Trade-Alert

Oil, Gold Log Big Monthly Gains

Oil dropped today, ahead of a meeting of the Organization of the Petroleum Exporting Countries (OPEC) to decide of the cartel should extend production cuts. By the close, August-dated crude shed 96 cents, or 1.6%, to end at $58.47 per barrel. For the week, black gold gained 1.8%, and tacked on over 9% for June. 

Gold gained today to add to its stellar month. August-delivered gold added $1.70, or 0.1%, to settle at $1,413.70 an ounce. For the week, gold added 1%, and for June tacked on 7.7%, its best month since June 2016.

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