Dow, S&P, and Nasdaq Nab Record Closes Before Independence Day

Stocks closed higher ahead of the Fourth of July holiday

Jul 3, 2019 at 1:37 PM
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Stocks ended the abbreviated session with a bang, with the the Dow and S&P settling at record closes -- the latter its third in a row. The Nasdaq also grabbed a record close, thanks to broad strength in the tech sector. There was plenty of economic data to digest, too, the bulk of which boosted expectations for a July rate cut from the Fed. In addition to dismal private payrolls, the Institute for Supply Management's (ISM) non-manufacturing index hit a two-year low last month. Meanwhile, factory orders dropped 0.7% in May, as expected, while Markit's purchasing managers index (PMI) recovered in June from May's 39-month low. U.S. markets are closed tomorrow for the Fourth of July.

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

  • ADP stock seems ripe for a bullish options trade.
  • Buyout buzz fueled major upside for this cybersecurity stock.
  • Plus, a weed stock stunner; Tesla revs higher; and another bull note for Merck.

The Dow Jones Industrial Average (DJI - 26,966.00) hit a new record intraday high of 26,966, before settling up 179.3 points, or 0.7%. Procter & Gamble (PG) paced 26 Dow advancers with its 2.3% pop, while Caterpillar (CAT) led the three decliners with its 0.2% drop. Verizon (VZ) finished flat.

The S&P 500 Index (SPX - 2,995.82) tagged an all-time peak of 2,995.85 in intraday action, before easing back slightly to close up 22.8 points, or 0.8%. The Nasdaq Composite (IXIC - 8,170.23) came within six points of notching a new intraday peak, settling with a 61.1-point, or 0.8%, gain.

The Cboe Volatility Index (VIX - 12.57) fell 0.4 point, or 2.8%.

Closing Indexes Summary July 3

NYSE and Nasdaq Stats July 3

5 Items on our Radar Today

  1. The White House has yet to disclose how much President Donald Trump's Fourth of July celebration on the National Mall will cost, though the National Park Service is diverting almost $2.5 million that would typically be used to improve parks to fund the event. Earlier today, Trump tweeted the cost of the event "will be very little compared to what it is worth." (The Washington Post)
  2. Data from the Commerce Department showed the U.S. trade deficit jumped 8.4% to $55.5 billion in May -- wider than analysts were expecting -- its highest perch in five months. The goods trade deficit with China spiked 12.2% to $30.2 billion. (Reuters)
  3. This weed stock tested key support after a C-suite shocker.
  4. Tesla revved higher today after the company's well-received update.
  5. Another analyst issued a "buy" rating on Merck.

There are no earnings to report.

Unusual Options Activity July 3

Data courtesy of Trade-Alert

Upbeat Inventories Data is Boosting Oil Prices

Oil prices are on the rise after the Energy Information Administration (EIA) said domestic crude inventories fell be less than expected last week. At last check, crude for August delivery is up 56 cents, or 1%, at $56.81 per barrel.

A batch of weak economic data are boosting gold prices. Ahead of this afternoon's 1:30 p.m. ET settlement, August-dated gold is up $11.40, or 0.8%, at $1,419.10 an ounce.

 

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