Dow Brings Daily Losing Streak to 3

3M was the worst Dow stock today

Jul 9, 2019 at 4:33 PM
facebook X logo linkedin

The Dow spent the entire session in negative territory, pressured by sharp losses for newly downgraded Post-it maker 3M (MMM), ending lower for a third straight day. Anxiety continued to build ahead of Fed Chair Jerome Powell's appearance in front of the House Financial Services Committee tomorrow, while the minutes from the Fed's June meeting are also due. The S&P was in the red with the Dow most the day, but ultimately closed higher with the Nasdaq thanks to a strong showing from tech stocks.

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

  • This restaurant stock seems ripe for a bullish options trade.
  • A Huawei warning sent this tech stock to its fifth straight loss.
  • AMD saw its price target lifted after this weekend's Ryzen 3000 chip launch.
  • Plus, options traders reacted to Square's upgrade; why BBBY stock could be volatile on Thursday; and the hospitality stock J.P. Morgan is dropping.

The Dow Jones Industrial Average (DJI - 26,783.49) gave back 22.7 points, or 0.08%. 3M (MMM) paced the 17 Dow decliners with its 2.1% drop, while Goldman Sachs (GS) and Merck (MRK) paced the 13 advancers, gaining 1% apiece.

The S&P 500 Index (SPX - 2,979.63) swung to a 3.7-point, or 0.1%, gain by the close. The Nasdaq Composite (IXIC - 8,141.73) added 43.4 points, or 0.5%.

The Cboe Volatility Index (VIX - 14.09) rose 0.1 point, or 0.9%.

Closing Indexes Summary July 9

NYSE and Nasdaq Stats July 9

5 Items on our Radar Today

  1. In its monthly Job Openings and Labor Turnover Survey (JOLTS), the Labor Department said job openings fell by 49,000 in May to a seasonally adjusted 7.3 million, with declines in construction and transportation creating the biggest drag. Hiring, meanwhile, dropped by 266,000 to 5.7 million in May, due to shrinking activity in the professional and business services industry. (CNBC)
  2. Mexico's Finance Minister Carlos Urzua resigned today, writing on Twitter, "Differences in economic issues, there were many." President Andres Manual Lopez Obrador named Deputy Finance Minister Arturo Herrera as Urzua's replacement, but the initial news sent the Mexican peso down over 2%. (Reuters)
  3. Square options traders were in overdrive after the stock was upgraded.
  4. Why Bed Bath & Beyond stock could be volatile on Thursday.
  5. J.P. Morgan Securities downgraded this hospitality stock to "underweight."

Corporate Earnings July 9

Unusual Options Activity July 9

Data courtesy of Trade-Alert

Oil Nabs Fourth Straight Win

Oil carved out a fourth straight win today, boosted by expectations U.S. crude inventories declined last week. At the close, August-dated crude was up 17 cents, or 0.3%, at $57.83 per barrel.

Gold prices continued to hover around the key $1,400 per-ounce mark ahead of Powell's congressional testimony and the release of the Fed's June meeting minutes, both due tomorrow. August-dated gold settled 50 cents higher at $1,400.50 an ounce.



How to collect 1 dividend check every day for LIFE

Did you know you could collect 1 dividend check every day the market is open? You could also do it starting with just $605! For me, I'm collecting 70 dividend checks every quarter…which averages around 1.1 dividend checks every business day. There's no trading behind this... no penny stocks or high-risk investments. All you do is buy and hold and you're set. There's no set up required either. If you start buying the dividend stocks I show you today... you could collect 1 dividend per day starting as early as this week. Click here for all the details.