Chip Stock Strength Sends Nasdaq, S&P to Record Closes

Texas Instruments earnings sparked upside for semiconductors

Jul 24, 2019 at 4:30 PM
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It was a mixed session on Wall Street today. While the S&P and Nasdaq sailed to new record-high closes as chipmakers surged on Texas Instruments (TXN) earnings, the Dow plunged on negative earnings reactions for several blue chips, including Caterpillar (CAT). Traders also kept a close eye on congressional testimony from former Special Counsel Robert Mueller, and digested a round of economic data, which showed a bounce in new home sales in June, and a nearly 10-year low in the IHS Markit manufacturing purchasing managers index (PMI) in July.

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

The Dow Jones Industrial Average (DJI - 27,269.97) closed down 79.2 points, or 0.3%. Caterpillar (CAT) led 15 decliners with its 4.5% drop, while Intel (INTC) paced 14 advancers with its 2.3% gain. Nike (NKE) finished flat.

The S&P 500 Index (SPX - 3,019.56) tagged a record intraday high of 3,019.59, before closing up 14.1 points, or 0.5%. The Nasdaq Composite (IXIC - 8,321.50) settled with a 70.1-point, or 0.8%, gain, after hitting an all-time intraday peak of 8,321.81.

 The Cboe Volatility Index (VIX - 12.07) shed 0.5 point, or 4.3%.

Closing Indexes Summary July 24

NYSE and Nasdaq Stats July 24

5 Items on our Radar Today

  1. Facebook (FB) nominated Michel Protti, current vice president of marketing on partnerships, to serve as its chief privacy officer, pending approval from an independent privacy committee. The nomination comes in the wake of a $5 billion settlement with the Federal Trade Commission (FTC), and will require Protti to submit certifications each quarter to ensure "the company is in compliance with the privacy program." (CNBC)
  2. Senators Chris Coons and Dianne Feinstein -- Democrats from Delaware and California, respectively -- will introduce a carbon tax bill today, called the Climate Action Rebate Act. The plan would generate $2.5 trillion in revenues through 2030 by taxing oil, natural gas, and coal companies, and redistributing the money to low- and middle-income Americans. (Reuters)
  3. FedEx flashes a historic bear signal.
  4. This stock was one of the best on Wall Street today.
  5. UPS delivered a big earnings win.

Corporate Earnings July 24

Unusual Options Activity July 24

Data courtesy of Trade-Alert

Gold Gains Ahead of ECB Meeting

Oil swung lower today, as optimism waned by a storm-induced 11 million-barrel drop in domestic crude inventories last week. At the close, September-dated crude was down 89 cents, or 1.6%, at $55.88 per barrel.

Gold gained ground ahead of tomorrow's European Central Bank (ECB) meeting. Gold for August delivery was up $1.90, or 0.1%,  at $1,423.60 an ounce.


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