Stocks Swallow Big Losses as Earnings Disappoint

Stocks sold off today on a disappointing batch of corporate earnings reports. The Dow brushed off initial optimism from a relatively dovish European Central Bank (ECB) statement and a strong reading on durable goods orders to shed triple digits on another down day for Boeing (BA) and an earnings-induced drop for Dow (DOW) stock. The S&P and Nasdaq also closed lower -- retreating from Wednesday's record highs -- amid post-earning pressure from Facebook (FB) and Tesla (TSLA). Earnings will likely be a main driver in tomorrow's trading, too, as Wall Street reacts to results from FAANG names Alphabet (GOOGL) and Amazon (AMZN).

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

• Why this big bank stock looks set to slide.
• BAML sees better days ahead for Activision Blizzard.
• How options bulls made a quick profit with this chip stock.
• Plus, the pharma stock hitting new highs; Paysign flashes bull signal; and a rare bull note for Under Armour.

The Dow Jones Industrial Average (DJI - 27,140.98) closed down 129 points, or 0.5%. Dow (DOW) led 18 decliners with its 3.8% loss, while Caterpillar (CAT) paced the 11 advancers with its 2.1% gain. Merck (MRK) was unchanged.

The S&P 500 Index (SPX - 3,003.67) shed 15.9 points, or 0.5%, while the Nasdaq Composite (IXIC - 8,238.54) slumped 83 points, or 1%.

 The Cboe Volatility Index (VIX - 12.74) rose 0.7 point, or 5.6%.

5 Items on our Radar Today

1. The Trump administration is reportedly planning an executive order aimed at lowering prices for prescription drugs sold to Medicare. The order is rumored to be broader than a previously disclosed plan, and will target Medicare's Plan D, which cost the U.S. roughly $100 billion in 2016 for prescription drug coverage. (Reuters)
2. Tesla (TSLA) stock slumped nearly 14% today, after the electric car maker reported a wider-than-expected adjusted loss of $1.12 per share in its second quarter, while revenue of $6.35 billion also missed expectations. Additionally, TSLA said JB Straubel would be leaving his role as chief technology officer. (CNBC)
3. The news that had this pharma stock hitting new highs.
4. Paysign stock flashed a buy signal after its huge pullback.
5. Under Armour received a rare bull note from one brokerage firm.

Data courtesy of Trade-Alert

Oil Prices Stabilize

Oil prices stabilized after Wednesday's sharp drop. Crude for September delivery added 14 cents, or 0.3%, to settle at $56.02 per barrel.

Gold lost ground following a batch of relatively upbeat U.S. economic data. At the close, August-dated gold was down $8.90, or 0.6%, at $1,414.70 an ounce.