S&P, Nasdaq Brush Off Trade Noise to Nab Record Highs

Kudlow warned a big trade deal may not be made next week

Jul 26, 2019 at 4:30 PM
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Earnings drove stocks higher today, with positive reactions for Alphabet (GOOGL) and Starbucks (SBUX) pushing the S&P and Nasdaq to new record highs. The Dow brushed off an early dip to swing higher, too, led by strong sessions for Coca-Cola (KO) and Procter & Gamble (PG). The upside came even as National Economic Council Director Larry Kudlow said a "grand deal" likely won't occur at next week's trade negotiations between the U.S. and China, while traders also digested a tame gross domestic product (GDP) update ahead of next week's Fed meeting.

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

  • Twitter bulls won big after earnings.
  • Signal says short this energy stock ahead of earnings.
  • Plus, time to buy puts on this bank stock; Mattel soars on revenue shocker; and a health insurance stock that's nearly tripled this year.

The Dow Jones Industrial Average (DJI - 27,192.45) closed up 51.5 points, or 0.2%. Coca-Cola (KO) paced the 18 advancers with its 2.1% gain. For the week, the Dow added 0.1%.

The S&P 500 Index (SPX - 3,025.86) hit a record intraday high of 3,027.98, settling just below here with a 22.2-point, or 0.7%, gain. The Nasdaq Composite (IXIC - 8,330.21) settled just below its all-time intraday peak of 8,339.63, up 91.7 points, or 1.1%. Week-over-week, the SPX and IXIC added 1.7% and 2.3%, respectively.

The Cboe Volatility Index (VIX - 12.16) shed 0.6 point, or 4.6%, to settle at 12.16. The market's "fear gauge" plunged 15.9% on a weekly basis.

Closing Indexes Summary July 26

NYSE and Nasdaq Stats July 26

5 Items on our Radar Today

  1. Warren Buffett's Berkshire Hathaway (BRK.A) increased its holding in Bank of America (BAC) to 950 million shares -- representing a 10% stake in the financial firm -- in the latest reporting period, up from 896.2 million from the previous reporting period. BRK.A is BAC's biggest shareholder, with its stake valued at roughly $29.3 billion, based on today's close at $30.77. (MarketWatch)
  2. T-Mobile (TMUS) was given the greenlight from the U.S. Justice Department to proceed with a $26 billion merger with fellow telecom Sprint (S). This follows Sprint's divestiture of its prepaid wireless businesses to Dish Network (DISH). The deal still can't be finalized, though, until an anti-trust lawsuit opposing the merger filed by 13 attorneys general and the District of Columbia is resolved. (CNBC)
  3. Time to buy puts on this bank stock.
  4. Mattel shares soared on a revenue surprise.
  5. This health insurance stock has nearly tripled this year.

Corporate Earnings July 26

Unusual Options Activity July 26

Data courtesy of Trade-Alert

Oil Gains on the Week as Gold Slips

Oil for September delivery edged up today, settling with an 18-cent, or 0.3%, gain at $56.20 per barrel. Week-over-week, black gold rose 0.8%.

Gold finished a choppy session higher, with the August-dated contract adding $4.60, or 0.3%, to settle at $1,419.30 an ounce. For the week, the malleable metal shed 0.5%, snapping a two-week win streak.

 

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