Trade Tweets, Pfizer Drag On Dow

Pfizer was the worst Dow stock again today

Jul 30, 2019 at 4:29 PM
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The Dow spent almost the whole session in the red, as troubling trade tweets from President Donald Trump and a sharp sell-off for newly downgraded Pfizer (PFE) overshadowed positive earnings reactions for blue chips Procter & Gamble (PG) and Merck (MRK). This risk-off backdrop was seen on the S&P and Nasdaq, too, which both closed lower for a second straight session. Losses were modest, though, as traders digested a round of economic data ahead of tomorrow's Fed decision, including a tame update on inflation.

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

The Dow Jones Industrial Average (DJI - 27,198.02) shed 23.3 points, or 0.09%. Pfizer (PFE) paced the 20 decliners with its 6.4% drop, while Procter & Gamble (PG) led the 10 advancers with its 3.8% gain.

The S&P 500 Index (SPX - 3,013.18) gave back 7.8 points, or 0.3%, while the Nasdaq Composite (IXIC - 8,273.61) closed down 19.7 points, or 0.2%.

The Cboe Volatility Index (VIX - 13.94) gained 1.1 points, or 8.7%.

Closing Indexes Summary July 30

NYSE and Nasdaq Stats July 30

5 Items on our Radar Today

  1. The S&P CoreLogic Case-Shiller home price index showed home prices rose 3.4% year-over-year in May, below the 3.5% annual rise in April. The 10-city and 20-city price composites increased 2.2% and 2.4% year-over-year, respectively, in May, slimmer gains than the previous month, with Las Vegas, Phoenix, and Tampa seeing the highest year-over-year rise. (CNBC)
  2. Consumer spending rose 0.3% in June, according to data from the Commerce Department. The figure matched economists' consensus estimate, but was lower than the May reading on a decline in motor vehicle sales. (Reuters)
  3. SunPower stock flashed a pre-earnings bull signal.
  4. 3 reasons to be bullish on this video game stock.
  5. Why Beyond Meat stock slumped after earnings.

Corporate Earnings July 30

Unusual Options Activity July 30

Data courtesy of Trade-Alert

Oil, Gold Extend Win Streaks Before Fed Decision

Oil gained ground for a fourth consecutive session on forecasts for another weekly decline in domestic crude inventories. Crude for September delivery was up $1.18, or 2%, to close at $58.05 per barrel.

Gold notched a third straight win on expectations the Fed will announce a rate cut tomorrow. At the close, August-dated gold was up $9.30, or 0.7%, to settle at $1,429.70 an ounce.

 

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