Dow Closes Lower in Chaotic Trading

Oil prices gained again, too, helping stocks off their lows

Aug 9, 2019 at 4:33 PM
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It was another day of volatile trading on Wall Street. In fact, today's price action mirrored Thursday's, with stocks paring sharp losses in the final hours of trading. The Dow even flirted with positive territory late in the day, despite downbeat trade comments from President Donald Trump, though the tech-rich Nasdaq remained lower as chip stocks took a hit. Rising oil prices likely helped equities off their lows, as the S&P 500 and Nasdaq finish the week with only modest losses, despite the whipsaw price action.

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

  • How one investor made millions on a timely put trade.
  • Barrick Gold looks to escape an ugly earnings past.
  • Plus, Huawei news hits chip stocks; analyst says buy this drug stock; and inside Yelp's sell-off. 

The Dow Jones Industrial Average (DJI - 26,287.44) dropped 90.8 points, or 0.3%, after trading down almost 300 points earlier in the session. Eight of the 30 Dow stocks finished with gains, led by McDonald's (MCD) 1.4% advance. IBM (IBM) was the biggest loser, giving back 2.8%. The Dow gave back 0.7% this week.

The S&P 500 Index (SPX - 2,918.65) dipped 19.4 points, or 0.7%, and the Nasdaq Composite (IXIC - 7,959.14) fell 80 points, or 1%. The SPX shed 0.5% this week, and the Nasdaq also gave back 0.5%.

The Cboe Volatility Index (VIX - 17.97) added 1.1 point, or 6.3%, ending the week up 2%.

closing indexes aug 9

NYSE and Nasdaq Aug 9

5 Items on our Radar Today

  1. Walmart (WMT) removed signs and demos for violent video games in the aftermath of mass shootings in the U.S. The company also took down videos for hunting season, as well, while a petition from a junior Walmart employee to end the retailer's sale of firearms has 50,000 signatures.  (Reuters)
  2. Anyone from Canada that had debt with Chase Bank had it forgiven as part of the company's exit strategy from doing business in the country. Customers were originally told they'd have to pay off their debt. (USA Today)
  3. The Huawei news that weighed on Micron. 
  4. Drug stock's pullback could be a chance to buy, says analyst.
  5. Inside Yelp's earnings sell-off.

corporate earnings Aug 9

unusual option activity Aug 9

Data courtesy of Trade-Alert

Oil Prices Pop; Gold Logs Banner Week

Oil prices gained today on hopes for more output cuts from major producers. September crude futures finished up $1.96, or 3.7%, at $54.50 per barrel. Black gold lost 2.1% on the week.

Gold prices dipped today, but still closed the week with strong gains, up 3.5%. December gold futures gave back $1, or less than 0.1%, to finish at $1,508.50 an ounce. 

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