Oil edged higher, despite a trimmed demand forecast from OPEC
The Dow closed the book on a roller-coaster week with an emphatic 306-point gain. Rallying bond yields and cooling trade tensions with China fueled the blue-chip index's fourth triple-digit move of the week. The S&P 500 and Nasdaq both finished with strong gains today as well, thanks to resurgent bank and tech sectors, respectively. However, it wasn't enough to prevent all three benchmarks from logging their third straight weekly loss.
Continue reading for more on today's market, including:
- The biotech stock that more than doubled today.
- This Citron favorite just flashed a "buy" signal.
- Plus, IQ calls pick up before earnings; a big day from Nvidia; and an industrial stock to avoid.
The Dow Jones Industrial Average (DJI - 25,886.01) added 306.6 points, or 1.2%. Of the Dow's 30 components, everyone finished higher, led by the 3% surge from 3M (MMM). The slimmest winner was Chevron (CVX), which was marginally higher at the close. For the week, the blue-chip index shed 1.5%.
The S&P 500 Index (SPX - 2,888.68) gained 41.1 points, or 1.4%, while the Nasdaq Composite (IXIC - 7,895.99) tacked on 129.4 points, or 1.7%. The S&P 500 lost 1% on the week, while the Nasdaq gave back 0.8%.
The Cboe Volatility Index (VIX - 18.47) lost 2.7 points, or 12.8%. It finished with a 3.2% weekly win.
5 Items on our Radar Today
- The University of Michigan's preliminary consumer sentiment index for August fell to 92.1 -- well short short of estimates and the lowest since January -- amid concerns about the U.S. economy and global trade. The losses spanned across all index components. (CNBC)
- Bitcoin was not exempt from the bloodbath this week, falling 15% for its worst week of 2019. The drop this week contradicts the notion that cryptocurrencies can be utilized as a safe-haven asset. (Bloomberg)
- IQ calls were popular, despite an "underweight" rating ahead of earnings.
- Breaking down Nvidia's big post-earnings surge.
- Analyst: Sell this industrial stock.
Data courtesy of Trade-Alert
Oil, Gold Log Weekly Wins
Oil prices bounced back today too, despite a trimmed demand forecast from the Organization of the Petroleum Exporting Countries (OPEC). By the close, September crude futures added 40 cents, or 0.7%, to end at $54.87 per barrel. For the week, black gold finished up 0.7%.
Gold prices pulled back today, taking a breather from its recent frenetic gain as a safe-haven asset. December gold futures finished down $7.60, or 0.5%, at $1,523.60 an ounce. For the week, gold gained 1% for its third straight weekly win.