The retail sector was a pillar of strength today
The Dow posted a strong upside move today, making up yesterday's losses and then some. Driven by impressive earnings out of Lowe's (LOW) and Target (TGT), the retail sector shined, while there was broad strength in tech, as well. Investors also monitored updates on the economic front, including positive home sales numbers and the Fed's July meeting minutes. The central bank's notes reiterated the stance that the rate cut was a "mid-cycle adjustment" and not part of a "pre-set course."
Continue reading for more on today's market, including:
The Dow Jones Industrial Average (DJI - 26,202.73) finished up 240.3 points, or 0.9%, with every blue chip closing higher -- except Walmart (WMT), which fell 0.02% despite the retail sector tailwinds. The best of the 29 Dow winners was Nike (NKE), adding 2.7%.
The S&P 500 Index (SPX - 2,924.43) rose 23.9 points, or 0.8%, while the Nasdaq Composite (IXIC - 8,020.21) picked up 71.6 points, or 0.9%.
The Cboe Volatility Index (VIX - 15.80) dipped 1.7 points, or 9.7%.
5 Items on our Radar Today
- On Tuesday, President Donald Trump said he was thinking about a cut to payroll taxes, but today the president said his administration would not cut taxes. Trump said such a move would be good for high-income people, not workers. (CNBC)
- French President Emmanuel Macron told reporters that U.S. tech companies pay too little in taxes, and it's bad for American workers. This comes after France adopted a digital tax last month that falls most heavily on American tech companies. (Reuters)
- Bullish analyst call lifted CyberArk shares.
- Stifel is buying the pullback in one software stock.
- Signal could be pointing to the next retail rally.
Data courtesy of Trade-Alert
Oil Prices Fall After Inventory Report
The government domestic inventories update showed a smaller decrease in crude supplies than expected, weighing on oil prices today. October-dated crude futures fell 45 cents, or 0.8%, to $55.68 per barrel
Gold prices were flat today, with December gold futures ending at $1,515.70 an ounce. However, gold futures fell in electronic trading after the release of the of the Fed meeting minutes.