Stocks End Lower in Choppy Price Action

The yield curve inversion steepened today

Aug 27, 2019 at 4:28 PM
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Stocks gained out of the gate, but the upside was capped amid negative trade headlines and more recession fears. The Dow, S&P, and Nasdaq all traded on both sides of breakeven before ending lower, with the former index failing to capitalize on a big move from Johnson & Johnson (JNJ). A deeper inversion in Treasury yields only added to the anxiety, though oil prices managed to dodge the headwinds and post a strong session.

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

The Dow Jones Industrial Average (DJI - 25,777.90) traded up more than 150 points early on, but finished down 120.9 points, or 0.5%. Eleven of 30 Dow components closed with gains, lead by JNJ's 1.4% rise. UnitedHealth Group (UNH) was the bottom performer, down 3.5%.

The S&P 500 Index (SPX - 2,869.16) dropped 9.2 points, or 0.3%, while the Nasdaq Composite (IXIC - 7,826.95) closed down 26.8 points, or 0.3%.

The Cboe Volatility Index (VIX - 20.31) added 1 point, or 5.1%.

Closing Indexes Aug 27

NYSE and Nasdaq Aug 27

5 Items on our Radar Today

  1. Instagram is working on a separate messaging app named Threads. The app would attempt to connect people with their "close friends" like Snapchat does. This comes after Facebook (FB) CEO Mark Zuckerberg said private messaging was the company's future back in March. (The Verge)
  2. The Department of Defense is trying to work with Australia to get a rare earth facility built in the country. Rare earth production has became a big discussion point in the U.S.-China trade dispute. (Reuters)
  3. One retailer rising on a sales beat.
  4. An analyst note sent Tech Data shares sliding.
  5. The Xerox trendline you should be watching. 

Corporate Earnings Aug 27

Unusual Option Activity Aug 27

Data courtesy of Trade-Alert

Oil Gets a Boost from Production Cuts

Oil prices rose today to snap a four-day losing streak, getting boost from an update showing strong compliance with production cuts among the top suppliers. October crude futures finished up $1.29, or 2.4%, at $54.93 per barrel.

Gold prices rose today amid the weakness in stocks. Gold for December delivery closed up $14.60, or 1%, at $1,551.80 an ounce -- its highest finish since April 2013. September silver, meanwhile, gained 2.9% to end at $18.153 an ounce, marking a new two-year high.

 

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