Stocks Close Higher as Trump Talks Trade

Oil reversed sharply lower

Managing Editor
Sep 17, 2019 at 4:31 PM
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The Dow muscled higher by the close, erasing earlier losses in afternoon trading. The S&P 500 and Nasdaq eked out wins, too, thanks to trade tailwinds, with U.S. President Donald Trump telling reporters aboard Air Force One that a deal with China could potentially come soon. After yesterday's historic gain, oil prices pulled back today after Saudi Arabia's energy minister said the country’s oil supply will be back to normal by the end of the month -- much sooner than anticipated. Investors are also eagerly awaiting the Fed's interest rate decision tomorrow, as well as follow-up comments from Fed Chair Jerome Powell.

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

  • USO options traders reacted to volatile oil prices. 
  • A CEO shocker sank SeaWorld stock.
  • Home Depot stock took a breather today after a downgrade.
  • Plus, XLF targeted by put traders; surging options volume on one penny stock; and a short seller report blasts Bloom Energy.

The Dow Jones Industrial Average (DJI - 27,110.80) recorded a 33.9-point, or 0.1%, gain. Boeing (BA) had the best day of the 15 blue-chip gainers, finishing up 1.4%, while Dow Inc (DOW) led the 15 laggards with its 2.1% drop.

The S&P 500 Index (SPX - 3,005.70) tacked on 7.7 points, or 0.3%, while the Nasdaq Composite (IXIC - 8,186.02) closed up 32.5 points, or 0.4%.

The Cboe Volatility Index (VIX - 14.44) shed 0.2 point, or 1.6%.

closing indexes summary sept 17

nyse and nasdaq stats sept 17

5 Items on our Radar Today

  1. Manufacturing output in the U.S. got a boost last month thanks to surging machinery production. Industrial production rose 0.6% in August, according to the Federal Reserve -- its largest gain in a year -- surpassing the consensus estimate for a 0.2% rise. However, the outlook still faces potential trade headwinds and concerns about a slowing global economy. (Reuters)
  2. The WeWork initial public offering (IPO) has officially been postponed. The We Company, which owns WeWork, experienced a series of setbacks in the past month, including having to slash its valuation. The startup now plans to have the offering by the end of 2019, possibly in October. (CNBC)
  3. Put traders targeted XLF as the Fed meeting kicked off.
  4. This penny stock rally today sparked a flurry of options trading.
  5. Puts popped after a short seller report burned Bloom Energy stock.

corporate earnings sept 17

unusual options trading sept 17

Data courtesy of Trade-Alert

Oil Suffers Sharp Pullback; Two Straight Wins For Gold

Oil pivoted sharply lower today after Saudi Arabian Energy Minister Prince Abdulaziz bin Salman said the kingdom recovered 50% of its production that was lost last weekend. October-dated crude futures fell $3.56, or 5.7%, to settle at $59.34 per barrel.

Gold gained for the second straight day ahead of tomorrow's Fed policy announcement. Gold for December delivery closed up $1.90, or 0.1%, at $1,513.40 an ounce.

 

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