Strong earnings reports from UnitedHealth and J.P. Morgan Chase boosted investor sentiment
The Dow clocked a 237-point win today, boosted by a few major wins early in the earnings season. Bank stocks, specifically, took center stage, as JPMorgan Chase (JPM) got a boost on its record-breaking revenue. Fellow blue chip UnitedHealth (UNH) posted numbers that sent the insurance stock gapping higher, while Johnson & Johnson (JNJ) also closed firmly higher post-earnings. Elsewhere, optimism over a potential Brexit deal helped improve investor sentiment, as well.
Continue reading for more on today's market, including:
- 3 FAANG stocks making big moves today.
- A notorious short seller expects one pharma stock to nearly double.
- Options traders went wild for Abbott Labs stock ahead of earnings.
- Plus, OLLI stock gets a bull note; the tech stock call buyers should watch; and NVDA nabs a big price target.
The Dow Jones Industrial Average (DJI - 27,024.80) added 237.4 points, or 0.9%. UnitedHealth (UNH) topped the 25 winners with an 8.2% gain, while Procter & Gamble (PG) fell to the bottom of the index on a 2.4% drop.
The S&P 500 Index (SPX - 2,995.68) settled 29.5 points, or 1%, higher, while the Nasdaq Composite (IXIC - 8,148.71) gained 100.1 points, or 1.2%.
The Cboe Volatility Index (VIX - 13.54) fell 1 point, or 7.1%, marking its fifth straight loss.
5 Items on Our Radar Today
- NASA unveiled its new spacesuit designs today. The two new suits were designed specifically for a moon landing and exploration mission projected for 2024. A live stream of the event was released at 2 P.M. Eastern on CNBC. (CNBC)
- AMC is the next company to jump on the streaming service bandwagon, with a new feature which will allow members of its loyalty program to buy and rent films from the comfort of their own homes. The service launches today, and includes roughly 2,000 films, with plans to add more content later this year. (MarketWatch)
- Discount retail stock Ollie's scored a bull note from RBC.
- The tech stock call buyers should target right now.
- Why one analyst thinks NVDA stock could see a massive surge.
Data courtesy of Trade-Alert
Bleak IMF Forecast Pressures Crude Futures
Concerns over flagging energy demand were revived today, after the International Monetary Fund (IMF) predicted its slowest pace of global growth since the financial crisis. November-dated crude futures lost $0.78, or 1.5%, to settle at $52.81 a barrel.
Gold dipped to two-week lows as equities rallied on a strong start to earnings season. Gold futures for December delivery lost $14.10, or 10.9%, to end at $1,483.50 per ounce.