Dow Inches Lower on Retail Sales, China Uncertainty

Questions over China's promise to buy more U.S. agricultural products also dampened sentiment

Lillian Currens
Oct 16, 2019 at 4:28 PM
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The Dow ended slightly lower today, as a surprise 0.3% drop in retail sales for September -- the first dip in seven months -- managed to dampen a relatively solid day of earnings. Re-emerging fears over the U.S.-China trade conflict had markets in a slump today, too, as news reports cast doubt on China's promise to purchase more agricultural products from the United States. Against this backdrop, the S&P and Nasdaq also finished the day in the red. 

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

The Dow Jones Industrial Average (DJI - 27,001.98) lost 22.8 points, or 0.1%. Johnson & Johnson  led the 11 gainers on a 1.8% pop, while Exxon Mobil (XOM) brought up the rear on a 1.7% dip.

The S&P 500 Index (SPX - 2,989.69) settled nearly 6 points, or 0.2%, lower, while the Nasdaq Composite (IXIC - 8,124.18) fell 24.5 points, or 0.3%. 

The Cboe Volatility Index (VIX - 13.68) added 0.1 point, or 1%. 

Closing Indexes Summary Oct 16

NYSE and Nasdaq Stats Oct 16

5 Items on Our Radar Today

  1. A report from Coldwell Banker shows that there are 618,000 millennial millionaires in the U.S. right now. The generation of millionaires is expected to become even more wealthy in the next decade, some of which is attributed to the "Great Wealth Transfer" of nearly $68 trillion in assets being inherited from the Baby Boomer generation. (CNBC)
  2. It was discovered that an old metal pipe that had not been properly tested for corrosion was the culprit of the Philadelphia Energy Solutions oil refinery fire that left the company bankrupt last June. (Reuters)
  3. T-Mobile stock could see 30% more upside, according to one analyst. 
  4. Tech Data stock extended its impressive rally amid buyout buzz
  5. Why one analyst is over Colgate-Palmolive stock

Corporate Earnings Oct 16

Unusual Options Activity Oct 16

Data courtesy of Trade-Alert

Oil Snaps Losing Streak Despite Looming Demand Fears

Oil managed to snap its three-day losing streak, though concerns over dwindling demand kept liquid gold in check. November-dated crude futures finished up $0.55, or 1%, to settle at $53.36 a barrel. 

Gold reversed yesterday's dramatic losses after a disappointing retail sales report had investors turning back toward the safe haven. Gold futures for December delivery added $10.50, or 0.7%, to end at $1,494 per ounce.


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