Dow Wobbles to a Shaky Finish on Mixed Earnings

Boeing's well-received 737 MAX timeline update helped boost the stock

Deputy Editor
Oct 23, 2019 at 4:33 PM
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The Dow spent time on both sides of breakeven amid a busy day for blue chips. On the earnings front, Caterpillar (CAT) entered the confessional with revenue and profits that missed the mark, but CAT stock battled back from a rough start to climb into positive territory by the close. Boeing (BA) was also on the earnings docket today, but managed to brush off a mixed report on news that it expects regulatory approval for its 737 MAX by year-end. The tech-rich Nasdaq and the S&P also ricocheted between modest gains and mild losses throughout the day, but ultimately ended the session slightly higher.  

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

  • Why traders might want to buy the dip on ServiceNow stock. 
  • 3 penny stocks for Wall Street to watch right now. 
  •  Plus, REZI stock suffers on slashed guidance; Skechers' post-earnings plummet; and GOOGL's great day. 

The Dow Jones Industrial Average (DJI - 26,833.95) lost 45.9 points, or 0.2%. Merck & Co (MRK) led the 19 gainers on a 1.9% advance, while Nike (NKE) fell to the bottom of the 11 losers on a 3.4% dip.  

The S&P 500 Index (SPX - 3,004.52) settled 8.5 points, or 0.3%, higher. The Nasdaq Composite (IXIC - 8,119.79) closed up 15.5 points, or 0.2%.

The Cboe Volatility Index (VIX - 14.01) lost 0.5 point, or 3.1%.

Closing Indexes Summary Oct 23

NYSE and Nasdaq Stats Oct 23

5 Items on Our Radar Today

  1. During today's congressional hearing focused on Facebook's (FB) libra cryptocurrency, Representative Joyce Beatty, who chairs the Financial Services Diversity and Inclusion Subcommittee, asked CEO Mark Zuckerberg for details on the social media company's civil rights audit and questionable reputation for diversity. Zuckerberg -- who last week cited Martin Luther King Jr. to defend Facebook's controversial political ad policy -- was at a loss for answers to many of Beatty's questions. (CNBC)
  2. With competition from the tech sector -- specifically fintech startups -- revving up, major banks could lose roughly $88 billion, or 15%, in North American payments revenue by 2025, according to a report from consulting firm Accenture. (MarketWatch)
  3. The guidance cut that put REZI stock in the NYSE gutter.  
  4. How shoe stock Skechers fell short of options traders' post-earnings expectations. 
  5. The quantum computing buzz that gave GOOGL stock a pre-earnings lift. 

Corporate Earnings Oct 23

Unusual Options Activity Oct 23

Data courtesy of Trade-Alert

Gold Snaps Losing Streak Amid Political Unease 

Oil prices rose once again after data showed a surprise contraction in U.S. crude stocks ahead of potential production cuts from the Organization of the Petroleum Exporting Countries (OPEC). December-dated crude futures finished up $1.49, or 2.7%, to settle at $55.97 a barrel. 

Gold prices snapped their four-day losing streak today as investors turned back toward the safe haven amid shaky global political and economic sentiment. Gold futures for December delivery added $8.20, or 0.6%, to end at $1,495.70 per ounce.

Make the Most of the next Expiration Week Countdown!


 




 
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