Stocks Finish Mixed After Dow Earnings, Durable Goods

Traders also turned their attention towards a contraction in durable goods orders

Digital Content Manager
Oct 24, 2019 at 4:31 PM
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More lackluster blue-chip earnings sent the Dow down 28 points today. Specifically, 3M (MMM) weighed on the index after slashing its full-year guidance, with that negative reaction offsetting a strong quarterly earnings report from Microsoft (MSFT). In fact, it was a mixed day for earnings across the board. Outside the Dow, Twitter (TWTR) was hammered hard for its soft revenue forecast, but Tesla (TSLA) stock surged on a surprise profit. Elsewhere, Wall Street digested a steeper-than-forecast drop in durable goods orders -- sparking hopes for a possible Fed interest rate cut next week. Against this backdrop, the S&P and Nasdaq both ended the day in the black.  

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

The Dow Jones Industrial Average (DJI - 26,805.53) lost 28.4 points, or 0.1%. The eight gainers were led by Dow (DOW) with a 4.7% gain, while 3M fell to the bottom of the 22 losers with a 4.1% drop.  

The S&P 500 Index (SPX - 3,010.29) settled 5.8 points, or 0.2%, higher. The Nasdaq Composite (IXIC - 8,185.80) closed up 66 points, or 0.8%.

The Cboe Volatility Index (VIX - 13.71) lost 0.3 point, or 2.1%.

Closing Indexes Summary Oct 24

NYSE and Nasdaq Stats Oct 24

5 Items on Our Radar Today

  1. A. Wayne Johnson, the chief operating officer of the Office of Federal Student Aid who was appointed by Education Secretary Betsy DeVos, resigned today. Johnson is now advocating for student loan forgiveness, calling the loan system "broken," just one week after DeVos called student debt erasure "crazy."  (CNBC)
  2. A wildfire in California has ripped through Sonoma County -- a wine country just north of San Francisco -- causing a power outage for nearly 200,000, and forcing hundreds to evacuate. (MarketWatch)
  3. Sally Beauty stock's latest bounce could be short lived, according to one study. 
  4. Options bears are reaching for this Russia ETF as it eyes overhead resistance. 
  5. This biotech stock is set to drop, says J.P. Morgan. 

Corporate Earnings Oct 24

Unusual Options Activity Oct 24

Data courtesy of Trade-Alert

Gold Pops Atop $1,500 on Durable Goods Miss

Oil prices tacked on their third straight win, finding continued support from yesterday's dip in crude supplies and the upcoming potential for production cuts from  the Organization of the Petroleum Exporting Countries (OPEC). December-dated crude futures finished up $0.26, or 0.5%, to settle at $56.23 a barrel. 

Gold prices clocked a two-week high today, popping north of the psychologically significant $1,500 region, after weak U.S. durable goods data had traders turning toward the safe-haven commodity. Gold futures for December delivery added $9, or 0.6%, to end at $1,504.70 per ounce.

 

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