Stocks Pivot Lower, Nab Weekly Wins

The Dow crossed 29,000 earlier to hit a new record high

Managing Editor
Jan 10, 2020 at 4:32 PM
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The Dow limped into the weekend with a triple-digit loss, despite crossing a historic milestone earlier in the day. After toppling the 29,000 level for the first time ever and nabbing a new record high, the blue-chip index pivoted lower as a lackluster jobs report weighed on Wall Street. The S&P 500 and Nasdaq nabbed record highs of their own, but also ended the day in the red. Nevertheless, all three benchmarks walked away with weekly wins, the Nasdaq's fifth straight. 

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

  • This could be the next oil stock to surge.
  • Nvidia stock grabbed new highs after a Citigroup bull note.
  • Plus, NKTR expands collab with BMY; GrubHub squashes sale rumors; and breaking down URBN's drop.

The Dow Jones Industrial Average (DJI - 28,823.77) lost 133.1 points, or 0.5%. Pfizer (PFE) led the eight winners with a 1.5% win, while Boeing paced the 22 laggards with a 1.9% drop. For the week, the Dow added 0.7%. 

The S&P 500 Index (SPX - 3,265.35) gave back 9.4 points, or 0.3%, while the Nasdaq Composite (IXIC - 9,178.86) finished 24.6 points, or 0.3%, lower. The S&P 500 gained 0.9% on the week, while the Nasdaq tacked on a 1.8%.

The Cboe Volatility Index (VIX - 12.56) gained 0.02 point, or around 0.2%. It shed 10.4% this week. 

closing indexes summary jan 10

nyse and nasdaq stats jan 10

5 Items on Our Radar Today

  1. Australia has urged hundreds of thousands to evacuate today, as heavy winds escalate the wild bushfires that have ravaged the country the last two weeks. Military backup is being prepared, and the weekend firefights are going to be "very challenging," according to an Australian official. (Reuters)
  2. Speaker of the House of Representatives Nancy Pelosi announced today she will be sending the articles of impeachment against President Donald Trump to the Senate next week. This sets the Senate up for a multi-week impeachment trial. (CNBC)
  3. An expanded Bristol-Myers Squibb collaboration boosted NKTR stock.
  4. GrubHub squashed sales rumors, to the stock's demise.
  5. Urban Outfitters stock tanked after dismal holiday sales.

corporate earnings jan 10

unusual options volume january 10

Data courtesy of Trade-Alert

Oil, Gold Head in Opposite Directions

Oil pulled back today. February-dated crude futures lost 52 cents, or 0.9%, to end at $59.04 per barrel. For the week, black gold lost 6.4%, for its worst weekly loss since July.

Gold gained to close out the week, as the weak jobs report briefly increased the appetite for safe-haven assets. February gold futures gave back $5.80, or 0.4%, to end at $1,560.10 an ounce, holding above the psychologically significant $1,550 level. Gold posted a weekly gain of 0.5%, its third straight weekly win.


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