More cases of coronavirus were reported today
Despite paring steeper losses, the Dow ultimately closed in the red. Renewed coronavirus fears and weak guidance from Cisco Systems (CSCO) weighed heavy on investors, although the blue-chip index did bounce off its more than 200-point session lows. The S&P 500 and Nasdaq nabbed fresh record highs and worked their way into positive territory in the afternoon, but ultimately finished lower as well, snapping their three-day win streaks.
Continue reading for more on today's market, including:
- Twitter and Snap options are flying off the shelves lately.
- International sales held this Dow name in check today.
- Plus, Waste Management's bullish signal; a lofty analyst note for CNST; and MGM' c-suite shakeup.
The Dow Jones Industrial Average (DJI - 29,423.31) finished 128.1 points, or 0.4% lower for the day. Walmart (WMT) paced the 10 winners with a 1.4% gain, while CSCO fell to the bottom of the barrel on a 5.2% drop.
The S&P 500 Index (SPX - 3,373.94) shed 5.5 points, or 0.2%, while the Nasdaq Composite (IXIC - 9,711.97) gave back 14 points or 0.1%. Each index touched fresh record highs of 3,385.09 and 9,748.32, respectively.
The Cboe Volatility Index (VIX - 14.15) gained 0.4 point, or 3%.
5 Items on Our Radar Today
- U.S. weekly jobless claims rose by a smaller-than-expected amount last week, shoring up the narrative that the labor market continues to be strong. The claims rose to an adjusted 205,000, lower than the estimated 210,000 rise. (CNBC)
- The U.S. government filed a superseding indictment against Chinese tech giant Huawei Technologies earlier today. The indictment charges Huawei and Chief Financial Officer Meng Wanzhou with violating the Racketeer Influenced and Corrupt Organizations Act (RICO), as well as conspiring to steal trade secrets from domestic tech companies. (Reuters)
- Don't toss Waste Management stock just yet.
- One analyst thinks CNST could surge 43%.
- A c-suite departure just shook up this casino stock.
Data courtesy of Trade-Alert
Oil, Gold Log More Gains
Crude futures gained again today, boosted by a potential production cut coming from the Organization of the Petroleum Exporting Countries (OPEC). March-dated oil added 25 cents, or 0.5%, to settle at $51.42 per barrel.
Gold futures also finished higher today, as the increase in coronavirus cases once more fueled the demand for the safe-haven asset. Gold for April delivery gained $7.20, or 0.5%, to settle at $1,578.80 an ounce.