Dow, S&P Snap 3-Day Win Streak Despite Tech Gains

FAANG stocks were a big winner today

Assistant Editor
Jun 17, 2020 at 4:35 PM
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The Dow and SPX fell today, snapping three-day win streaks despite big gains from the tech sector. More specifically, the shares of FAANG stocks Amazon.com (AMZN) and Netflix (NFLX) rose, while airline, cruise, and retail stocks sunk, as fears expanded regarding a second wave of COVID-19. Meanwhile, the Nasdaq Composite notched a modest gain, and Wall Street's "fear gauge," or VIX marked its a fourth-straight day in the red.

The Dow Jones Industrial Average (DJI - 26,119.61) was off 170.4 points, or 0.7% for the day. Pfizer (PFE) finished in the lead, rising 0.5%. Meanwhile, Exxon Mobil (XOM) lagged the most, ending 3.3% lower.

Meanwhile, the S&P 500 Index (SPX -3,113.49) fell 11.3 points, or 0.4%, and the Nasdaq Composite (IXIC - 9,910.53) added 14.7 points, or 0.2%. 

Meanwhile, the Cboe Volatility Index (VIX - 33.47) lost 0.2 point, or 0.6%, for the day.

Closing Summary June 17

NYSE Nasdaq June 17

5 Items on Our Radar Today

  1. Housing starts rose over 4%, or 974,000 in May, according to the Commerce Department, mostly thanks to the reopening of the economy and low mortgage rates. (MarketWatch)
  2. New York City is set to move on to Phase 2 of its reopening plan on Monday, which will see restaurants begin outdoor service while hair salons also resume business, according to Governor Andrew Cuomo. (Bloomberg)
  3. This cruise stock sunk on extended voyage suspensions.
  4. Stocks of two black-owned companies to watch now. 
  5. United Airlines stock dropped despite an employee buyout offer.

Earnings June 17

Unusual Options Activity June 17

Data courtesy of Trade-Alert

Oil, Gold Move Lower Amid Case COVID-19 Increase

A fresh batch of COVID-19 outbreaks paired with an increase in U.S. inventories, sent oil prices spiraling today. According to the U.S. Energy Information Administration (EIA), crude stockpiles increased by 1.2 million barrels from last week. As a result, July-dated crude fell 42 cents, or 1.1%, to settle at $37.96 per barrel.

Gold fell today as well, with the precious metal facing competition from the dollar in the wake of a second wave of coronavirus cases. At last check, gold for August delivery fell 90 cents, or 0.05%, to settle at $1,735.60 per ounce on the day.

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