Stocks Post Weekly Losses as Tech Extends Stumble

U.S.-China tensions also weighed on the market

Assistant Editor
Jul 24, 2020 at 4:33 PM
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All three major indexes ended the volatile week lower, with the Dow snapping its three-week winning streak and the Nasdaq posting it's first consecutive weekly loss since May. Today, the Dow closed down over 180 points, with the S&P 500 and Nasdaq also ending in the red, pushed lower by global tensions and "Big Tech," which failed to rally out of its slump. Meanwhile, investors await news on another fiscal stimulus bill out of the Senate. 

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  • Plus, options bears circle credit card stock; call pop on one athletic retailer; and Disney delays multiple movies. 

The Dow Jones Industrial Average (DJI - 26,469.89) fell 182 points, or 0.7% for the day, and 0.8% for the week. Verizon (VZ) rose to the top of the Dow, finishing 1.8% higher, while Intel (INTC) plummeted to the bottom, losing 16.2%.

Meanwhile, the S&P 500 Index (SPX - 3,215.63) lost 20 points, or 0.6% for the day, and 0.3% for the week. The Nasdaq Composite (IXIC - 10,363.18) dropped 98.2 points, or 0.9% for today's session, and 1.3% for the week.

The Cboe Volatility Index (VIX - 25.84) gained 0.5 point, or 1.8%, for the day, and 0.6% for the week.

Closing Indexes Summary July 24

NYSE and Nasdaq Stats July 24

5 Items on Our Radar Today

  1. The U.S. Department of Health and Services extended the national public health emergency due to coronavirus. (Marketwatch)
  2. The FBI arrested a Chinese researcher who allegedly made fraudulent claims on her visa application. This comes amid soaring tensions between the U.S. and China. (CNBC)
  3. American Express grappled with a steep revenue miss
  4. Under Armour stock boosted on bull note. 
  5. Disney stock took a fall on delayed movie releases. 

Corporate Earnings July 24

Unusual Options Activity July 24

Data courtesy of Trade-Alert

Gold Reaches New Record High

Oil prices rose slightly today, to finish the week up over 1%, as energy investors decipher the severity of U.S-China tensions combined with potential economic recovery. September-dated crude rose 22 cents, or 0.5%, to settle at $41.29 a barrel. 

Gold futures rose today, pushed higher by U.S.-China tensions. Gold for August rose $7.50, or 0.4%, to settle at $1,897.50 an ounce -- marking a fresh all-time high. For the week, prices rose nearly 5%. 

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