Stocks Slip as Profit-Taking Grips Wall Street

Retail sales for October came in lower than analyst estimates

Assistant Editor
Nov 17, 2020 at 4:30 PM
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Stocks pulled back today, falling victim to profit-taking just one session removed from new record closes for the Dow and S&P 500. The blue-chip index shed 167 points -- falling just short of the psychologically significant 30,000 level -- thanks to a 9% drop from pharmacy giant Walgreens Boots Alliance (WBA), after Amazon.com (AMZN) unveiled details to its pharmacy business. Elsewhere, the S&P 500 and Nasdaq Composite also logged losses, after data showed retail sales increased less then expected in October. 

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

  • Walmart stock took a breather today despite an earnings beat.
  • Options bulls piled Home Depot stock following earnings.
  • Plus, why investors should consider DENN; how Dick's Sporting Goods stock fought the pandemic; and more on BIDU's latest struggles.

The Dow Jones Industrial Average (DJI - 29,783.35) lost 167.1 points, or 0.6%. Boeing (BA) rose to the top of the list, notching a 3.8% win. Meanwhile, Walgreens Boots Alliance (WBA) fell 9.6% to pace the laggards.

Meanwhile, the S&P 500 Index (SPX - 3,609.53) fell 17.4 points, or 0.5%, for the day. The Nasdaq Composite (IXIC - 11,899.34) shed 24.8 points, or 0.2% for the day. .

Lastly, the Cboe Volatility Index (VIX - 22.71) rose 0.3 point, or 1.2% for the day.

Closing Summary Nov 17

nyse nasdaq nov 17

  1. The U.S. Travel Association said today that travel spending is likely to fall by more than $500 billion in 2020, and pre-pandemic levels of spending won't return until 2024. (Reuters)
  2. Coronavirus cases continuing to rise in the U.S., and as a result the country is losing billions as international students choose to study elsewhere. (CNBC)
  3. This restaurant stock is worth consideration. 
  4. Dick's Sporting Goods stock is navigating the pandemic with ease.
  5. Post-earnings bulls notes did little to save Baidu stock.

Earnings Nov 17

UVOL Nov 17

Oil Static As New Lockdown Restrictions Loom

Oil prices were flat today, amid worries of a new wave of lockdowns in the face of rising COVID-19 cases in the U.S. and abroad. Those worries kept a lid on optimism surrounding vaccine hopes and tight supply policies from the Organization of Petroleum Exporting Countries and its allies (OPEC+). In response, December-dated crude added 9 cents, or 0.2%, to settle at $41.43 a barrel.

Rising coronavirus cases also took their toll on gold prices, which snapped a three-day win streak despite yesterday's optimism surrounding the vaccine race. As a result, December gold lost $2.70, or 0.1%, to settle at $1,885.10 an ounce for the day.

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