Nasdaq Snaps Winning Streak
TheDow Jones Industrial Average (DJIA), S&P 500 Index (SPX), and Nasdaq Composite (IXIC) all opened higher out of the gate this morning, but the stock market gains quickly evaporated as the session progressed. Along with the Dow, the Nasdaq touched another record high in early action -- but the tech-rich index eventually halted its nine-day winning streak. Along with general caution ahead of earnings season, the Dow was weighed down by General Electric (GE) stock, which hit new lows after the conglomerate announced an executive shake-up.
Continue reading for more on today's market, including:
The Dow Jones Industrial Average (DJIA - 22,761.07) hit an all-time high of 22,803.37 in early trading, before ending with a loss of 12.6 points, or 0.1%. Seventeen of the Dow's 30 stocks ended higher, led by Wal-Mart's (WMT) 1.9% gain. GE paced the 13 losers with a 3.9% drop.
The S&P 500 Index (SPX - 2,544.73) finished 4.6 points, or 0.2% lower. The Nasdaq Composite (IXIC - 6,579.73) touched a record high of 6,599.34 before turning lower, giving up 10.5 points, or 0.2%.
The CBOE Volatility Index (VIX - 10.33) added 0.7 point, or 7.1%, for its first close above 10 in almost two weeks.
5 Items on Our Radar Today
General Motors announced its plans to buy Strobe, a sensor-tech firm which uses LIDAR technology to enable self-driving cars to identify an object's distance and velocity. The technology should speed up the car maker's plan to put a fleet of self-driving cars on the market by 2020. (USA Today)Speaking of self-driving cars, Alphabet subsidiary Waymo is teaming up with safety groups like Mothers Against Drunk Driving (MADD) and the National Safety Council to launch an advertising campaign to raise awareness of the potential for autonomous cars to save lives. Dubbed "Let's Talk Self Driving," the digital and outdoor advertising campaign will be launched in Phoenix, Arizona, where Waymo is currently testing self-driving cars, and expects to launch a self-driving ride-sharing pilot program this fall. (CNBC)3 healthcare stocks in the gutter.Inside Wal-Mart's latest swipe at Amazon.How options players are playing these banks stocks ahead of earnings.
There were no earnings of note today.
Data courtesy of Trade-Alert
Commodities
After posting their first weekly loss in more than a month Friday, crude futures rose today, after Organization of the Petroleum Exporting Countries (OPEC) comments signaled the possibility of an extension to output cuts. November-dated oil futures ended with a gain of 29 cents, or 0.6%, at $49.58 per barrel.
Gold also ended substantially higher today, with help from rising geopolitical tensions between the U.S. and North Korea. December-dated gold ended up $10.10, or 0.8% higher, at $1,285 an ounce.