Stocks Back Down from Record Highs as Earnings Roll In
Despite notching record highs in intraday trading, the Dow Jones Industrial Average (DJIA), S&P 500 Index (SPX), and Nasdaq Composite (IXIC) closed in the red today. Poorly received earnings from big banks like JPMorgan Chase and Citigroup pressured financial stocks lower, while AT&T's warning about third-quarter results weighed on telecom stocks. Meanwhile, traders digested President Trump's executive order on healthcare, as well as the latest data on jobless claims and producer prices.
Continue reading for more on today's market, including:
The Dow Jones Industrial Average (DJIA - 22,841.01) hit a record high of 22,884.82 in early trading, but ended with a loss of 31.9 points, or 0.1%. Leading the pack of 12 Dow gainers was Caterpillar (CAT) with a 1.1% gain, while Walt Disney (DIS) paced the 18 losers with a 1.6% drop.
The S&P 500 Index (SPX - 2,550.93) touched a record high of its own at 2,555.33, before closing down 4.3 points, or 0.2%. The Nasdaq Composite (IXIC - 6,591.51) ended down 12 points, or 0.2%, after notching a record intraday high of 6,613.50.
The CBOE Volatility Index (VIX - 9.91) gained 0.06 point, or 0.6%.
5 Items on Our Radar Today
Southwest Airlines announced plans to sell tickets to Hawaii starting in 2018, depending on approval from the Federal Aviation Administration. Sector peer JetBlue is also thinking about expanding its reach, including adding flights from the U.S. to Europe. (CNBC)Alphabet's self-driving car unit Waymo reportedly demanded at least $1 billion in damages and a public apology from Uber, after Waymo accused the driving service of using its trade secrets. However, Uber allegedly rejected those terms. (Reuters)3 stocks that tanked on downgrades.How options players reacted to Equifax's latest cyber breach.Buy the dip on this blue-chip stock ahead of earnings.
Data courtesy of Trade-Alert
Commodities
Crude broke its three-day win streak, after the International Energy Agency (IEA) said global oil supplies rose in September. However, oil pared its losses after the the Energy Information Administration (EIA) reported a drop in U.S. stockpiles last week -- the third consecutive weekly decline. November-dated oil futures ended with a loss of 70 cents, or 1.4%, at $50.60 per barrel.
Gold posted its highest finish in more than two weeks, as investors continued to digest the Federal Open Market Committee (FOMC) September meeting minutes. December-dated gold ended up $7.60, or 0.6%, at $1,296.50 an ounce.