Stocks Erase Early Gains Ahead of July Fourth Holiday
It was another day of whipsaw trading for the Dow
The Dow explored a 294-point range on both sides of breakeven during today's abbreviated session, as an early rally evaporated by the time the closing bell sounded. After tech sector gains helped pull the major benchmarks into the green yesterday, sharp losses for chipmakers and FAANG stocks created pressure today. Looking ahead, the U.S. stock market will be closed tomorrow for the Fourth of July, but will reopen on Thursday with Fed minutes in focus.
Continue reading for more on today's market, including:
Goldman Sachs says buy this oversold chemical stock.A death cross capped off a historically tough month for EFA.Plus, 3 downgraded airline stocks; the medical technology stock eyeing new highs; and bull notes keep pouring in for Netflix.The Dow Jones Industrial Average (DJI - 24,174.82) was up 137 points at its intraday peak, before closing down 132.4 points, or 0.5%. Twenty Dow stocks settled in the red, paced by a 2.6% drop for Nike (NKE). Johnson & Johnson (JNJ) led the 10 advancers with its 0.9% gain.
The S&P 500 Index (SPX - 2,713.22)settled near its intraday low, down 13.5 points, or 0.5%. The Nasdaq Composite (IXIC - 7,502.67) fared the worst of the bunch, giving back 65 points, or 0.9%.
The Cboe Volatility Index (VIX - 16.14) added 0.5 point, or 3.5%, to close back above its 80-day moving average.
5 Items on Our Radar Today
Supporters of President Donald Trump have launched a Twitter campaign with the hashtag #BoycottWalmart in reaction to "Impeach 45" T-shirts being sold on the retailer's website. Walmart stock closed the session up 0.5%. (MarketWatch)Goldman Sachs reiterated its "sell" rating on Tesla stock, citing declining Model 3 net reservations as "incrementally negative." Citi also chimed in, underscoring its "neutral/high risk" outlook, saying the carmaker's Model 3 delivery update doesn't "settle bull/bear debates about sustainable production/demand." (CNBC)Deutsche Bank downgraded this trio of airline stocks.History suggests this medical technology stock could hit a record high in the third quarter.Netflix stock earned a fresh price-target hike today -- but couldn't capitalize on the bull note, closing down 1.9%.
Data courtesy of Trade-Alert
Crude Cools After Multi-Year High
Oil prices briefly topped $75 earlier today -- marking its highest point since November 2014 -- but has since turned lower on reports Saudi Arabia could be ready to pump more crude into the market. At last check, August-dated crude futures were down 25 cents, or 0.3%, at $73.69 per barrel.
Gold, on the other hand, is higher, as the U.S. dollar cools. Most recently, gold futures for August delivery were trading up $12.60, or 1%, at $1,254.30 an ounce.