Trade Tensions Trouble Dow; Nasdaq Logs Best Month Since January
The U.S. and Canada will resume trade talks next week
Concerns about deteriorating trade relations between the U.S. and the world weighed on stocks early today. Most notably, tensions seemed to be running especially high between the U.S. and Canada, as the two sides attempted to negotiate a trade deal by today's U.S.-imposed deadline. While a deal was not reached, U.S. Trade Representative Robert Lighthizer said negotiations will resume next week, with President Donald Trump hoping to reach an agreement to replace NAFTA within 90 days
While the Dow ended a relatively light-volume pre-holiday session lower, the Nasdaq managed a win, with help from another solid day for Apple (AAPL) stock. In addition, all three major stock market indexes ended the week and month higher, with the Nasdaq securing its biggest monthly gain since January.
Continue reading for more on today's market, including:
The 10 Commandments of fantasy football and options trading.How a reality TV star boosted Ulta stock.Analysts have high hopes for Lululemon stock after an earnings win. Plus, the FAANG news that had one penny stock flying; a rough day for Goodyear; and the security eyeing record highs before earnings next week.The Dow Jones Industrial Average (DJI - 25,964.82) dipped 22.1 points, or 0.1%. Fifteen Dow stocks ended higher, led by Cisco Systems' (CSCO) 1.3% gain. Boeing (BA) paced the blue-chip losers with a 1.2% drop. For the week, the DJI added 0.7%. For August, the Dow gained 2.2%.
The S&P 500 Index (SPX - 2,901.52) added 0.4 point, or 0.01%, while the Nasdaq Composite (IXIC - 8,109.54) rose 21.2 points, or 0.3%. The SPX gained 1% for the week, and 3% in August. The Nasdaq scored a weekly win of 2.1%, and an August gain of 5.7%.
The Cboe Volatility Index (VIX - 12.86) fell 0.7 point, or 5%. For the week, the VIX added 7.3%, and gained 0.2% for the month.
5 Items on our Radar Today
A Senate hearing on potentially revamping the U.S. Postal Service (USPS) has reportedly been postponed "indefinitely." The hearing -- allegedly scheduled for Sept. 5 -- was the result of President Trump's criticism of Amazon'sshipping practices, calling USPS the e-commerce giant's "delivery boy." (Reuters)A lethal swine disease ravaging Chinese hogs could translate intobig bacon for bacon, experts say. The first case of African Swine Fever (ASF) to hit China -- home to the world's largest hog population -- was reported earlier this month, and reports indicate the country has already slaughtered more than 25,000 hogs. (MarketWatch)This penny stock popped on a big Apple payout.Goodyear Tire & Rubber shares dropped on a downgrade.This stock is flirting with record highs ahead of earnings next week.
Data courtesy of Trade-Alert
Gold Suffers Longest Monthly Losing Streak in 5 Years
Oil pulled back from six-week highs, amid concerns about the global trade war. October-dated crude futures fell 45 cents, or 0.6%, to end at $69.80 per barrel. However, black gold ended the week and month higher, up 1.6% and 3.2%, respectively.
It was the opposite story for gold. December-dated gold ended the day with a gain of $1.70, or 0.1%, at $1,206.70 an ounce. For the week, however, the malleable metal fell 0.5%, and suffered a 2.2% drop in August -- a fifth straight monthly decline, and gold's longest monthly losing streak in five years, per FactSet.