Volatility Reigns as Stocks Finish Higher, Erase Steep Losses
A turnaround in tech stocks helped the major indexes recover
It was a volatile day on Wall Street, with the Dow and S&P 500 ultimately finishing in the black, and snapping their three-day losing streak. The blue-chip index was down 507 points at its session lows, and briefly breached the 24,000 level, but erased those steep losses in afternoon trading. Rebounding tech and FAANG stocks also helped put the Nasdaq firmly in the black at close, with Wall Street shaking off concerns about bond yields and a delayed Brexit vote.
Continue reading for more on today's market, including:
Analysts: Dump these 2 stocks now.
2 defense stocks attracting options traders.Five Below stock is "economic downturn resistant," per Loop Capital.Plus, Cowen's Top 2019 Pick; option traders target U.S. Steel; and GoPro gets proactive on tariffs.
The Dow Jones Industrial Average (DJI - 24,423.26) ended up 34.3 points, or 0.1%. Of the 30 Dow components, 16 finished higher, led by a 2.6% gain from tech icon Microsoft (MSFT). JPMorgan Chase (JPM) paced the 14 losers with a 1.9% drop.
The S&P 500 Index (SPX -2,637.72) added 4.6 points, or 0.2%.The Nasdaq Composite (IXIC - 7,020.52) tacked on 51.3 points, or 0.7%.
The Cboe Volatility Index (VIX - 22.64) ended the day down 0.6 point, or 2.5%.
5 Items on our Radar Today
October's Job Openings and Labor Turnover Survey, or JOLTS, showed an increasingly tight labor market. Job openings continue to outpace unemployed workers by roughly one million, though the quits rate fell for the first time since January. (Bloomberg)British Prime Minister Theresa May postponed the parliamentary vote on a Brexit deal today, in an effort to seek more concessions from the European Union (EU). However, the EU has rebuffed her attempts at renegotiation, and the country could end up leaving the EU without a deal come March 29. (Reuters)Options traders blasted Cowen's 2019 Top Pick.Volatile U.S. Steel stock saw heavy options trading.GoPro announced a production shake-up amid tariff anxiety.There are no earnings to report today.
Data courtesy of Trade-Alert
Oil, Gold Pull Back
Oil futures finished lower today, despite last week's agreed-upon production cuts from the Organization of the Petroleum Exporting Countries (OPEC). January-dated crude futures gave back $1.61, or 3.1%, to finish at $51 per barrel, the lowest close in over a week.
Gold futures pulled back today, after the dollar gained and the British pound crumbled amid the Brexit drama. February-dated futures shed $3.20, or 0.3%, to settle at $1,249.40 per ounce.