Walgreens, Tech Help Dow Close Higher
The Dow was down triple digits at its session low
A fresh round of trade headlines put pressure on stocks early on, and sent the Dow down 193 points at its intraday low. However, strong sessions for Dow newcomer Walgreens Boot Alliance (WBA) and big-cap tech stocks helped the blue-chip index battle back into positive territory by the close -- and pushed the S&P 500 and Nasdaq higher to start the third quarter, as well. The whipsaw trading comes amid what's set to be a low-volume week, with the U.S. stock market closing early tomorrow and shuttered all day Wednesday for the Fourth of July holiday.
Continue reading for more on today's market, including:
Analyst: Shares of this EpiPen competitor can triple.Melco Resorts options traders reacted as casino stocks plunged.Plus, Tesla's big reversal; tech stock flashes a possible "sell" signal; and AMD options traders target key level.The Dow Jones Industrial Average (DJI - 24,307.18) traded in a 241-point range on both sides of breakeven, before settling up 35.8 points, or 0.2%. Nineteen Dow stocks closed higher, paced by a 1.9% advance for WBA. Walmart (WMT) paced the 11 decliners with its 1.9% drop, while United Technologies (UTX) was unchanged.
The S&P 500 Index (SPX - 2,726.71) briefly dipped below 2,700 in intraday trading, before settling with an 8.3-point, or 0.3%, gain. The Nasdaq Composite (IXIC - 7,567.69) outperformed its major index peers to add 57.4 points, or 0.8%.
The Cboe Volatility Index (VIX - 15.60) hit an intraday high of 18.08 before closing down 0.5 point, or 3.1%.
5 Items on Our Radar Today
Roger Federer emerged onto Wimbledon's Centre Court today wearing Uniqlo -- a Japanese clothing company owned by Fast Retailing. This marked the end to Federer's endorsement deal with Nike, which he was initially signed to in 1994. (USA Today)Dell is gearing up to become a publicly traded company again in a $21.7 billion cash-and-stock deal that includes buying the tracking stock of VMware, which it majority owns. Dell was taken private back in 2013 by CEO Michael Dell and investment firm Silver Lake. (Reuters)Tesla stock closed in the red, despite soaring out of the gate on a Model 3 production update.This tech stock just rallied into a trendline that's been a reliable "sell" signal in recent years.Weekly Advanced Micro Devices options traders targeted this key technical level.There were no major earnings reports today.
Data courtesy of Trade-Alert
Strong Dollar Pressures Gold to New 2018 Lows
Oil prices slipped today, after President Donald Trump tweeted over the weekend about a potential deal with Saudi Arabia to ramp up crude production. August-dated crude fell 21 cents, or 0.3%, to settle at $73.94 per barrel.
A stronger U.S. dollar pressured gold prices today. Gold futures dated for August delivery gave back $12.80, or 1%, to close at $1,241.70 an ounce -- a new year-to-date low.