Dow Continues to Lag; Nasdaq Scores Longest Win Streak of 2018
Tech stocks were a pocket of strength in a fairly quiet session
U.S. stocks ended the day mixed, as trade worrieslingered. The Dow finished lower for the second session in a row, despite a fresh record high out of Apple (AAPL) amid strength in tech stocks. In fact, the tech-heavy Nasdaq extended its win streak and landed an eighth straight gain -- its longest rally since early October -- even as Tesla (TSLA) logged its second day of declines as the U.S. Securities and Exchange Commission (SEC) raised questions regarding CEO Elon Musk's going-private tweets.
Continue reading for more on today's market, including:
VIX options volume just sent up a red flag.An outperforming luxury stock for bulls. How Yelp stock squeezed shorts. Plus, Morgan Stanley slammed chip stocks; Wright Medical scorched shorts; and oil futures fell again.The Dow Jones Industrial Average (DJI - 25,509.23) shed 74.5 points, or 0.3%. DowDuPont (DWDP) led the 14 advancing blue chips with a 2% gain, while Procter & Gamble (PG) paced the 16 decliners with a 1.2% drop.
The S&P 500 Index (SPX - 2,853.58) lost 4.1 points, or 0.1%, while the Nasdaq Composite (IXIC - 7,891.78) gained 3.5 points, or 0.04%, marking its longest win streak of the calendar year.
The Cboe Volatility Index (VIX - 11.27) snapped its losing streak and picked up 0.4 point, or 3.9%, for the day.
5 Items on our Radar Today
A spokesperson from bar and restaurant chain Buffalo Wild Wings recently told ESPN that the company is looking into adding sports betting to its locations. Following the Supreme Court's lift on a previously instated sports betting ban, the wing chain said it feels "uniquely positioned to leverage sports gaming to enhance the restaurant experience for our guests." (CNBC)Today, smartphone giant Samsung Electronicsunveiled a Spotify partnership, and revealed its latest cellular device, the Galaxy Note 9. The reveal comes about a month ahead of Apple's annual product release, and seems to show a similar design to last year's model. However, D.J. Koh, the company's mobile chief, said Samsung has taken a cautious approach to new products following the Galaxy Note 7 recall. (MarketWatch)2 chip stocks slammed with downgrades at Morgan Stanley. How Wright Medical stock burned short sellers. One drug stock shook off post-earnings bear notes.
Data courtesy of Trade-Alert
Crude Falls on China Demand Worries
Crude futures fell again today, extending Wednesday's steep losses amid concerns over weakening demand out of China as trade tensions persist. September-dated crude finished on a drop of 13 cents, or 0.2%, at $66.81 per barrel.
It was a down day for gold, as well, as traders eyed strength in the dollar and fairly tame inflation data. December-dated gold gave up $1.10, or 0.09%, to settle at $1,219.90 per ounce.