"It definitely seemed like more of the same today," commented
Schaeffer's Senior Equity Analyst Joe Bell, CMT. "After a crop of
earnings reports following yesterday's close, price action was
mixed, and by the end of the day, most sectors ended up nearly
flat. While financials were relatively weak, healthcare and
materials led the broad market." Meanwhile, the
Dow Jones Industrial Average (DJI)
muscled back from its morning lows to finish modestly higher.
Continue reading for more on today's market, including
Weekly jobless claims ticked higher, General Motors (
) reported stronger-than-expected quarterly earnings, and
short-term call volume ramped up on LinkedIn (
Dow Jones Industrial Average (DJI - 15,555.61)
sank to an intraday low of 15,455.59 this morning, but managed to
recover these losses and then some. By the close, the blue-chip
bellwether tacked on 13.4 points, or 0.1%. Chevron (
) led the Dow's 17 advancers with a gain of 1.1%, while Microsoft's
) 1.8% loss paced the 13 decliners.
S&P 500 Index (SPX - 1,690.25)
spent the first half of the session south of breakeven, but ended
up in recovery mode by the afternoon to finish 4.3 points, or 0.3%,
higher. Meanwhile, the
Nasdaq Composite (COMP - 3,605.19)
outshined its peers with an advance of 25.6 points, or 0.7%.
CBOE Market Volatility Index (VIX - 12.97)
backed off of yesterday's gains to end 0.2 point, or 1.6%,
A Trader's Take
"The market remains incredibly resilient," noted Bell. "Every
time you think it's due for a pullback, it continues to churn
higher. Volatility remains incredibly low, and right now, all dips
are being bought."
3 Things to Know About Today's Market
- The Labor Department said
initial jobless claims
climbed by 7,000 last week to seasonally adjusted 343,000.
durable goods orders
rose by a larger-than-expected 4.2% in June, according to the
- General Motors (
) reported a
of $1.2 billion, or 84 cents per share -- down from $1.5 billion
in the year-ago period but besting consensus estimates for a
profit of 75 cents per share. Meanwhile, revenue grew by 4% to
- Michael Dell, founder of -- you guessed it -- Dell (DELL), is
will put the takeover odds in his favor. After yesterday's
increased bid was met with a tepid response, Dell proposed that
nonvoters shouldn't count against the newest deal on the table.
The next vote is scheduled for Aug. 2.
5 Stocks We Were Watching Today
Las Vegas Sands (LVS)
was hit with a barrage of bullish brokerage notes following
yesterday's quarterly earnings report.
- Sentiment is optimistically skewed toward
ahead of next week's turn in the earnings confessional.
- Despite yesterday's stronger-than-expected quarterly earnings
was slapped with a pair of price-target cuts.
- Call buyers wagered on further gains for
by tomorrow's close.
- Pre-earnings speculators from both sides of the options fence
For a look at today's options movers and commodities
activity, head to page 2.
Crude oil futures notched a modest gain today, thanks to the
Commerce Department's durable goods data. By the time the dust
settled, September-dated oil tacked on 10 cents, or 0.1%, to end at
$105.49 per barrel.
Meanwhile, on the heels of yesterday's more than 1% drop, gold
futures finished higher, thanks to a weaker dollar. By time the
closing bell rang, the August contract was up $9.30, or 0.7%, to
finish at $1,328.80 an ounce.
All Rights Reserved. Unauthorized reproduction of any SIR publication is strictly prohibited.