"Early on, the market was greeted with July's
worse-than-expected nonfarm payrolls report, but most of the major
sectors rebounded quite well and finished near breakeven," said
Schaeffer's Senior Equity Analyst Joe Bell, CMT. "The employment
rate also dropped slightly to 7.4%, but that was mostly due to a
decrease in the labor participation rate." Meanwhile, the
Dow Jones Industrial Average (DJI)
pared its steeper intraday losses to finish the session slightly
Continue reading for more on today's market, including
- Today's edition of
takes a closer look at three low-priced stocks with bullish
- The latest installment of
Option Idea of the Week
explains why longer-term traders may want to consider buying
- Bearish speculators are expecting
to stumble within the next several weeks.
Nonfarm payrolls miss the mark, LinkedIn (
) continues to grow, and QUALCOMM (
) bulls targeted short-term upside.
Dow Jones Industrial Average (DJI - 15,658.36)
sank to an intraday low of 15,558.68 within the first 30 minutes of
the session, but managed to gain enough ground to end 30.3 points,
or 0.2%, higher -- tagging a new all-time closing acme, which was
just south of its fresh intraday peak of 15,658.43. Hewlett-Packard
) led the 18 advancing blue chips with a gain of 2.9%, while
UnitedHealth (UNH) and Chevron (CVX) paced the 12 laggards with
losses of 1.2% each. On a weekly basis, the Dow tacked on 0.6%.
S&P 500 Index (SPX - 1,709.67)
also spent the morning hours in the red, but ended up notching a
record close, as well, climbing 2.8 points, or 0.2%, to close at
its intraday high. Meanwhile, the
Nasdaq Composite (COMP - 3,689.59)
12-year intraday peak, and ended with an advance of 13.9 points, or
0.4%. For the week, the indexes notched gains of 1.1% and 2.1%,
CBOE Market Volatility Index (VIX - 11.98)
dropped right out of the gate and kept heading south to finish 1
point, or 7.4%, lower. The "fear barometer" fell 5.8% on the
A Trader's Take
"The 'buy-the-dip' mentality continues to remain strong," Bell
noted. "Some may argue that it's the market's way of falling back
on Federal Reserve support, but the extremely strong uptrend
remains intact, regardless."
3 Things to Know About Today's Market
- The Labor Department said
rose by a lower-than-expected 162,000 in July, while figures for
June and May were downwardly revised by a total of 26,000.
However, the unemployment rate dropped to 7.4% last month,
marking its lowest level since late 2008.
- Personal incomes rose by 0.3% in June, according to the
Commerce Department, while
climbed by 0.5% -- the latter of which matched the consensus
view. After adjusting for inflation, spending edged up 0.1%.
- LinkedIn (
) reported an adjusted
of 38 cents per share, while revenue surged by 59% to $363.7
million. Analysts were expecting earnings of 31 cents per share
on sales of $353.8 million. The first also said membership
increased by 37% from the year-ago period -- the quickest pace
since late 2011.
5 Stocks We Were Watching Today
Barrick Gold (ABX)
received a round of upbeat brokerage notes following yesterday's
turn in the earnings confessional.
- Bearish bettors showed a rare interest in
Alcatel Lucent (ALU)
, just days after the firm's quarterly earnings beat.
- Near-term option bulls wagered on extended upside for
Activision Blizzard (ATVI)
chugged lower, despite scoring a pair of guidance-induced
- December put buyers were undaunted by
positive price action.
For a look at today's options movers and commodities
activity, head to page 2.
Crude oil futures closed lower today, following the Labor
Department's lackluster employment report. By the time the dust
settled, September-dated crude declined 95 cents, or 0.9%, to
finish at $106.94 per barrel. On a weekly basis, however, crude
Meanwhile, although gold futures only suffered a modest daily
pullback, it still marked a fourth straight close in the red. The
December-dated contract shed 70 cents, or 0.05%, to end at
$1,310.50 an ounce. For the week, the precious metal fell 0.8% --
its first weekly drop since the week ended July 5.
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