"Overall, it was a slow day today, as everyone was gearing up
for the gross domestic product (GDP) and the Fed tomorrow,"
summarized Schaeffer's Senior Technical Strategist Ryan Detrick,
CMT. "Still, Apple (
) continued to move higher, helping push the tech sector up along
with it." For its part, the
Dow Jones Industrial Average (DJI)
ended the day little changed from where it began, after trading in
a 115-point range.
Continue reading for more on today's market, including
Home prices spike, a Marvell Technology (
) bear remains pessimistic, and a "harsh reminder to not catch
Dow Jones Industrial Average (DJI - 15,520.59)
explored a wide range today, but ultimately settled down just 1.4
points, or 0.01%. Leading the Dow's 14 advancers was Cisco Systems
), which gained 1.3%. As Bank of America (
) closed unchanged, Verizon Communications (VZ) paced the 15
decliners with its drop of 2.1%.
S&P 500 Index (SPX - 1,685.96)
edged up a fraction, adding 0.6 point, or 0.04%, after spending a
chunk of the afternoon south of breakeven. Turning to technology,
which outperformed today, the
Nasdaq Composite (COMP - 3,616.47)
reached another 12-year peak -- its first since July 18 -- and
closed the session up 17.3 points, or 0.5%.
CBOE Market Volatility Index (VIX - 13.39)
closed flat, but held north of its 10-day moving average.
A Trader's Take
"All week, we've been waiting for Wednesday, and it is finally
here -- it's go time," quipped Detrick. "Expect the potential for a
lot of volatility the next three days. In other news, fertilizer
stocks were crushed -- with some down more than 15% on the day --
as news broke that a major player was abandoning the potash cartel.
This is a harsh reminder to not catch falling knives. These stocks
had been underperforming for a long time now, so many
bottom-pickers were burned pretty badly today."
3 Things to Know About Today's Market
Home prices rose in May
, as reflected by the S&P/Case-Shiller home price indexes.
The 10-city composite reading rose 11.8% during the last 12
months, and the 20-city reading increased 12.2% on a
- The Conference Board noted that its
consumer confidence index
slipped from a revised reading of 82.1 in June (a five-year high)
to 80.3 this month. The reading narrowly missed economists'
- Dow name Pfizer (PFE) reported
of 56 cents per share that barely exceeded analysts'
expectations. Revenue, however, came in at $12.97 billion,
falling just shy of estimates.
5 Stocks We Were Watching Today
- Put volume ramped up in
option pits today, with speculators focusing on the September
- Baird lifted its price target for
SunPower Corporation (SPWR)
ahead of the solar firm's earnings report.
Marvell Technology (
options bear extended his bet to the back-month series.
- Longer-term bulls targeted
Alcatel Lucent (ALU)
leading up to this morning's earnings report.
was downgraded, despite its strong performance on the
For a look at today's options movers and commodities
activity, head to page 2.
Crude oil futures lost ground, amid continued worries
surrounding China's economy. September-dated crude dropped $1.47,
or 1.4%, to settle at $103.08 per barrel.
Gold moved lower once again, closing in negative territory for
the fourth time in six sessions. Ahead of tomorrow's policy
statement from the Fed, the most-active December contract logged a
drop of $4.80, or 0.4%, to close at $1,324.80 an ounce.
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