"Well, minutes from the Federal Reserve meeting were released
today, and the market didn't seem to care much," quipped
Schaeffer's Senior Equity Analyst Joe Bell, CMT. "Heading into the
session, many people were bracing for potential volatility, like
what we saw after the meeting itself last month." By the close, the
Dow Jones Industrial Average (DJI)
was virtually flat on the day, down almost 9 points.
Continue reading for more on today's market, including
Apple Inc. (
) is found guilty -- and gets slapped with a price-target cut --
and Netflix (NFLX) bears keep trying.
Dow Jones Industrial Average (DJI - 15,291.66)
finished slightly in the red today, as the Street showed little
reaction to the FOMC meeting minutes. The blue-chip barometer had
surged to an intraday high of 15,348.95 during the afternoon hours,
but ended up shedding 8.7 points, or 0.1%, by the closing bell.
Hewlett-Packard (HPQ) led the 13 advancers with a gain of 1.8%,
while American Express (AXP) paced the 17 laggards with a loss of
S&P 500 Index (SPX - 1,652.62)
managed to end a second consecutive session atop the 1,650 mark,
and a fourth straight day north of its 50-day moving average. By
the close, the index edged 0.3 point, or 0.02%, higher. The
Nasdaq Composite (COMP - 3,520.76)
fared the best of the three, rising 16.5 points, or 0.5%.
After spending time on both sides of breakeven, the
CBOE Market Volatility Index (VIX - 14.21)
finished slightly lower, dipping 0.1 point, or almost 1%.
A Trader's Take
"There wasn't a whole lot to get excited about today -- stocks
were pretty flat, with a lot of the defensive sectors taking a
leadership role," noted Bell. "Many of the cyclical and growth
sectors underperformed, while sectors like utilities and telecom
led. Earnings season will start to heat up next week, but tomorrow
we have some companies reporting same-store sales. With the markets
trading at or above their year-to-date highs, it will be
interesting to see if the momentum can continue."
3 Things to Know About Today's Market
- Minutes from the June 18-19 meeting of the Federal Open
Market Committee revealed that many members
need further convincing
before tapping the brakes on bond-buying efforts. Specifically,
central-bank leaders hope to see continued improvement in the
employment sector before the inevitable tapering begins.
(The New York Times)
- Apple Inc. (
) shareholders essentially shrugged off news that the iPad parent
found guilty of e-book price fixing
. U.S. District Judge Denise Cote delivered the ruling in
Manhattan, summarizing that "publisher defendants conspired with
each other to eliminate retail price competition in order to
raise e-book prices, and that Apple played a central role" in the
unlawful activity. By the close, AAPL was down less than half a
Wholesale inventories dropped
by 0.5% in May, the Commerce Department reported, marking the
reading's steepest drop since September 2011. The figure was a
shock to economists, who had expected inventories to rise.
5 Stocks We Were Watching Today
was slapped with a price-target cut after the company dropped its
lawsuit against Amazon.com (AMZN).
- Near-term traders showed their faith in
by picking up front-month calls.
remains caught in the bearish trading crosshairs.
- Optimistic speculators were betting on longer-term upside --
and a new multi-year high -- for
Micron Technology (MU)
- July calls were in vogue for
ahead of tomorrow's gaming conference in Europe.
For a look at today's options movers and commodities
activity, head to page 2.
Oil futures finished at a 15-month high today, after the
regularly scheduled crude report showed a larger-than-expected
decline in crude inventories last week. August-dated oil climbed
$2.99, or 2.9%, to settle at $106.52 per barrel.
Meanwhile, gold futures notched a third consecutive daily gain,
and rose even higher in electronic trading after the release of the
FOMC minutes. The August-dated contract tacked on $1.50, or 0.1%,
to close at $1,247.40 an ounce.
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