It was another choppy session for stocks, as traders digested a fresh round o f earnings and a clarification on Thursday's comments from New York Fed President John Williams -- which sparked a tweetstorm from President Donald Trump . However, a Wall Street Journal report indicating the Fed will likely stick to a quarter-point rate cut at its July meeting instead of a half-point one pressured the Dow, S&P, and Nasdaq into the close, though the former's losses were limited thanks to a big day for Boeing ( BA ).
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The Dow Jones Industrial Average (DJI - 27,154.20) closed down 68.8 points, or 0.3%. American Express ( AXP ) led the 22 Dow losers with its 2.8% drop, while Boeing ( BA ) paced the eight advancers with its 4.5% gain. For the week, the blue-chip index shed 0.7%.
The S&P 500 Index (SPX - 2,976.61) fell 18.5 points, or 0.6%, while the Nasdaq Composite (IXIC - 8,146.49) gave back 60.8 points, or 0.7%. Week-over-week, the SPX and IXIC each dropped 1.2%.
The Cboe Volatility Index (VIX - 14.45) rose 0.9 point, or 6.8%. The market's "fear gauge" spiked 15.6% on the week.
5 Items on our Radar Today
- Consumer confidence improved slightly in July, according to data from the University of Michigan. Specifically, its consumer sentiment index rose to 98.4 from a June reading of 98.2, but arrived below the consensus estimate for a reading of 99. ( MarketWatch )
- American Express ( AXP ) stock closed lower today, after the credit card concern forecast higher operating costs related to its ramped up rewards program. For the second quarter, specifically, card reward expenses jumped 9% to $2.65 billion. AXP did report stronger-than-expected profit of $2.07 per share in the three-month period. ( Reuters )
- J C Penney stock plunged below the $1 per share mark today.
- This food name will report earnings bright and early Monday morning.
- AMC Entertainment stock popped on a big bull note .
Data courtesy of Trade-Alert
Oil Pares Stiff Weekly Loss on Iran News
Oil prices were buoyed by a BBC report that indicated Iran had seized a U.K. oil tanker in the Gulf of Oman. By the close, August-dated crude was up 33 cents, or 0.6%, at $55.63 per barrel. Black gold shed 7.6% for the week.
After brushing against a six-year peak of $1,454.40 in intraday action, August-dated gold swung to a $1.40, or 0.1%, loss to settle at $1,426.70 an ounce. On a weekly basis, gold prices jumped 1%.