A mostly downbeat round of economic data resulted in a risk-off session on Wall Street today, which only compounded concerns about the economy highlighted by yesterday's Fed meeting minutes. On top of a surprise drop in core capital goods orders in December, as well as disappointing numbers from the housing space, the manufacturing sector also flashed weakness with its PMI reading . Meanwhile, others likely maintained a wait-and-see approach as headlines suggest the U.S. and China have an outline for a trade deal. The Dow, S&P 500, and Nasdaq all closed in the red on the day, the latter snapping its eight-day win streak.
Continue reading for more on today's market, including:
- A long-term moving average could spark an Intercontinental Exchange rally.
- Behind Stifel's big Biogen downgrade .
- Plus, Mylan flashes a bearish signal before earnings; the blue chip slapped with subpoenas; and the cybersecurity stock that sold off.
The Dow Jones Industrial Average (DJI - 25,850.63) gave back 103.8 points, or 0.4%, with 21 of the 30 blue chips closing in the red. Walgreens Boots Alliance ( WBA ) had the worst day, dropping 1.9%. Microsoft ( MSFT ) was at the top of the Dow, gaining 2.1%.
The S&P 500 Index (SPX - 2,774.88) closed down 9.8 points, or 0.4%, and the Nasdaq Composite (IXIC - 7,459.71) lost 29.4 points, or 0.4%.
The Cboe Volatility Index (VIX - 14.46) added 0.4 point, or 3.1%.
5 Items on our Radar Today
- It appears share buybacks are going to hit another all-time high in 2019. Last year saw more than $1 trillion in total corporate buybacks . The irony, of course, is that lawmakers this year have been proposing ways to curtail the growing trend. ( CNBC )
- More companies are pulling their ads from YouTube as the child exploitation controversy continues. AT&T ( T ) is one notable company to remove its advertising from the video platform. ( TechCrunch ; Reuters )
- The bearish setup forming around Mylan shares.
- Johnson & Johnson was slapped with subpoenas.
- The shares of this cybersecurity firm sold off today .
Data courtesy of Trade-Alert
Inventories Report Drags Down Oil Prices
Another rise in domestic crude inventories weighed on oil prices today. April-dated crude futures fell 20 cents, or 0.4%, to $56.96 per barrel.
Gold prices fell today, likely in reaction to yesterday's somewhat dovish Fed minutes. Gold for April delivery gave back $20.10, or 1.5%, to end at $1,327.80 an ounce -- the metal's steepest one-day slide since August.