It was a wild day on Wall Street, as an onslaught of headlines surrounding President Donald Trump played tug-of-war with a round of positive earnings reactions. While the Dow slumped to its session lows out of the gate on Trump's latest tariff threats and fresh calls of currency manipulation , it swung higher near midday on strong Microsoft earnings . However, the volatile trading was confined to intraday action, with the blue-chip index settling right near breakeven to string together a third straight weekly win.
Continue reading for more on today's market, including:
- It could be time to buy calls on this red-hot drug stock.
- This retailer rallied to record highs after earnings .
- Plus, a brow-raising bear note for Tesla; Wynn options bulls pay up; and trade concerns kept this Apple supplier in the red.
The Dow Jones Industrial Average (DJI - 25,058.12) spent time on both sides of breakeven, before closing down 6.4 points, or 0.03%. Seventeen Dow stocks settled at a loss, paced by a 1.9% drop for IBM ( IBM ). Microsoft ( MSFT ) led the 13 advancers with its 1.8% gain. For the week, the Dow added 0.2%.
The S&P 500 Index (SPX - 2,801.83) shed 2.7 point, or 0.09%, but ended 0.03% higher on the week -- and managed its first back-to-back weekly closes north of 2,800 since January. The Nasdaq Composite (IXIC - 7,820.20) gave back 5.1 points, or 0.07%, bringing its weekly loss to 0.09%.
The Cboe Volatility Index (VIX - 12.86 ) settled down 0.01 point, or 0.08%. On a weekly basis, VIX rose 5.6%.
5 Items on Our Radar Today
- General Electric ( GE ) reported adjusted second-quarter earnings of 19 cents per share on $30.1 billion in revenue -- above the 17 cents per share and $29.3 billion in revenue analysts were expecting. And while the former Dow stock retreated on downwardly revised free cash flow guidance, it found a trusty foothold at the $13 mark. ( Reuters )
- Financial firm State Street ( STT ) said it will buy Charles River Development for $2.6 billion. However, in order to fund the all-cash transaction, the company said it would halt its $950 million stock buyback program through the end of 2018. Shares of STT closed at their lowest point since June 2017. ( CNBC )
- J.P. Morgan Securities reiterated its harsh downside target for Tesla stock .
- Premium on Wynn Resorts stock call options is rich at the moment.
- An upbeat earnings report couldn't save this Apple supplier from trade-related headwinds.
Data courtesy of Trade-Alert
Oil, Gold Rise as Dollar Cools
Oil prices gained ground today, as Trump's comments on trade and interest rates pressured the dollar. Crude futures for August delivery rose $1.00, or 1.4%, to settle at $70.46 per barrel -- but ended with a 0.8% weekly loss. Meanwhile, the now front-month September contract closed up 2 cents at $68.26 per barrel.
Gold closed higher, as the greenback cooled. August-dated gold added $7.10, or 0.6%, to settle at $1,231.10 an ounce -- but shed 0.8% on the week.