Alphabet Earnings Prop S&P 500, Nasdaq Even Higher
Stocks were a mixed bag today, as Wall Street unpacked Alphabet's (GOOGL) upbeat earnings and assessed tensions between President Trump and the Federal Reserve. While the former's results helped the S&P 500 and Nasdaq to fresh record closes, the Dow sat out the rally, shedding 316 points amid lackluster reports from IBM (IBM) and Honeywell (HON). Investors are also monitoring the impact of Trump's visit to the Fed, with pressure on Fed Chair Jerome Powell to lower interest rates or resign mounting.
Continue reading for more on today's market, including:
- Signal: Buy the dip on Netflix stock.
- You'll never guess why this retail stock broke out.
- Plus, two important earnings you may have missed; and a red-hot fintech stock.
5 Things to Know Today
- New home sales for June dipped, while supply climbed. (Reuters)
- The NFL is reportedly taking a 10% stake in ESPN. (CNBC)
- Blue-chip tech stock suffers post-earnings setback.
- Chipotle stock: What just happened?
- This fintech stock could make a big move next week.
Oil Back Off the Mat, Snaps Skid
Oil prices snapped a four-day skid, as trade deal optimism helped stop the bleeding. A larger-than-anticipated drop in crude inventories also propped the commodity higher. September-dated West Texas Intermediate (WTI) crude added 78 cents, or 1.2%, to settle at $66.03 per barrel.
Gold prices moved lower as investors returned to riskier assets. August-dated gold futures shed 0.7% to settle at $3,373.5.
