The Dow finished the day down more than 150 points, erasing an early triple-digit lead brought on by the Trump administration's plan for foreign tech investments . In addition, energy stocks gave the index an early lift, as oil prices surged to their highest close since 2014, thanks to a steep weekly drop in U.S. crude supplies. The Dow ultimately reversed into the red due to a drop in bank stocks and a sharp tech-sector pullback, and closed below its 200-day moving average for the third straight day -- the first time since March 2016. The S&P 500 and Nasdaq ended in the red as well, with the latter suffering its own triple-digit drop, dragged lower by FAANG stocks.
Continue reading for more on today's market, including:
- 2 steel stocks with attractively priced options.
- An analyst bumped up Apple stock before the CFIUS news.
- A General Electric stock upgrade drew a fresh batch of options bulls.
- Plus, Shopify stock slammed by a bear note; a possible VIX summer spike; and three stocks that soared today.
The Dow Jones Industrial Average (DJI - 24,117.59) shed 165.5 points, or 0.7%. Chevron ( CVX ) led the four blue-chip advancers with its 1.5% gain, while McDonald's ( MCD ) paced the 26 losers with its 2.2% slide.
The S&P 500 Index (SPX -2,699.63) gave back 23.4 points, or 0.9% and the Nasdaq Composite (IXIC - 7,445.09) lost 116.5 points, or 1.5%.
The Cboe Volatility Index (VIX - 17.91) added 2 points, or 12.5%.
5 Items on Our Radar Today
- Conagra Brands ( CAG ) announced today it was buying sector peer Pinnacle Foods ( PF ) in a cash-and-stock deal valued at $8.1 billion. The move represents efforts from Conagra to expand its presence in the packaged food industry . The deal would make Conagra the second-largest frozen food maker by sales. ( Reuters )
- Supreme Court Justice Anthony Kennedy abruptly announced his retirement today, effective July 31. Kennedy has held the swing vote for over a decade on a variety of landmark decisions. President Trump will now choose a replacement, the second high-court pick of his term. ( Reuters )
- An bearish Seeking Alpha report slammed Shopify stock .
- Options traders are eyeing a big VIX breakout in August.
- 3 stocks that made big moves today.
Data courtesy of Trade-Alert
Oil Stays Hot; Gold Drops Third Straight
Oil surged today, after the Energy Information Association ( EIA ) reported the largest weekly drop in crude supplies for the year. In addition, black gold continued to gain momentum on the U.S. ultimatum on Iranian oil imports, as well as supply disruptions in Canada. August-dated crude futures added $2.23, or 3.2%, to settle at $72.76 per barrel, its highest close since November 2014.
Gold futures fell once more today, as a rising greenback weighed down the dollar-denominated asset. August-dated gold futures lost $3.80, or 0.3%, to end at $1,256.10 an ounce, its lowest settlement since Dec. 13 and third straight decline.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.