The Dow's midday comeback didn't last long, as the index slipped back below breakeven by the end of the day. The index lost nearly 100 points, amid reports that trade negotiations between Washington and Beijing have come to a standstill. This follows a China representative's comments that the U.S. is exhibiting "bullying behavior," and after President Donald Trump's recent swipe at Chinese telecom company Huawei.
The renewed trade jitters helped to overshadow earlier reports that Trump will lift tariffs on steel and aluminum imports from Mexico and Canada, as well as a better-than-expected consumer sentiment reading. Against this backdrop, the S&P and Nasdaq ended the day in the red, as well, with all three indexes finishing the week lower.
Continue reading for more on today's market, including:
- Analysts think this penny stock could surge as much as 75%.
- Goldman: This retail stock could hit fresh highs after earnings.
- Plus, a bull signal flashing for NYT; 2 video game stocks garnering analyst love; and NVDA steps into the earnings confessional.
The Dow Jones Industrial Average (DJI - 25,764.00) lost 98.7 points, or 0.4%, in today's trading. Only nine of the 30 blue chips finished higher, with UnitedHealth (UNH) leading leading the pack on a 1.9% pop, and Dow Inc (DOW) dropping to the bottom after losing 4.1% in today's trading. The index was 0.7% lower for the week.
The S&P 500 Index (SPX - 2,859.53) ended 16.8 points, or 0.6%, lower, and the Nasdaq Composite (IXIC - 7,816.29) ended 81.8 points, or 1%, lower. The former lost 0.7% for the week, while the latter lost 1.3%,
The Cboe Volatility Index (VIX - 15.96) eked out a 0.7-point, or 4.4%, win, and gained 0.3% on the week.
5 Items on our Radar Today
- A poll from the Workforce Institute at Kronos indicated that approximately 4.9 million workers in the U.S. will call off work Monday following the "Game of Thrones" series finale. This number is joined by an estimated 5.8 million workers expected to play hooky in order to watch the end of the popular HBO show on Sunday night. (CNBC)
- Starbucks' biggest Chinese competitor Luckin went public today, opening at $25 a share, topping its initial public offering (IPO) price of $17. The coffee stock -- which traded under the ticker LK -- surged as high as $25.96 in intraday trading, before ending at $20.38. (Reuters)
- New York Times stock could be eyeing new highs, says signal.
- 2 video game stocks analysts are zeroing in on.
- Nvidia's CEO weighed in on China after earnings.
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Oil Higher for the Week on Mounting Middle East Tensions
Oil for June delivery ended 11 cents, or 0.2%, lower, cooling off from its two-week highs to settle at $62.76 per barrel. However, crude was higher for the week, up 1.8%, as traders monitored turmoil in the Middle East, which could affect supplies.
Better-than-expected U.S. consumer sentiment data had gold trading lower today. June-delivered gold fell to a nearly two-week low, dropping $10.50, or 0.8%, to end at $1,275.70 an ounce, and was off 0.9% for the week.