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Markets

Dow Jones Industrial Average Falls Amid Financial Sector Sell-Off

A generic image of money, charts and a laptop.
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The Dow Jones Industrial Average (DJIA) once again traded lower, as weakness in bank stocks and oil prices weighed for a second straight day. Most notably, Dow components JPMorgan and Goldman Sachs experienced sharp losses, with both stocks posting their lowest closes of 2017. As for the energy sector , oil prices extended their recent slide, hitting three-week lows, with traders digesting a notable rise in production out of Libya. Meanwhile, the Fed's Beige Book likely strengthened the case for a June rate hike, though some traders are questioning whether a September hike is in the cards. Still, the Dow closed lower for a third straight session, though the blue-chip index -- as well as the S&P 500 Index ( SPX ) and Nasdaq Composite (COMP) -- finished the month in positive territory.

Continue reading for more on today's market, including:

The Dow Jones Industrial Average (DJIA- 21,008.65) shed 20.8 points, or 0.1%, despite a positive open. Of the Dow's 30 components, 18 closed in positive territory, with Pfizer leading the way with a 1.6% gain. JPMorgan and Goldman Sachs led the losers with respective losses of 2.1% and 3.3%. The blue-chip index added 0.3% for the month.

The S&P 500 Index (SPX - 2,411.80) declined 1.1 point, or 0.05%. The Nasdaq Composite (COMP - 6,198.52) touched a record high of 6,221.99 in intraday trading, but still closed down 4.7 points, or 0.1%. The SPX added 1.1% for the month, and the Nasdaq picked up 2.5% -- a seventh straight monthly win.

The CBOE Volatility Index (VIX - 10.41) closed up 0.03 point, or 0.3%, but lost 3.8% for the month.

Closing Indexes Summary May 31

Data courtesy of

NYSE and Nasdaq Stats May 31

Data courtesy of

5 Items on Our Radar Today:

  1. Elon Musk, CEO of Tesla, threatened to leave the White House advisory council should President Trump withdraw from the Paris Climate accords . Musk, who is on Trump's manufacturing jobs council, joins Apple CEO Tim Cook and Dow Chemical CEO Andrew Liveris, both of whom have also opposed the U.S. leaving the accord. (Bloomberg)
  2. A June rate increase appears more and more likely, according to the Federal Reserve's Beige Book . The report of regional conditions labeled the U.S. economy growth as "modest to moderate" through late May. (MarketWatch)
  3. The Amazon stock story no one's talking about.
  4. Lululemon options were active ahead of tomorrow's first-quarter earnings report.
  5. Medtronic stock could rally amid low expectations . .
Corporate Earnings May 31
Unusual Options Activity May 31

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Commodities

Crude fell sharply amid reports that Libya upped its production to a three-year high of 827,000 barrels a day. By the close, July-dated futures fell $1.34, or 2.7%, to end at $48.32 per barrel. For the month, black gold dropped 2%.

August-dated gold went up $9.70, or 0.8%, to settle at $1,275.40 an ounce, thanks to a weaker dollar. However, gold futures pared those gains in electronic trading, after the Fed Beige Book. For the month, gold rose 0.6%.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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