The Dow staged a last-minute rally to log its fifth straight gain and longest winning streak since early June. The blue-chip index spent most of the day in the red, though, bogged down by a lackluster tech sector. And while the S&P 500 joined the Dow in the green at the close, the Nasdaq ended in the red for its third straight loss. Investors digested Apple's latest product reveal event, with the tech titan unveiling the new iPhone 11 and pricing its AppleTV+ and Apple Arcade streaming services at $4.99 a month -- putting fellow FAANG names Amazon.com (AMZN) and Netflix (NFLX) under particular pressure. Elsewhere, small-cap stocks outperformed, with the Russell 2000 Index surging 1.2%.
Continue reading for more on today's market, including:
- These 2 drug stocks made major moves today.
- This red-hot Chinese tech stock sports cheap options.
- Workday stock is on sale, according to this signal.
- Plus, Fox gets double downgraded; a bearish bet on Chesapeake Energy; and 2 auto stocks in focus.
The Dow Jones Industrial Average (DJI - 26,909.43) recorded a 73.9-point, or 0.3%, gain. Dow (DOW) had the best day of the 18 blue-chip gainers, finishing up 4.2%, while McDonald's (MCD) led the 12 laggards with its 3.5% drop.
The S&P 500 Index (SPX - 2,979.39) gained 1 point, while the Nasdaq Composite (IXIC - 8,084.16) closed down 3.3 points.
The Cboe Volatility Index (VIX - 15.20) shed 0.07 point, or 0.5%.
5 Items on our Radar Today
- President Donald Trump took to Twitter earlier to say he asked National Security Advisor John Bolton for his resignation. The two reportedly had disagreements over policies in North Korea, Iran, and Afghanistan. Bolton, who was Trump's third national security advisor, said in a tweet of his own that he "offered to resign." (Reuters)
- The roadshow for the WeWork initial pubic offering (IPO) appears ready to kick off next Monday, Sept. 16, sources tell CNBC. There have been a string of hiccups leading up to the event, the latest being outside investor SoftBank asking the We Company to shelve the IPO. The real estate startup also had its valuation slashed last week. (CNBC)
- Cord-cutting had one analyst double downgrading Fox stock.
- Breaking down one option bear's big bet on Chesapeake Energy stock.
- These two auto stocks revealed new products today.
Data courtesy of Trade-Alert
Oil Streak Snapped; Gold Breaches Key Level
Oil prices finished lower today to snap a four-day winning streak, with some speculating Bolton's ouster could boost chances the U.S. lifts sanctions on Iran. October-dated crude futures fell 45 cents, or 0.8%, to settle at $57.40 per barrel.
Gold fell again today -- its fourth straight loss -- with demand under pressure amid rallying bond yields. Gold futures for December delivery closed down $11.90, or 0.8%, at $1,499.20 an ounce, its first settlement below the psychologically significant $1,500 per-ounce mark in over a month.