The Dow bounced back in a big way today, shaking off political drama thanks to U.S.-China trade optimism. Investors are weighing comments from President Donald Trump that a trade deal with China could come soon, while also eyeing the impeachment inquiry put forward by House Speaker Nancy Pelosi. The White House released the rough transcript of President Trump's call to Ukraine President Volodymyr Zelensky, which detailed Trump asking Zelensky if he could "look into" former Vice President Joe Biden and his son, Hunter. At a meeting with Trump later in the day, Zelensky said he was not pushed to investigate. The S&P 500 and Nasdaq both finished confidently in the black, too, snapping three-day losing streaks in the process.
Continue reading for more on today's market, including:
- One analyst is quite bullish on the housing sector.
- A short seller report doomed this manufacturing stock.
- A patent announcement boosted Bio-Path stock in early trading.
- Plus, Under Armour put volume ramped up; a Micron earnings preview; and an interesting Chipotle bull note.
The Dow Jones Industrial Average (DJI - 26,970.71) recorded a 162.9-point, or 0.6%, gain. Nike (NKE) had the best day of the 21 blue-chip gainers, finishing up 4.2%, while UnitedHealth (UNH) led the nine laggards with its 1.3% loss.
The S&P 500 Index (SPX - 2,984.87) logged an 18.3-point, or 0.6%, win, while the Nasdaq Composite (IXIC - 8,077.38) closed up 83.8 points, or 1.1%.
The Cboe Volatility Index (VIX - 15.96) gave back 1.1 points, or 6.4%.
5 Items on our Radar Today
- New home sales rose in August, contributing to the signs of a recovering housing market. The Commerce Department reported that new home sales increased by 7.1%, doubling the 3.5% rise economists were expecting. Year-over-year, new home sales are up 18%. (CNBC)
- The strike between General Motors (GM) and the United Auto Workers (UAW) continues to drag on, but both sides are reportedly making progress. According to sources, the issue of job security and pay for newer and temporary workers remains an impasse. Analysts say the strike is costing GM $100 million per day. (Reuters)
- Under Armour puts were hot despite amid a Nike halo lift.
- Bull notes poured in for Micron stock ahead of earnings.
- There's a lot to unpack from the latest Chipotle bull note.
Data courtesy of Trade-Alert
Oil, Gold Pull Back
Oil prices fell for the second straight day today, on reports of an unexpected rise in U.S. crude inventories last week. November-dated crude futures shed 80 cents, or 1.4%, to settle at $56.49 per barrel.
Gold pulled back today on U.S-China trade optimism and a firming dollar. Gold for December delivery lost $27.90, or 1.8%, to settle at $1,512.30 an ounce, its sharpest single-session loss in three weeks.
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