The Dow was pressured lower today mainly due to poorly received earnings from blue chip Walmart ( WMT ), resulting in the index's first loss in seven sessions. It was a similar setup for the S&P 500, while the Nasdaq failed to benefit from a strong rally in tech stocks -- with chipmakers fueling the sector-wide charge after Qualcomm ( QCOM ) upped its bid for NXP Semiconductors ( NXPI ). Rising Treasury yields and a strengthening dollar again added to the bearish backdrop, culminating in the worst session for gold prices in over a year.
Continue reading for more on today's market, including:
- Why the stock rally could pause this week, according to Schaeffer's Senior V.P. of Research Todd Salamone.
- 2 movie stocks that soared today.
- The Gilead Sciences stock recovery could just be getting started.
- Plus, options hot ahead of Pandora earnings; one stock with huge earnings expectations; and a peanut allergy breakthrough.
The Dow Jones Industrial Average (DJI - 24,964.75) was down 254.63 points, or 1%, at the close, mostly due to Walmart's 10.2% slide. In fact, just five of 30 Dow components closed higher, with Intel ( INTC ) coming in as the biggest winner, adding 1.7%.
The S&P 500 Index (SPX - 2,716.26) lost 16 points, or 0.6%, and the Nasdaq Composite (IXIC -7,234.31) dropped 5.2 points, or 0.1%.
The CBOE Volatility Index (VIX - 20.60) rose 1.1 points, or 5.9%.
5 Items on Our Radar Today
- The Trump administration today introduced a proposal that would allow people to buy health insurance plans that don't meet Obamacare requirements and keep them for up to a year. Similar plans are already available, but they can only be used for three months or less. ( Reuters )
- Alphabet's Google has announced it's combining payment systems Google Wallet and Android Pay into one service known as Google Pay. The move is seen as a challenge to Apple's Apple Pay service. ( USA Today )
- Speculators are blasting Pandora stock before earnings.
- Options traders expect a third straight huge earnings move from this stock.
- The drug stock that exploded on upbeat peanut allergy treatment news.
Data courtesy of Trade-Alert
Dollar Strength Crushes Gold Prices
Oil prices ticked higher today as fears of oversupply receded some. April-dated crude futures rose 24 cents, or 0.4%, to finish at $61.78 per barrel.
A stronger dollar sent gold prices spiraling today. Specifically, gold set for April delivery fell $25.10, or 1.9%, to $1,331.20 per ounce -- its worst single-day performance since December 2016.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.